CONGRESS DENIED BAILOUT OVERSIGHT
If the Bush administration gets its way, and I hope to god that they don’t, the $700 billion dollar taxpayer funded bailout of the “distressed assets of several failed financial institutions”, will be conducted in a manner beyond the reach of the courts and without Congressional oversight.
In short, according to the Huffington Post, the language of the bailout proposal being shopped around Congress today consolidates all decision-making power for the bailout in the Executive Branch.
Quoting from the proposal:
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.