September 22nd, 2008

The draft is up.

An oversight board, a clawback provision to keep the selling firms from cheating the Treasury, some sort of mortgage relief, frequent reports, reviewability against a standard of arbitrary, capricious abuse of discretion, or violation of law. Authority to renegotiate mortgages held by the Treasury; no provision to let bankruptcy judges do it. No limit on executive compensation.

But the main thing to say about the draft is that, unlike the Treasury proposal, it’s an actual law, designed to fit under a Constitutional government, not a blank check.

Competence: it’s a wonderful thing.

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