Page:Emergency Economic Stabilization Act of 2008.djvu/40

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O:k4YOk4YO0 8 C0 4.xanl 40 1 SEC. 115. GRADUATED AUTHORIZATION TO PURCHASE. 2 (a) AUTHORITY. The authority of' the Secretary to $ purchase troubled assets under this Act shall be limited 4 as follows: 5 (1) Effective upon the date of' enactment of' this 6 Act, such authority shall be limited to 7 $250,000,000,000 outstanding at any one time. 8 (2) If' at any time, the President submits to the 9 Congress a vvTitten ce*ification that the Secretay 10 needs to exercise the authority under this paragraph, 11 effective upon such submission, such authority shall 12 be limited to $350,000,000,000 outstanding at any 13 one time. 14 (3) If', at any time after the certification in 15 parag'aph (2) has been made, the President trans- 16 mits to the Congo'ess a vvTitten report detailing the 17 plan of' the Secretay to exercise the authority under 18 this parag'aph, unless there is enacted, within 15 19 calendar days of' such transmission, a joint resolu- 20 tion described in subsection (c), effective upon the 21 expiration of' such 15-day period, such authority 22 shall be limited to $700,000,000,000 outstanding at 23 any one time. 24 (b) AGGREGATION OF PURCHASE PcEs.--The 25 amount of' troubled assets purchased by the Secretay out- 26 standing at any one time shall be determined for purposes