This report describes the various reporting requirements in the Emergency Economic Stabilization Act of 2008 (EESA) and is organized according to the entities required to prepare and submit the reports. It also provides some concluding observations regarding those requirements.
The results of previous government financial interventions are summarized in this report. In response to ongoing financial turmoil that began in the subprime mortgage-backed securities market, the federal government has intervened with private corporations on a large scale and in an ad hoc manner three times from the beginning of 2008 through September 19, 2008.
This report provides a brief overview of the federal debt and net interest payments. Of the three broad categories of federal spending, the only category that cannot be reduced by legislative action is net interest payments. The report provides information about federal debt, interest payments on the federal dept, and determinants of net interest payments.
Interest in using federal government spending to stimulate U.S. economic recovery has intensified recently in response to indicators showing significant deterioration of the economy. Some policymakers favor using traditional monetary and fiscal policies. Others, however, favor making accelerated investments in the nation's public infrastructure in order to create jobs while also meeting infrastructure needs. This report is an overview of policy issues associated with the approach of using infrastructure as a mechanism for economic stimulus.
This report discusses selected campaign finance policy issues that may receive attention during the 111th Congress such as the electronic filing of senate campaign finance reports, bundling, hybrid advertising, joint fundraising committees, 527 Organizations and more.
This report reviews proposed legislation and contracts, analyzes the positions of various Iraqi political actors, and discusses potential implications for U.S. foreign policy goals in Iraq.
This report reviews the U.S. automotive industry at present, aspects of the industry's financial situation, and relief options. It includes an analysis of the current situation in the U.S. automotive market, including efforts to address problems of long-term competitiveness and the impact of the industry on the broader U.S. economy. It focuses on financial issues, including credit questions, and legal and financial aspects of government-offered loans or loan guarantees.
Pakistan - a key U.S. ally in global efforts to combat Islamist militancy - is in urgent need of an estimated $4 billion in capital to avoid defaulting on its sovereign debt. The Pakistani government is seeking short-term financial assistance from a number of sources, including the International Monetary Fund (IMF), China, and an informal group of nations (including the United States) known as the "Friends of Pakistan." The current crisis has placed some strain on U.S.-Pakistan relations.
Many Members of Congress charge that China's policy of accumulating foreign reserves (especially U.S. dollars) to influence the value of its currency constitutes a form of currency manipulation intended to make its exports cheaper and imports into China more expensive than they would be under free market conditions. Although China made modest reforms to its currency policy in 2005, Members contend the forms have not gone far enough and have warned of potential legislative action. This report summarizes the main findings CRS Report RL32165, China's Currency: Economic Issues and Options for U.S. Trade Policy.
On November 19, 2008, Iceland and the International Monetary Fund (IMF) finalized an agreement on a $6 billion economic stabilization program supported by a $2.1 billion loan from the IMF. Iceland's banking system had collapsed as a culmination of a series of decisions the banks made that left them highly exposed to disruptions in financial markets. The collapse of the banks also raises questions for U.S. leaders and others about supervising banks that operate across national borders, especially as it becomes increasingly difficult to distinguish the limits of domestic financial markets.
This Congressional Research Service Report for Congress contains the history, enactment, and fund determination for the Low Income Home Energy Assistance Program (LIHEAP).
This report first discusses the key holdings enunciated by the Supreme Court in Buckley, including those upholding reasonable contribution limits, striking down expenditure limits, upholding disclosure reporting requirements, and upholding the system of voluntary presidential election expenditure limitations linked with public financing. It then examines the Court's extension of Buckley in several subsequent cases, evaluating them in various regulatory contexts: contribution limits, expenditure limits, disclosure requirements, and political party soft money and electioneering communication restrictions.
Two important issues before Congress are (1) securing the nation's capacity to prepare for, respond to, and recover/rebuild from natural catastrophe events, and (2) determining whether and how the federal government should intervene in catastrophe insurance markets. This report focuses on this issue at length, taking into consideration the Gulf Coast hurricanes of 2004 and 2005; a sequence of tornadoes, wildfire, earthquakes, Hurricanes Ike and Gustav, and the 2008 Midwestern floods; and the financial market turmoil in 2008.
This report examines the global ramifications of the financial crisis, which exposed fundamental weaknesses in financial systems worldwide, and despite coordinated easing of monetary policy by governments and trillions of dollars in intervention by governments and the International Monetary Fund, the crisis continues.
Over the past several years, China has enjoyed one of the world's fastest growing economies and has been a major contributor to world economic growth. However, the current global financial crisis threatens to slow China's economy. China is a major economic power and holds huge amounts of foreign exchange reserves, and thus it could play a major role in responding to the current crisis. For example, in an effort to help stabilize the U.S. economy, China might boost its holdings of U.S. Treasury securities, which would help fund the Federal Government's purchases of troubled U.S. assets. However, this could raise a number of issues and concerns for U.S. policymakers.
