	Graduated Authorization to Purchase

The Emergency Economic Stabilization Act of 2008 (EESA) empowers the Secretary of the Treasury to act to restore liquidity and stability to the financial system of the United States, and authorizes funds on a graduated scale that the Secretary may use for this purpose. Should the Secretary of the Treasury wish to have in excess of $350 billion outstanding at any one time under the program, the President must submit a written report to Congress detailing the Secretary's plan to exercise this additional authority. The submission of this report triggers a 15-calendar day period during which Congress may enact a joint resolution disapproving the request. In short, the resolution is considered not under the ordinary parliamentary procedures of the House and Senate, which are, by design, slow and uncertain, but on a special parliamentary "fast track."
The Emergency Economic Stabilization Act of 2008 (EESA, Division A of H.R. 1424, P.L. 110-343) empowers the Secretary of the Treasury to act to stabilize the economy. Should the Secretary wish to have more than $350 billion outstanding under the program, the President must submit a written report to Congress detailing the Secretary's request and his plan to implement it. The receipt of this report triggers a 15-day period during which Congress may reject the Secretary's request by enacting a joint resolution of disapproval. This disapproval resolution would be considered in the House and Senate under "fast track" parliamentary procedures which are intended to ensure an opportunity to consider and vote on the measure. This report examines these procedures and explains how they differ from the regular parliamentary mechanisms of the House and Senate. It also estimates certain deadlines under the act based on the recent submission of the President's report. It will be updated as needed.