Monday, November 24, 2008

A Bite at a Time - Economic Bailout Information

Jessica R. Alexander, J.D., M.L.I.S., Reference Librarian

Where does the Treasury secretary get authority to move large amounts of money into the accounts of banks without new legislative action? For weeks, I have been thinking about an approach to understanding this and other events in the economic meltdown. The Fred Parks Law Library subscribes to the CCH Business and Finances Resources Network portal. (Your STCL e-mail address is required.) It links to primary and secondary materials on banking, finance, and securities. Access it through Stanley by clicking on the Library tab and going to the alphabetical database list.

Once in the network, the user is confronted with myriad options for searching. You can search one database or fifty. Paper materials comprising volumes of the CCH Federal Banking Law Reporter (KF970.C61) and the CCH Federal Securities Law Reporter ( KF1436.5.C65), located on the fourth floor are included in the database.

Each user can set up search options customizing search history and favored sub databases. Upon entry into the portal, links to the latest news in Securities, Banking, Anti-Trust and Trade Regulations are displayed. Clicking on the Banking tab, I decided to start with a white paper authored by CCH analysts, Kathleen M. Bianco and John M. Pachkowski, entitled, "The Economic Bailout: An Analysis of the Emergency Economic Stabilization Act." It is an excellent summary and analysis of events leading to the bailout. It contains information on the primary laws used as tools in addressing the crisis.

With this information the user can link to the “Emergency Economic Stabilization Act of 2008” or EESA (the bailout law), and underpinning laws such as the The Federal Reserve Act. To access these primary laws click on the Banking tab at the main page and then the Federal Banking laws option. EESA can be found under the subheading, Federal Banking Law Reporter Legislative Documents (1995 to present), and The Federal Reserve Act is located under Federal Banking Law Reporter Laws. It’s a start to answering complicated questions about our current economic situation.