Over the past several years, China has enjoyed one of the world's fastest growing economies and has been a major contributor to world economic growth. However, the current global financial crisis threatens to slow China's economy. China is a major economic power and holds huge amounts of foreign exchange reserves, and thus it could play a major role in responding to the current crisis. For example, in an effort to help stabilize the U.S. economy, China might boost its holdings of U.S. Treasury securities, which would help fund the Federal Government's purchases of troubled U.S. assets. However, this could raise a number of issues and concerns for U.S. policymakers.
Petroleum prices rose sharply in the first half of 2008, at one time reaching more than $140 per barrel of crude oil. Since July, however, petroleum prices and import volumes have fallen at a historically rapid pace; in November, prices of crude oil fell below $55 per barrel. The fall in the cost of energy imports combined with the drop in import volumes as a result of the slowdown in economic activity has reversed the trend of rising energy imports costs and will sharply reduce the overall costs of U.S. energy imports for the rest of 2008. This report provides an estimate of the initial impact of the rising oil prices on the nation's merchandise trade deficit.
This report examines the global impact of the financial crisis and resulting challenges, moving forward. The crisis exposed fundamental weaknesses in financial systems worldwide, and despite coordinated easing of monetary policy by governments and trillions of dollars in intervention by governments and the International Monetary Fund, the crisis continues.
Pakistan - a key U.S. ally in global efforts to combat Islamist militancy - is in urgent need of an estimated $4 billion in capital to avoid defaulting on its sovereign debt. The elected government of President Asif Ali Zardari and Prime Minister Yousaf Raza Gillani is seeking short-term financial assistance from a number of sources, including the International Monetary Fund (IMF), China, and an informal group of nations (including the United States) known as the "Friends of Pakistan." The current crisis has placed some strain on U.S.-Pakistan relations.
This report discusses the Russian economy, which has grown impressively since 1999 and, by some measures, has been one of the fastest growing economies in the world. The improvement in the Russian economy is arguably a factor in the boldness with which the Putin leadership has reasserted Russia's status as a world power.
This report discusses two potential roles the International Monetary Fund (IMF) may have in helping to resolve the current global financial crisis: (1) immediate crisis control through balance of payments lending to emerging market and less-developed countries and (2) increased surveillance of the global economy through better coordination with the international financial regulatory agencies.
The Federal Open Market Committee (FOMC) decided at its scheduled meeting held on October 29 to lower the target rate for federal funds to 1% from 1½% set at its unscheduled meeting of October 8, 2008. In making its decision to reduce the target, the FOMC stressed the following factors: (1) the pace of economic growth appears to have slowed markedly owing importantly to a softening of consumer spending; (2) business equipment spending and industrial production have weakened; (3) economic slowdowns abroad have dampened the prospects for U.S. exports; (4) intensified strains in financial markets are also likely to further reduce spending; and (5) inflation prospects have improved due to declines in energy and other commodity prices. The next schedule meeting of the FOMC is set for December 11, 2008.
This report provides a detailed history of mental health parity legislation, including a discussion of bills introduced in each Congress, and accompanying legislative action, including hearings, markups, and floor votes. This legislation is in response to concerns about the coverage of mental health benefits in group health plans, which is often much more restricted than the coverage of physical illness. Updated October 29, 2008.
This report discusses two potential roles the International Monetary Fund (IMF) may have in helping to resolve the current global financial crisis: (1) immediate crisis control through balance of payments lending to emerging market and less-developed countries and (2) increased surveillance of the global economy through better coordination with the international financial regulatory agencies.
This report describes current issues and recent changes to the Home Mortgage Disclosure Act (HMDA) of 1975. The report also provides a brief explanation of how recent reporting revisions may affect the reporting of loans covered by the Home Ownership and Equity Protection Act of 1994 and the Federal Housing Administration.
The Securities and Exchange Commission (SEC) recently released a proposed rule that would effectively reclassify equity indexed annuities as a security product in addition to being an insurance product. This report presents the different types of annuities, explains the taxation of annuities, and disentangles the federal and state roles in the regulation of annuities. It outlines the proposed SEC rule and its current status.
This report discusses the Social Security system that provides monthly benefits to qualified retirees, disabled workers, and their spouses and dependents.
This report will define the measures of debt, discuss the mechanisms of how debt levels change, and use historical examples to illustrate the factors causing debt movements over the last seven decades. In addition, some policies which may affect the future budgetary outlook and the debt will be discussed.
The Overseas Private Investment Corporation (OPIC)1 was established in 1969 and began operations in 1971 to promote and assist U.S. business investment in developing nations. OPIC is a U.S. government agency that provides project financing, investment insurance, and other services for U.S. businesses in 154 developing nations and emerging economies. OPIC is currently authorized through March 9, 2009 under the Consolidated Security, Disaster Assistance, and Continuing Appropriations Act, 2009 (P.L. 110-329).
This report provides an overview of the current status, trends, and forecasts for U.S. international trade. The purpose of this report is to provide current data and brief explanations for the various types of trade flows, particularly U.S. exports, along with a short discussion of particular trends and points of contention related to trade policy.
