The House finally passed the bill after failing the first time. The President signed it immediately. I don't have all the details but the bill will include the addition of a host of tax break extensions and some new provisions intended to help individuals and businesses made by the Senate to swing some early "No" votes.
Also, a Treasury's proposal to let financial institutions sell to the government their troubled assets, mostly mortgage-related. It would only allow the Treasury access to the $700 billion in stages, with $250 billion being made available immediately.
The bill will require the financial industry to reimburse taxpayers for any net losses from the program after five years. And the Treasury would be allowed to take ownership stakes in participating companies.
The bill would place curbs on executive pay for companies selling assets or buying insurance from Uncle Sam. For example, any bonus or incentive paid to a senior executive officer for targets met would have to be repaid if it's later proven that earnings or profit statements were inaccurate
The bill would set up two oversight committees:
A Financial Stability Board would include the Federal Reserve chairman, the Securities and Exchange Commission chairman, the Federal Home Finance Agency director, the Housing and Urban Development secretary and the Treasury secretary.
A congressional oversight panel, to which the Financial Stability Board would report, would have five members appointed by House and Senate leadership from both parties.
More details here
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