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Summary:
The Emergency Economic Stabilization Act of 2008 (Division A of H.R. 1424, P.L. 110-343) empowers the Secretary of the Treasury to purchase certain "troubled assets" as a means to stabilize the economy. Should the Secretary wish to have more than $350 billion outstanding under the troubled assets 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 will be updated as needed.1
