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Perot Charts: The Main Street Rescue Plan

http://perotcharts.com/mainstreet

Phase One - Immediate Action by U.S. Congress

1. Securities and Exchange Commission

Mandate that the SEC:

Suspend its "mark-to-market" accounting regulations that are causing
the write-down of bank assets to fire-sale prices, and thereby
contracting the supply of available investment capital.

Tightly restrict short sales of financial stocks.

2. Federal Deposit Insurance Corporation

Mandate that the FDIC:

Declare a national emergency during which time the FDIC will back
depositors and general creditors of banks that fail and resolve those
collapses in a way that does not cost depositors, such as selling
deposits and loans of the failed institution to another institution.

Reconstitute the FDIC's "net worth certificate" (NWC) program that
Congress created in the 1980s for the savings and loan crisis of that
era. The NWC required no federal subsidy or cash outlay. Under the
NWC, the FDIC bought subordinated debentures in the bank and issued
FDIC notes to the bank, with the interest being the exact same on both
instruments. Under this program, the FDIC assesses the financial
condition of banks and shores up weak ones that can survive if given
time to resolve their problems and merges/liquidates those too weak
for the NWC program. Under the NWC program, the FDIC will provide
strict supervision of participating banks, including the employment of
key personnel and their compensation, until the crisis has passed.
Again, no federal subsidies or outlays are required.

Declare a 120-day moratorium on payment of dividends by banks.
Executives of banks that need capital often worry that failing to pay
dividends is a sign of financial instability. A temporary ban
across-the-board will end fears and give FDIC time to strengthen
banks' capital base.

Expand FDIC insurance coverage to other financial institutions,
including hedge funds, placed under federal regulation.

3. Stabilize Owner-Occupied Homes

Declare a 120-day moratorium on mortgage foreclosures. This will (a)
keep families in their homes while components of the broader plan are
put in place and the real economy is revived; (b) better ensure that
the property does not fall into disrepair; and (c) reduce the decline
in housing values created by unoccupied, foreclosed homes.

Devise a post-moratorium program to do work out plans for
owner-occupied homes, including federal cash subsidies for owners that
can pay for their homes if given time to financially survive this
crisis.

Amend federal law so that federal bankruptcy judges are able to
modify the terms of mortgages of homeowners in bankruptcy and thus
give them more time to work through their financial problems and keep
their homes.

4. Share Rescue Profits with U.S. Taxpayers

Whenever the government makes a loan or an equity investment in a
distressed financial institution, such as the AIG deal, the public
gets a share of any future recovery profits.

Create a true "Social Security Lockbox" for the warrants and equity
the federal government acquires as part of this financial rescue. The
goal is not long-term federal ownership, but to assist these
organizations in returning to a sound operation and then make a
prudent sale of the public equity.

Restrict the investment of those funds to AAA-rated state and local
infrastructure bonds, which provide safe, long-term investments that
will stimulate the real economy, create new jobs, and fiscally
strengthen the Social Security System.

5. Oversight

Create an independent agency/board to oversee and manage the
non-FDIC/SEC portions of the Rescue Plan and report to Congress on a
regular basis. The Board would consist of:

o	Secretary of Treasury (Chair).
o	Chairman of the Federal Reserve Board,
o	Chairman of the FDIC,
o	Chairman of the SEC,
o	Comptroller General of the United States,
o	One appointee by each of the Majority and Minority Leaders
of the House of Representatives and the U.S. Senate.

Create a new Joint Committee of Congress to oversee the plan and
provide recommendations to Congress. The new Joint Committee would
consist of representatives from all standing committees with partial
jurisdiction for resolving this financial crisis. The goal is to
involve all relevant committees in this rescue plan.

6. Create an Emergency Financial Crimes Office in the Department of
Justice

The mission of this unit is to investigate any criminal acts that
led to this crisis, hold the guilty accountable, and disgorge assets
from individuals and institutions found guilty.

The head of the Office will be an experienced, non-political career
prosecutor appointed by the President and confirmed by the U.S.
Senate.

The Congress will provide sufficient funds to staff the Office with
qualified attorneys and the necessary support staff of accountants and
investigators.

Phase Two - Action by Congress Post-Election

7. Reinstitute a modernized Glass-Steagall Act, which covers and
regulates all financial institutions including hedge funds

The goal is to restore prudence and accountability to the U.S.
financial system through appropriate regulation.

Oversight of the financial rescue.

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