According to Reuters, the US financial crisis and $700 billion Wall Street bailout bill in Congress has heightened interest in who would lead the US Treasury Department in the next administration, adding that Republican presidential candidate John McCain declined to say if he would consider asking current US Treasury Secretary Henry Paulson to stay.
 Reuters continued that Cisco CEO John Chambers was the first name mentioned by John McCain when questioned in an interview regarding potential Treasury Secretaries in a new administration.
Additionally, Cisco is among a group of Silicon Valley tech companies urging passage by the U.S. House of Representatives of the $700 billion Wall Street Bailout, reports The San Jose Mercury News. |
Cisco did not respond to telephone and email requests for comment.
Below is a detailed outline of the Wall Street Bailout proposal that was derived from a Senate copy obtained by The New York Times DealBook.
Alarmingly, the bailout includes the purchase of any financial instrument as determined by the Treasury Secretary, not just mortgages.
Based on the following US Senate Bailout proposal, as Treasury Secretary, John Chambers would rule the business world with $700 billion of US Taxpayer money to spend at his direction.
| Emergency Economic Stabilization Act of 2008 | |
| Sec. 1. Short title and table of contents | Page 2 |
| Sec. 2. Purposes | Page 3 |
| Sec. 3. Definitions | Page 4 |
Page 5 (9) TROUBLED ASSETS.—The term "troubled assets" means— (A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability; and Page 6 (B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress. |
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| TITLE I—TROUBLED ASSETS RELIEF PROGRAM | |
| Sec. 101. Purchases of troubled assets | Page 6 |
| Sec. 102. Insurance of troubled assets | Page 10 |
| Sec. 103. Considerations | Page 13 |
| Sec. 104. Financial Stability Oversight Board | Page 15 |
| Sec. 105. Reports | Page 18 |
| Sec. 106. Rights; management; sale of troubled assets; revenues and sale proceeds | Page 22 |
| Sec. 107. Contracting procedures | Page 23 |
| Sec. 108. Conflicts of interest | Page 24 |
| Sec. 109. Foreclosure mitigation efforts | Page 25 |
| Sec. 110. Assistance to homeowners | Page 27 |
| Sec. 111. Executive compensation and corporate governance | Page 30 |
| Sec. 112. Coordination with foreign authorities and central banks | Page 33 |
| Sec. 113. Minimization of long-term costs and maximization of benefits for taxpayers | Page 33 |
| Sec. 114. Market transparency | Page 39 |
| Sec. 115. Graduated authorization to purchase | Page 40 |
| Sec. 116. Oversight and audits | Page 49 |
| Sec. 117. Study and report on margin authority | Page 57 |
| Sec. 118. Funding | Page 58 |
| Sec. 119. Judicial review and related matters | Page 58 |
| Sec. 120. Termination of authority | Page 61 |
| Sec. 121. Special Inspector General for the Troubled Asset Relief Program | Page 62 |
| Sec. 122. Increase in statutory limit on the public debt | Page 68 |
| Sec. 123. Credit reform | Page 68 |
| Sec. 124. HOPE for Homeowners amendments | Page 69 |
| Sec. 125. Congressional Oversight Panel | Page 70 |
| Sec. 126. FDIC authority | Page 76 |
| Sec. 127. Cooperation with the FBI | Page 84 |
| Sec. 128. Acceleration of effective date | Page 84 |
| Sec. 129. Disclosures on exercise of loan authority | Page 84 |
| Sec. 130. Technical corrections | Page 86 |
| Sec. 131. Exchange Stabilization Fund reimbursement | Page 88 |
| Sec. 132. Authority to suspend mark-to-market accounting | Page 88 |
| Sec. 133. Study on mark-to-market accounting | Page 89 |
| Sec. 134. Recoupment | Page 90 |
| Sec. 135. Preservation of authority | Page 91 |
| Sec. 136. Temporary increase in deposit and share insurance coverage | Page 91 |
| TITLE II—BUDGET-RELATED PROVISIONS | |
| Sec. 201. Information for congressional support agencies | Page 93 |
