The Troubled Assets Relief Program (TARP), as the bailout bill is formally known, is a threat to the order of our constitution. Consider this one sentence:
“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...”
This bill would eliminate oversight options, once enacted, that would give Treasury unfettered control. Its a huge grab of power.
This is one more reason why lawmakers cannot accept the bailout bill in its present form.
Right now, there are plenty of odd alliances. To hear Jim Bunning, a conservative Senator from Kentucky, express outrage against the same bill that community advocates are finding reprehensible, is a real bit of entertainment.
Except it's not funny.