"Yesterday, President Bush announced his $700 billion plan to buy out troubled financial institutions. Demanding enormous faith in his administration’s stewardship, the plan “would place no restrictions on the administration other than requiring semiannual reports to Congress, granting the Treasury secretary unprecedented power to buy and resell mortgage debt,” and to hire outside firms “to help manage its purchases.” Further, the proposal provides no oversight mechanism:
Sec. 8. Review: Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
Bush is demanding unprecedented control over billions of dollars — with no oversight."
See what else Think Progress has to say about the shrub ‘Demanding’ 700 Billion.
See what Matt Stoler has to say about the 700 Billion.
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