| Sec. 202. Reports by the Office of Management and Budget and the Congressional Budget Office | Page 94 |
| Sec. 203. Analysis in President’s Budget | Page 96 |
| Sec. 204. Emergency treatment | Page 98 |
| TITLE III—TAX PROVISIONS | |
| Sec. 301. Gain or loss from sale or exchange of certain preferred stock | Page 99 |
| Sec. 302. Special rules for tax treatment of executive compensation of employers participating in the troubled assets relief program | Page 102 |
| Sec. 303. Extension of exclusion of income from discharge of qualified principal residence indebtedness | Page 113 |
| DIVISION B—ENERGY IMPROVEMENT AND EXTENSION ACT OF 2008
TITLE I—ENERGY PRODUCTION INCENTIVES |
|
| Subtitle A—Renewable Energy Incentives | |
| Sec. 101. Renewable energy credit | Page 115 |
| Sec. 102. Production credit for electricity produced from marine renewables | Page 120 |
| Sec. 103. Energy credit | Page 122 |
| Sec. 104. Energy credit for small wind property | Page 130 |
| Sec. 105. Energy credit for geothermal heat pump systems | Page 132 |
| Sec. 106. Credit for residential energy efficient property | Page 133 |
| Sec. 107. New clean renewable energy bonds | Page 141 |
| Sec. 108. Credit for steel industry fuel | Page 146 |
| Sec. 109. Special rule to implement FERC and State electric restructuring policy | Page 152 |
| Subtitle B—Carbon Mitigation and Coal Provisions | |
| Sec. 111. Expansion and modification of advanced coal project investment credit | Page 154 |
| Sec. 112. Expansion and modification of coal gasification investment credit | Page 159 |
| Sec. 113. Temporary increase in coal excise tax; funding of Black Lung Disability Trust Fund | Page 161 |
| Sec. 114. Special rules for refund of the coal excise tax to certain coal producers and exporters | Page 167 |
| Sec. 115. Tax credit for carbon dioxide sequestration | Page 174 |
| Sec. 116. Certain income and gains relating to industrial source carbon dioxide treated as qualifying income for publicly traded partnerships | Page 180 |
| Sec. 117. Carbon audit of the tax code | Page 180 |
| TITLE II—TRANSPORTATION AND DOMESTIC FUEL SECURITY PROVISIONS | |
| Sec. 201. Inclusion of cellulosic biofuel in bonus depreciation for biomass ethanol plant property | Page 181 |
| Sec. 202. Credits for biodiesel and renewable diesel | Page 182 |
| Sec. 203. Clarification that credits for fuel are designed to provide an incentive for United States production | Page 185 |
| Sec. 204. Extension and modification of alternative fuel credit | Page 187 |
| Sec. 205. Credit for new qualified plug-in electric drive motor vehicles | Page 190 |
| Sec. 206. Exclusion from heavy truck tax for idling reduction units and advanced insulation | Page 201 |
| Sec. 207. Alternative fuel vehicle refueling property credit | Page 202 |
| Sec. 208. Certain income and gains relating to alcohol fuels and mixtures, biodiesel fuels and mixtures, and alternative fuels and mixtures treated as qualifying income for publicly traded partnerships | Page 203 |
| Sec. 209. Extension and modification of election to expense certain refineries | Page 203 |
| Sec. 210. Extension of suspension of taxable income limit on percentage depletion for oil and natural gas produced from marginal properties | Page 204 |
| Sec. 211. Transportation fringe benefit to bicycle commuters | Page 205 |
| TITLE III—ENERGY CONSERVATION AND EFFICIENCY PROVISIONS | |
| Sec. 301. Qualified energy conservation bonds | Page 207 |
| Sec. 302. Credit for nonbusiness energy property | Page 214 |
| Sec. 303. Energy efficient commercial buildings deduction | Page 218 |
| Sec. 304. New energy efficient home credit | Page 218 |
| Sec. 305. Modifications of energy efficient appliance credit for appliances produced after 2007 | Page 218 |
| Sec. 306. Accelerated recovery period for depreciation of smart meters and smart grid systems | Page 225 |
| Sec. 307. Qualified green building and sustainable design projects | Page 228 |
