STIMULUS BILL - OVERSIGHT - Subtitle: CONSOLIDATION OF POWER BILL
Following is a post by Lenn Harley, an outstanding blogger and real estate broker in Rockville, Maryland. I consider Lenn a friend, even though I've never met her. And I have the highest regard for her grasp of real estate, the internet and the national political and financial scene. This post will give you a quick view of just a portion of the 790 BILLION dollar stimulus bill. Enjoy, if you can. As for me, I'm gonna go hurl.
. . . . . Continued from, STIMULUS BILL - PARTIAL TEXT - SUBTITLE: QUICK PAYOFFS AND SLUSH FUNDS and a CONSOLIDATION OF POWER.
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THIS BOARD, RESPONSIBLE FOR ACCOUNTIBILITY and TRANSPARENCY of the expenditure of about $790,000,000,000 will be performed by a board consisting of seven (7) persons, all appointed by the President.
I love Section 1229 which establishes an "independent advisory panel" consisting of five members, ALL APPOINTED BY THE PRESIDENT. This advisory panel will expire after 90% of the funds have been spent. That leaves only about ONE BILLION DOLLARS left to be spent without oversight.
You gotta love it!!!
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PART 2--ACCOUNTABILITY AND TRANSPARENCY BOARD
SEC. 1221. ESTABLISHMENT OF THE ACCOUNTABILITY AND TRANSPARENCY BOARD.
SEC. 1222. COMPOSITION OF BOARD.
There is established a board to be known as the `Recovery Act Accountability and Transparency Board' (hereafter in this subtitle referred to as the `Board') to coordinate and conduct oversight of Federal spending under this Act to prevent waste, fraud, and abuse.
(a) Membership- The Board shall be composed of seven members as follows:
(1) The Chief Performance Officer of the President, who shall chair the Board.
(2) Six members designated by the President from the inspectors general and deputy secretaries of the Departments of Education, Energy, Health and Human Services, Transportation, and other Federal departments and agencies to which funds are made available in this Act.
(b) Terms- Each member of the Board shall serve for a term to be determined by the President.
(a) Establishment- There is established a panel to be known as the `Independent Advisory Panel' to advise the Board.
(b) Membership- The Panel shall be composed of five members appointed by the President from among individuals with expertise in economics, public finance, contracting, accounting, or other relevant fields.
(a) In General- Paragraph (4) of section 36(f) is amended by adding at the end the following new subparagraph:
`(D) WAIVER OF RECAPTURE FOR PURCHASES IN 2009- In the case of any credit allowed with respect to the purchase of a principal residence after December 31, 2008, and before July 1, 2009--
`(i) paragraph (1) shall not apply, and
`(ii) paragraph (2) shall apply only if the disposition or cessation described in paragraph (2) with respect to such residence occurs during the 36-month period beginning on the date of the purchase of such residence by the taxpayer.'.
(b) Conforming Amendment- Subsection (g) of section 36 is amended by striking `subsection (c)' and inserting `subsections (c) and (f)(4)(D)'.
(c) Effective Date- The amendments made by this section shall apply to residences purchased after December 31, 2008.
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SEC. 1229. INDEPENDENT ADVISORY PANEL.
(b) Membership- The Panel shall be composed of five members appointed by the President from among individuals with expertise in economics, public finance, contracting, accounting, or other relevant fields.
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ABOUT THE HOUSING CREDIT
SEC. 1301. WAIVER OF REQUIREMENT TO REPAY FIRST-TIME HOMEBUYER CREDIT.
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