In response to ongoing financial turmoil that began in the subprime mortgage-backed securities market, the federal government has intervened with private corporations on a large scale and in an ad hoc manner three times from the beginning of 2008 through September 19, 2008. These interventions have prompted questions regarding the taxpayer costs and the sources of funding. The federal government may or may not end up seeing a positive fiscal contribution from the recent interventions. The results of previous government financial interventions are summarized in this report.
This report discusses the administrations' proposal to use reverse Dutch auctions to purchase troubled assets -- primarily mortgage-related securities from financial institutions.
Many observers trace the root cause of recent instability in financial markets to uncertainty surrounding the value of widely held securities that are based on mortgages and mortgage-related assets. The introduction of the Emergency Economic Stabilization Act of 2008 (EESA) was designed to address said financial instability through a variety of measures, including an insurance program for "troubled assets." This report briefly summarizes and analyzes the insurance program contained in the enacted version of the EESA.
As financial conditions have deteriorated over the past year, the Federal Reserve (FeD) has greatly increased its lending to financial firms. It has also expanded the scope of eligible borrowers to include non-bank financial firms. Some have asked why these loans have not restored financial stability, and if the purchase of up to $700 billion of distressed assets through the recently enacted Troubled Asset Relief Program (TARP) might lead to a different result. Financial assistance to financial firms entails considerable risks to taxpayers. This report analyzes the risks and possible benefits of federally-assisted loans to banks and financial firms, especially in light of the financial crisis that came to a head in September 2008.
Recent and projected large deficits and the need for revenue to offset spending or tax reduction proposals generated congressional and executive branch interest in different proposals to reduce the tax gap; and consequently, raise additional revenue. Proposals in the 110th Congress to require brokers to report adjusted basis on publicly traded securities sold by individuals are examined in this report.
This report examines the importance to the U.S. economy of China's investment in U.S. securities, as well as U.S. concerns over the possibility that China might unload a large share of those holdings, including the likelihood that this would occur, and the potential implications such action could have for the U.S. economy. The report concludes that a large sell-off of Chinese Treasury securities holdings could negatively affect the U.S. economy, at least in the short-run. As a result, such a move could diminish U.S. demand for Chinese products and thus could lower China's economic growth as well.
This report discusses the Iraqi debt problem in three parts: [1] overview of the Iraq debt situation following the ouster of the Saddam regime; [2] subsequent debt relief negotiations and their resolution; [3] possible implications for future debt relief cases that arise from Iraq's experience. The implications are: a willingness by the international community to grant a stay on the enforcement of creditor rights; an increased flexibility in Paris Club debt relief decisions; and an unwillingness by successor regimes to claim that their debt is odious and repudiate it.
Financial markets continue to experience significant disturbance and the banking sector remains fragile. Efforts to restore confidence have been met with mixed success thus far. After attempting to deal with troubled institutions on a case-by-case basis, Treasury has proposed a plan to purchase mortgage-related assets to alleviate stress in financial markets and in the banking system. This report provides answers to some frequently asked questions concerning the financial disruptions of September 2008 and the Troubled Asset Relief Program (TARP) in H.R. 3997.
From 1981-1984, Chile experienced a banking crisis that in relative terms had a cost comparable in size to that perhaps facing the United States today. The Chilean Central Bank acted quickly and decisively in three ways to restore faith in the credit markets. It restructured firm and household loans, purchased nonperforming loans temporarily, and facilitated the sale or liquidation of insolvent financial institutions. These three measures increased liquidity in the credit markets and restored the balance sheets of the viable financial institutions. This report explores this incident in detail and in relation to the current financial situation in the U.S.
Japan's five bank bailout packages in the late 1990s may hold some lessons for the United States. Overcoming the crisis in Japan's banks took a combination of capital injections, new laws and regulations, stronger oversight, a reorganization of the banking sector, moderate economic recovery, and several years of banks working off their non-performing loans.
In the early 1990s, Sweden faced a large banking and exchange rate crisis which it eventually resolved. Four lessons that emerged from Sweden's experience are: 1) the resolution process must be transparent; 2) the resolution agency must be politically and financially independent; 3) market discipline must be maintained; and 4) there must be a plan to jump-start credit flows in the financial system. This report provides an overview of the Swedish banking crisis and an explanation of the measures Sweden used to restore its banking system to health.
In a 1989 legislative response to financial troubles in the thrift industry, the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA, P.L. 101-73) was enacted. FIRREA's principal mission was to conduct a partially tax-payer funded program to address the troubles of the nation's many insolvent thrifts. To do so, it established a new entity, the Resolution Trust Corporation (RTC), whose mission was to address troubled thrifts by arranging their sale to other institutions or shuttering them and disposing of their assets. This report analyzes the creation and functions of the RTC, including criticisms and results of its actions.
Statutory offices of inspector general (OIG) consolidate responsibility for audits and investigations within a federal agency. Established by public law as permanent, nonpartisan, independent offices, they now exist in more than 60 establishments and entities, including all departments and largest agencies, along with numerous boards and commissions. Various initiatives and proposals in the 110th Congress are designed to strengthen the IGs' independence, add to their reports, and create new posts in the Intelligence Community.
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