Stradley Ronon's John Baker has posted an excellent plain language nutshell description of the contents of the recently passed H.R. 1424, which contains the Emergency Economic Stabilization Act of 2008. Though the expansive H.R. 1424 deals with much more, Baker's piece concentrates almost exclusively on the salient points of the "bailout" legislation:
The bill actually consists of three different named statutes. Division A is the Emergency Economic Stabilization Act of 2008, largely the same as the bailout bill that the House rejected by a vote of 228 - 205 on Monday,September 29. Division B is the Energy Improvement and Extension Act of 2008, and Division C is the Tax Extenders and Alternative Minimum Tax Relief Act of 2008. The total bill is 442 pages, an increase of 14,633% over the 3-page bill originally proposed by Treasury Secretary Paulson. The remainder of my post addresses only the Emergency Economic Stabilization Act, even though the other two acts include many important provisions, not all of which have an obvious connection to economic stabilization. Perhaps the most notorious of these provides an excise tax exemption for wooden arrows designed for use by children.
Baker's entire H.R. 1424 writeup can be found on his FundLaw Group on Yahoo! at: http://groups.yahoo.com/group/FundLaw/message/1193