S.3697 - A bill to amend the Emergency Economic Stabilization Act to require approval by the Congress for certain expenditures for the Troubled Asset Relief Program.110th Congress (2007-2008)
Summary: S.3697 — 110th Congress (2007-2008)
Introduced in Senate (11/19/2008)
Amends the Emergency Economic Stabilization Act to revise the process for exercising the authority of the Secretary of the Treasury to make purchases of troubled assets in any amount in excess of the $350 billion previously obligated.
Changes the Joint Resolution of Disapproval, regarding the exercise of such authority, to a Joint Resolution of Approval. Prohibits the Secretary, that is, from exercising any authority to make any such purchases unless within 15 calendar days after Congress receives a report of the Secretary's plan to exercise the authority, a joint resolution approving the plan is enacted into law.