Exec Compensation: limits on compensation that exclude incentives for senior executive officers of a financial institution to take unnecessary and excessive risks that threaten the value of the financial institution during the period that the Secretary holds an equity or debt position in the financial institution; (Now what the hell does that mean???) SPECIAL RULES FOR TAX TREATMENT OF EXECUTIVE COMPENSATION OF EMPLOYERS PARTICIPATING IN THE TROUBLED ASSETS RELIEF PROGRAM HOPE FOR HOMEOWNERS AMENDMENTS TEMPORARY INCREASE IN DEPOSIT AND SHARE INSURANCE COVERAGE GAIN OR LOSS FROM SALE OR EXCHANGE OF CERTAIN PREFERRED STOCK For purposes of the Internal Revenue Code of 1986, gain or loss from the sale or exchange of any applicable preferred stock by any applicable financial institution shall be treated as ordinary income or loss. And why is this in a rescue bill? SEC. 405. INCREASE AND EXTENSION OF OIL SPILL LIABILITY TRUST FUND TAX. SEC. 308. INCREASE IN LIMIT ON COVER OVER OF RUM EXCISE TAX TO PUERTO RICO AND THE VIRGIN ISLANDS (Yoah Ho!) SEC. 314. INDIAN EMPLOYMENT CREDIT SEC. 315. ACCELERATED DEPRECIATION FOR BUSINESS PROPERTY ON INDIAN RESERVATIONS SEC. 317. SEVEN-YEAR COST RECOVERY PERIOD FOR MOTORSPORTS RACING TRACK FACILITY SEC. 325. EXTENSION AND MODIFICATION OF DUTY SUSPENSION ON WOOL PRODUCTS; WOOL RESEARCH FUND; WOOL DUTY REFUNDS. SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN WOODEN ARROWS DESIGNED FOR USE BY CHILDREN. SEC. 512. MENTAL HEALTH PARITY ( (THIS IS CERTAINLY MISSING IN WASHINGTON!)
To amend section 712 of the Employee Retirement Income Security Act of 1974, section 2705 of the Public Health Service Act, section 9812 of the Internal Revenue Code of 1986 to require equity in the provision of mental health and substance-related disorder benefits under group health plans, to prohibit discrimination on the basis of genetic information with respect to health insurance and employment, and for other purposes. "...and for other purposes" I think they need to change that title before "other purposes" means "$700 Billion to Hank Paulson's butt buddies on Wall Street"
I just added to my SDS position sooner than I had planned.....just to be safe. Earlier tonight when I saw the stories on Bloomberg about things like tax breaks, arrowmaker protection, and other niche projects commonly tacked onto must-pass legislation, I got this queasy feeling that the House is going to go ballistic over how much this bill has exploded in size and content, and the market's will swoon if the House so much as raises an eyebrow, let alone complains on the floor or in the press.
Listening to the media on this one was a bad move... The bill the Senate is voting on tonight is this one: http://thomas.loc.gov/cgi-bin/bdquery/z?d110:H.R.1424: It was passed by the House, 268Y/148N, on 3/5/07. The senate's adding two measures in order to sway the few votes needed to get it to pass in the House. Looks like a done deal...