The dirty secret of the bailout
A critical - and radical - component of the bailout package proposed by the Bush administration and reserve chief Paulson is nothing short of outrageous. It includes no oversight of his own closed-door operations.
It merely gives congressional blessing and funding to what he has already been doing, ad hoc.
Section 8 of this legislation is just 32 words but it represents a significant consolidation of power and an abdication of oversight authority. It reads, in its entirety:
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.
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