| Sec. 308. Special depreciation allowance for certain reuse and recycling property | Page 229 |
| TITLE IV—REVENUE PROVISIONS | |
| Sec. 401. Limitation of deduction for income attributable to domestic production of oil, gas, or primary products thereof | Page 234 |
| Sec. 402. Elimination of the different treatment of foreign oil and gas extraction income and foreign oil related income for purposes of the foreign tax credit | Page 236 |
| Sec. 403. Broker reporting of customer’s basis in securities transactions | Page 244 |
| Sec. 404. 0.2 percent FUTA surtax | Page 259 |
| Sec. 405. Increase and extension of Oil Spill Liability Trust Fund tax | Page 259 |
| DIVISION C—TAX EXTENDERS AND ALTERNATIVE MINIMUM TAX RELIEF | |
| Sec. 1. Short title; amendment of 1986 Code; table of contents | Page 261 |
| TITLE I—ALTERNATIVE MINIMUM TAX RELIEF | |
| Sec. 101. Extension of alternative minimum tax relief for nonrefundable personal credits | Page 264 |
| Sec. 102. Extension of increased alternative minimum tax exemption amount | Page 264 |
| Sec. 103. Increase of AMT refundable credit amount for individuals with longterm unused credits for prior year minimum tax liability, etc. | Page 264 |
| TITLE II—EXTENSION OF INDIVIDUAL TAX PROVISIONS | |
| Sec. 201. Deduction for State and local sales taxes | Page 267 |
| Sec. 202. Deduction of qualified tuition and related expenses | Page 268 |
| Sec. 203. Deduction for certain expenses of elementary and secondary school teachers | Page 268 |
| Sec. 204. Additional standard deduction for real property taxes for nonitemizers | Page 268 |
| Sec. 205. Tax-free distributions from individual retirement plans for charitable purposes | Page 269 |
| Sec. 206. Treatment of certain dividends of regulated investment companies | Page 269 |
| Sec. 207. Stock in RIC for purposes of determining estates of nonresidents not citizens | Page 270 |
| Sec. 208. Qualified investment entities | Page 270 |
| TITLE III—EXTENSION OF BUSINESS TAX PROVISIONS | |
| Sec. 301. Extension and modification of research credit | Page 270 |
| Sec. 302. New markets tax credit | Page 273 |
| Sec. 303. Subpart F exception for active financing income | Page 273 |
| Sec. 304. Extension of look-thru rule for related controlled foreign corporations | Page 274 |
| Sec. 305. Extension of 15-year straight-line cost recovery for qualified leasehold improvements and qualified restaurant improvements; 15-year straight-line cost recovery for certain improvements to retail space | Page 274 |
| Sec. 306. Modification of tax treatment of certain payments to controlling exempt organizations | Page 278 |
| Sec. 307. Basis adjustment to stock of S corporations making charitable concontributions of property | Page 279 |
| Sec. 308. Increase in limit on cover over of rum excise tax to Puerto Rico and the Virgin Islands | Page 279 |
| Sec. 309. Extension of economic development credit for American Samoa | Page 279 |
| Sec. 310. Extension of mine rescue team training credit | Page 280 |
| Sec. 311. Extension of election to expense advanced mine safety equipment | Page 280 |
| Sec. 312. Deduction allowable with respect to income attributable to domestic production activities in Puerto Rico | Page 280 |
| Sec. 313. Qualified zone academy bonds | Page 281 |
| Sec. 314. Indian employment credit | Page 288 |
| Sec. 315. Accelerated depreciation for business property on Indian reservations | Page 288 |
| Sec. 316. Railroad track maintenance | Page 289 |
| Sec. 317. Seven-year cost recovery period for motorsports racing track facility | Page 290 |
| Sec. 318. Expensing of environmental remediation costs | Page 290 |
| Sec. 319. Extension of work opportunity tax credit for Hurricane Katrina employees | Page 290 |
| Sec. 320. Extension of increased rehabilitation credit for structures in the Gulf Opportunity Zone | Page 291 |
