This article will outline and analyze the Emergency Economic Stabilization Act of 2008 (EESA), with regard to how it is being applied under the laws applicable to the first allocations of the TARP funds. Part II will briefly trace the background and history of the economic crisis in the United States, which prompted the need for the EESA, as well as the process in which the EESA was enacted. Part III will summarize the EESA and go into detail regarding four of the major actions taken to stabilize the financial institutions of the United States. Part IV will analyze the details regarding the EESA's four major oversight entities and describe some of the trying issues present in each one. Part V proposes methods to revamp the EESA's lack of transparency, accountability of TARP funds, and lack of consequences for financial institutions' failure to comply with the EESA and its programs. Finally, in Part VI, this article will conclude by summarizing the areas of the EESA that are in need of revision, and the anticipated future of the remaining TARP funds.
Congress's First Recipe to Bail Out the Financial Institutions of the United States is Leaving the Taxpayers with a Sour Taste in Their Mouths,
29 J. Nat’l Ass’n Admin. L. Judiciary
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