Updated Financial Crisis Spreadsheet

If you're thinking about playing the lottery today, may I suggest the numbers 1, 3 and 7. The latest update of the financial crisis legislation spreadsheet turns up six bills (count 'em!) that add a new section 137 to the Emergency Economic Stabilization Act (EESA). There is unanimity about the need for section 137, but there is some difference of opinion about what section 137 should do. All of the proposals involve TARP repayments. Here's a summary of what the various 137's would do:

HR 2009 - allow immediate TARP repayment
HR 2118 - "additional" TARP repayment procedures
HR 2119 - assign TARP repayments to debt reduction
HR 2063 - assign TARP repayments to debt reduction
S 862 and S 869 (introduced on the same day by the same sponsor) assign TARP repayments to debt reduction

If this were a democracy, debt reduction would have a slight edge. John Thune voted twice, but I'm only counting one of them. This isn't Chicago (that was a joke - no, wait ... two jokes! That's the joke limit for this post).

Investigation is also on the agenda. H. Res 251 directs Treasury to cough up communication with AIG, HR 1929 would create a committee to investigate Fannie Mae and Freddie Mac and H Res 345 would create a committee to "make a complete and thorough investigation" of the financial crisis.

Finally, HR 1880 would give Treasury oversight over the insurance industry through an Office of National Insurance.