A buddy of mine who is also under-employed emails these comments about the bailout bill that pass over the weekend.

Just reading through this morning - about 20% through but here are some highlights so far:

Section 101 (The Very First Section)

(a) OFFICES; AUTHORITY.—

1) AUTHORITY.—The Secretary is authorized to establish a troubled asset relief program (or ‘‘TARP’’) to purchase, and to make and fund commitments to purchase, troubled assets from any financial institution, on such terms and conditions as are DETERMINED BY THE SECRETARY and in accordance with this Act and the policies and procedures developed and published BY THE SECRETARY.
How About a New Position in Govt.?

3) ESTABLISHMENT OF TREASURY OFFICE.—

(A) IN GENERAL.—The Secretary shall implement any program under paragraph (1)
through an Office of Financial Stability, estabished for such purpose within the Office of Domestic Finance of the Department of the Treasury, which office shall be headed by an Assistant Secretary of the Treasury, appointed by the President, by and with the advice and consent of the Senate, except that an interim Assistant Secretary may serve pending confirmation by the Senate.

My emphasis

(c) Necessary Actions.—The Secretary is authorized to take such actions as the Secretary deems necessaryto carry out the authorities in this Act, including, WITHOUT LIMITATION, the following:

(1) The Secretary shall have direct hiring authority with respect to the appointment of employees to administer this Act.

(2) Entering into contracts, including contracts for services authorized by section 3109 of title 5,United States Code.

3) DESIGNATING FINANCIAL INSTITUTIONS AS FINANCIAL AGENTS OF THE FEDERAL GOVERNMENT, and such institutions shall perform all such reasonable duties related to this Act as financial agents of the Federal Government as may be required.

(4) In order to provide the Secretary with the flexibility to manage troubled assets in a manner designed to minimize cost to the taxpayers, ESTABLISHING VEHICLES that are authorized, SUBJECT TO SUPERVISION BY THE SECRETARY, to purchase, hold, and sell troubled assets and issue obligations.

(5) ISSUING SUCH REGULATIONS and other guidance as may be necessary or appropriate to define terms or carry out the authorities or purposes of this Act.
He also get to write his own rules (i.e. program guidelines)

(d) PROGRAM GUIDELINES.—Before the earlier of the end of the 2-business-day period beginning on the date of the first purchase of troubled assets pursuant to the authority under this section or the end of the 45-day pe riod beginning on the date of enactment of this Act, the Secretary shall publish program guidelines, including the following:

(1) Mechanisms for purchasing troubled assets.
(2) Methods for pricing and valuing troubled assets.
(3) Procedures for selecting asset managers.
(4) Criteria for identifying troubled assets for purchase.
Hey, but Congress was decent enough to give some oversight by comprising a board to watch over him! However, this is the perfect example of Washington oversight if ever there was such a thing:

(b) MEMBERSHIP.—The Financial Stability Oversight Board shall be comprised of—

(1) the Chairman of the Board of Governors of the Federal Reserve System;
(2) the Secretary;
(3) the Director of the Federal Home Finance Agency;
(4) the Chairman of the Securities Exchange Commission; and
(5) the Secretary of Housing and Urban Development.

ANY GUESS AS TO WHAT ALL THESE GUYS HAVE IN COMMON??

THEY ARE ALL APPOINTEES OF THE PRESIDENT - HOW’S THAT FOR OVERSIGHT? (Not to mention the bonus fact that the secretary of treasury is on his own oversight board).