Economic Recovery Task Force

Today, the House voted 228-205 to reject the Emergency Economic Stabilization Act of 2008, the financial industry “bailout” legislation. Notwithstanding the bipartisan compromise reached over the weekend, 133 House Republicans and 95 Democrats voted against the bill. Many House Republicans are blaming a partisan floor speech by House Speaker Nancy Pelosi (D-CA) for quashing the bipartisan agreement. Other Members point to an array of substantive flaws with the legislation, such as the cost of the bill, $700 billion. Still others disagreed with the bill’s structure, priorities, and its failure to address populist concerns. (more…)

Congress is moving closer to adopting a comprehensive legislative package designed to “bailout” financial institutions and stabilize the economy: the Emergency Economic Stabilization Act of 2008.  We are closely monitoring negotiations between Congress and the White House, and we are analyzing the draft legislation.  This email provides an overview of the newest draft bill, highlighting provisions that have been under discussion since Treasury unveiled its proposal last week. (more…)

We are closely monitoring and evaluating developments related to the financial institution “bailout” legislation being debated on Capitol Hill. In addition to the high-profile hearings conducted over the last two days, Senate and House leadership have been involved in constant negotiations, most of which are out of the public eye, trying to craft a legislative proposal that will be acceptable to constituents and the Administration. Signals from leadership and the Administration suggest that passing legislation is a must and in the best interest of the United States. We expect this to be the theme of the President’s address to the nation tonight at 9:00 P.M. ET, the success of which may influence the direction of the negotiations. As we have done with respect to the congressional hearings, we will closely monitor the President’s comments and provide an analysis if appropriate. Today, the congressional debate over the legislation focused on several key points. (more…)

Turmoil in U.S. Credit Markets: Recent Actions Regarding Government Sponsored Entities, Investment Banks, and Other Financial Institutions 

Bracewell & Giuliani is closely monitoring the pending legislative and regulatory responses in Washington, D.C. to the ongoing financial crisis. In our continuing efforts to keep you informed, we are sending you the following update from today on Capitol Hill. (more…)