| Sec. 321. Enhanced deduction for qualified computer contributions | Page 291 |
| Sec. 322. Tax incentives for investment in the District of Columbia | Page 291 |
| Sec. 323. Enhanced charitable deductions for contributions of food inventory | Page 293 |
| Sec. 324. Extension of enhanced charitable deduction for contributions of book inventory | Page 294 |
| Sec. 325. Extension and modification of duty suspension on wool products; wool research fund; wool duty refunds | Page 295 |
| TITLE IV—EXTENSION OF TAX ADMINISTRATION PROVISIONS | |
| Sec. 401. Permanent authority for undercover operations | Page 296 |
| Sec. 402. Permanent authority for disclosure of information relating to terrorist activities | Page 297 |
| TITLE V—ADDITIONAL TAX RELIEF AND OTHER TAX PROVISIONS | |
| Subtitle A—General Provisions | |
| Sec. 501. $8,500 income threshold used to calculate refundable portion of child tax credit | Page 297 |
| Sec. 502. Provisions related to film and television productions | Page 298 |
| Sec. 503. Exemption from excise tax for certain wooden arrows designed for use by children | Page 300 |
| Sec. 504. Income averaging for amounts received in connection with the Exxon Valdez litigation | Page 301 |
| Sec. 505. Certain farming business machinery and equipment treated as 5-year property | Page 307 |
| Sec. 506. Modification of penalty on understatement of taxpayer’s liability by tax return preparer | Page 308 |
| Subtitle B—Paul Wellstone and Pete Domenici Mental Health Parity and Addiction Equity Act of 2008 | |
| Sec. 511. Short title | Page 310 |
| Sec. 512. Mental health parity | Page 310 |
| TITLE VI—OTHER PROVISIONS | |
| Sec. 601. Secure rural schools and community self-determination program | Page 344 |
| Sec. 602. Transfer to abandoned mine reclamation fund | Page 393 |
| TITLE VII—DISASTER RELIEF | |
| Subtitle A—Heartland and Hurricane Ike Disaster Relief | |
| Sec. 701. Short title | Page 394 |
| Sec. 702. Temporary tax relief for areas damaged by 2008 Midwestern severe storms, tornados, and flooding | Page 394 |
| Sec. 703. Reporting requirements relating to disaster relief contributions | Page 413 |
| Sec. 704. Temporary tax-exempt bond financing and low-income housing tax relief for areas damaged by Hurricane Ike | Page 413 |
| Subtitle B—National Disaster Relief | |
| Sec. 706. Losses attributable to federally declared disasters | Page 419 |
| Sec. 707. Expensing of Qualified Disaster Expenses | Page 424 |
| Sec. 708. Net operating losses attributable to federally declared disasters | Page 427 |
| Sec. 709. Waiver of certain mortgage revenue bond requirements following federally declared disasters | Page 431 |
| Sec. 710. Special depreciation allowance for qualified disaster property | Page 433 |
| Sec. 711. Increased expensing for qualified disaster assistance property | Page 439 |
| Sec. 712. Coordination with Heartland disaster relief | Page 441 |
| TITLE VIII—SPENDING REDUCTIONS AND APPROPRIATE REVENUE RAISERS FOR NEW TAX RELIEF POLICY | |
| Sec. 801. Nonqualified deferred compensation from certain tax indifferent parties | Page 442 |
How do you feel about John Chambers potentially being the next US Treasury Secretary with $700 billion of US Taxpayer money to spend at his direction?
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Good Resume Move For Chambers
Received the following email message regarding John Chambers potentially being the next US Treasury Secretary:
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Chambers as US Treasury Secretary
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Sincerely,
Brad Reese
http://www.BradReese.Com
GREAT!!!
That would be good for our economy. Chambers would likely attempt to purchase China the first year and merge them into the tax base. I would guess that Germany or someother reasonably wealty economy would be next. :)
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