Page:Emergency Economic Stabilization Act of 2008.djvu/33

 O:L4YOL4YO08C04.xml 33 1 during which the authorities under section 101(a) are in 2 effect, as determined under section 120. 3 SEC. 112. COORDINATION WITH FOREIGN AUTHORITIES 4 AND CENTRAL BANKS. 5 The Secreta7 shall coordinate, as appropriate, with 6 foreign financial authorities and central banks to work to- 7 ward the establishment of similar programs by such au- 8 thorities and central banks. To the extent that such for- 9 eig financial authorities or banks hold troubled assets as 10 a result of extending financing to financial institutions 11 that have failed or defaulted on such financing, such trou- 12 bled assets qualify for purchase under section 101. 13 SEC. 113. MINIMIZATION OF LONG-TERM COSTS AND MAXI- 14 MIZATION OF BENEFITS FOR TAXPAYERS. 15 (a) LONG-TERM COSTS AND ]BENEFITS.-- 16 (1) MINIMIZING NEGATIVE IMPACT. The Sec- 17 retay shall use the authority under this Act in a 18 manner that will minimize any potential long-term 19 negative impact on the taxpayer, taking into account 20 the direct outlays, potential long-term returns on as- 21 sets purchased, and the overall economic benefits of' 22 the program, including economic benefits due to im- 23 provemerits in economic activity and the availability 24 of' credit, the impact on the savings and pensions of'

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