H.R. 1424 -- TARP (Troubled Assets Relief Program)

H.R.1424 Roll Call # 681 Title: A bill to provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes. Sponsor: Rep Kennedy, Patrick J. [RI-1] (introduced 3/9/2007)      Cosponsors (274) Related Bills: H.RES.1014, H.RES.1525, H.R.493, H.R.1367, S.358 Latest Major Action: Became Public Law No: 110-343 [GPO: Text, PDF] House Reports: 110-374 Part 1, 110-374 Part 2, 110-374 Part 3 Note: Emergency Economic Stabilization Act of 2008. On 10/1/2008, the Senate passed H.R.1424 as the vehicle for the economic rescue legislation. In the EAS version of the bill (Engrossed Amendment as Agreed to by the Senate), Division A (pp.1-110) is referred to as the Emergency Economic Stabilization Act of 2008; Division B (pp. 110-255) is referred to as the Energy Improvement and Extension Act of 2008; and Division C (pp. 255-441) is referred to as the Tax Extenders and Alternative Minimum Tax Relief Act of 2008. See also documents on the Senate Banking Committee and the House Rules Committee websites. The bailout passed 263 to 171 the second time around.  Some Californina Democrats still voted against it, including: Xavier Becerra, Bob Filner, Grace Napolitano, Lucille Roybal-Allard, Linda Sanchez, Loretta Sanchez, Brad Sherman, and Pete Stark.  Congressmen John Conyers (D-Michigan), Pete DeFazio (D-Oregon), and Dennis Kucinich (D-Cleveland) also opposed the bailout bill. Here is Congressman Brad Sherman's statement on the passage of the bailout bill and why he opposed it.