Page:Emergency Economic Stabilization Act of 2008.djvu/14

 O:kiYOkiYO08C04.xml 14 1 of the devaluation of the preferred government-spon- 2 sored enterprises stock will drop one or more capital 3 levels, in a manner sufficient to restore the financial 4 institutions to at least an adequately capitalized 5 level; 6 (7) the need to ensure stability for United 7 States public instmmentalities, such as counties and 8 cities, that may have suffered sigfificant increased 9 costs or losses in the current market turmoil; 10 (8) protecting the retirement security of Ameri- 11 cans by purchasing troubled assets held by or on be- 12 half of an eligible retirement plan described in clause 13 (iii), (iv), (v), or (vi) of section 402(c)(8)(B) of the 14 Internal Revenue Code of 1986, except that such au- 15 thority shall not extend to any compensation at- 16 rangements subject to section 409A of such Code; 17 and 18 (9) the utility of purchasing other real estate 19 owned and instruments backed by mortgages on 20 multifamily properties. 21 SEC. 104. FINANCIAL STABILITY OVERSIGHT BOARD. 22 (a) ESTABLISHMENT.--There is established the Fi- 23 nancial Stability Oversight Board, which shall be respon- 24 sible for--

