Is this possibly the most troubling provision in the proposed bail out legislation?

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“Sec. 8. Review.

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.”

WTF??

What about the fifth amendment no taking of [our] property without due process?

Here’s the whole initial draft. The dems are trying to add more things to be bailed out before they approve it, I understand. If you don’t like this bill, email your reps, immediately.

“LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY

TO PURCHASE MORTGAGE-RELATED ASSETS

Section 1. Short Title.

This Act may be cited as ____________________.

Sec. 2. Purchases of Mortgage-Related Assets.

(a) Authority to Purchase.–The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.

(b) Necessary Actions.–The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:

(1) appointing such employees as may be required to carry out the authorities in this Act and defining their duties;

(2) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts;

(3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them;

(4) establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase mortgage-related assets and issue obligations; and

(5) issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities of this Act.

Sec. 3. Considerations.

In exercising the authorities granted in this Act, the Secretary shall take into consideration means for–

(1) providing stability or preventing disruption to the financial markets or banking system; and

(2) protecting the taxpayer.

Sec. 4. Reports to Congress.

Within three months of the first exercise of the authority granted in section 2(a), and semiannually thereafter, the Secretary shall report to the Committees on the Budget, Financial Services, and Ways and Means of the House of Representatives and the Committees on the Budget, Finance, and Banking, Housing, and Urban Affairs of the Senate with respect to the authorities exercised under this Act and the considerations required by section 3.

Sec. 5. Rights; Management; Sale of Mortgage-Related Assets.

(a) Exercise of Rights.–The Secretary may, at any time, exercise any rights received in connection with mortgage-related assets purchased under this Act.

(b) Management of Mortgage-Related Assets.–The Secretary shall have authority to manage mortgage-related assets purchased under this Act, including revenues and portfolio risks therefrom.

(c) Sale of Mortgage-Related Assets.–The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act.

(d) Application of Sunset to Mortgage-Related Assets.–The authority of the Secretary to hold any mortgage-related asset purchased under this Act before the termination date in section 9, or to purchase or fund the purchase of a mortgage-related asset under a commitment entered into before the termination date in section 9, is not subject to the provisions of section 9.

Sec. 6. Maximum Amount of Authorized Purchases.

The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $ 700,000,000,000 outstanding at any one time

Sec. 7. Funding.

For the purpose of the authorities granted in this Act, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under chapter 31 of title 31, United States Code, are extended to include actions authorized by this Act, including the payment of administrative expenses. Any funds expended for actions authorized by this Act, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure.

Sec. 8. Review.

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

Sec. 9. Termination of Authority.

The authorities under this Act, with the exception of authorities granted
What do you think of this bill?

Will you hold reps who vote for it responsible when you vote?
Chuck, it is also against self incrimination, but says “nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.”

8 Comments
  1. Reply
    krollohare2
    May 2, 2011 at 2:33 am

    They obviously don’t want this hamstrung in the courts. I also would have to say that once the US Supreme Court gets it, they’ll sever the provisions giving absolute authority to these people, and then find its subject to review, and then uphold the constitutionality of it.

  2. Reply
    serenely, soMEone
    May 2, 2011 at 2:51 am

    It’ll be tomorrow before I can fully digest this but I couldn’t resist making a comment concerning the 7th Amendment.

    “In suits at Common Law, where the value in controversy shall exceed twenty dollars, the right of a trial by jury shall be preserved, and no fact tried by a jury, shall be otherwise re-examined in any Court of the United States, than according to the rules of the common law.”

    Would a case by the People or States brought against the U.S. be tried under Common Law? Why Not?!

    If so, will our right to a trial by Jury be preserved?

    According to the text I read (which you posted (my gratitude!)) it would never be heard or even considered.

    They need me in Washington, after all.

    They need soMEone to bust open a double-barrel of whoop-action!

    Not that I’m getting emotional. Just an observation.

  3. Reply
    doubleolly
    May 2, 2011 at 2:53 am

    My thoughts are that it is unconstitutional on its face, because of the fact that the Congress has no authority to take money as taxes from people to use for specified private parties. And certainly does not have the authority to say that a court cannot review it for constitutional or lawful purposes. The Congress legislates and the Courts decides what is lawful under the Constitution, or so it has been. Any other outcome is to destroy our written Constitution. And yes I will note who votes for and against any such Act.

    Edit: The real issue in discussing any such act is—did the Congress have the Constitutional Authority to delegate its powers under Aricle 1 section eight of the Constitution in 1913 with the Federal Reserve Act. If this had not happened we would not be in this mess now.

  4. Reply
    n0spam4me
    May 2, 2011 at 3:11 am

    Power corrupts
    and absolute power corrupts ABSOLUTELY

    What ever happened to the CONSTITUTION
    and RULE OF LAW

    around here?

    or?

  5. Reply
    StoneCold
    May 2, 2011 at 3:46 am

    Bush is just protecting his *** again, as well as the rest. Just as he did when they passed his Patriot Act again to protect the phone companies, and Internet companies who complied with information about Americans private emails and phone calls from ever being sued.

    We’re screwed, because they’ll pass this for him.

    You bet I’m going to hold them responsible if my reps vote for it. I am writing an email to zing off to them. Pressing the issue that the folks who created this mess need to be held accountable, and no golden parachute benefits paid out to them (top of the crop) before they leave or are fired from their positions.

  6. Reply
    SilverPhoenix
    May 2, 2011 at 4:43 am

    If this passes, they all need to be replaced in November. This is bullshit.

  7. Reply
    Giordano
    May 2, 2011 at 5:41 am

    Bailout or no bailout, the result will be the same; economic collapse. The chain of events was already set in motion decades ago. These bailouts will only lead to hyperinflation, the bankruptcy of the FDIC, the Treasury, and the collapse of the dollar. Anyone who thinks otherwise is disgustingly naive. The Federal Reserve has been inflating the dollar since its inception, now we are finally feeling the effects. The Bailouts are a clever ruse. The goal was never to stop the freeze of the credit sector or save the market. The real goal was to socialize the entire Housing and Financial Sectors, while at the same time committing the American Taxpayer to a national debt they won’t be able to pay off for another century.

    Expect depression-like conditions by the end of 2009. Everyone will be crying for the Government to save them. Then hello Amero and the North American Union, goodbye Constitution!

  8. Reply
    Chuck_Junior
    May 2, 2011 at 5:57 am

    “What about the fifth amendment no taking of [our] property without due process?”

    I’d suggest you get your amendments straight.
    The 5th is about self incrimination.
    That’s a hint.

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