I've now read it in a manner of speaking. It does not seem that different than the original bill. He gets $350 billion with no questions asked which he can do pretty much as he pleases with, with another $350 if he asks and Congress does not veto it within 10 days or 15 days, depending on which part of page 51 you believe. The oversight provisions appear weak with actual oversight being done entirely by the executive branch plus the chairman of the Fed. The congressionally appointed "oversight" committee seems to be limited to writing a report about regulatory reform. The Treasury which has been backstopping money market funds - not a bad idea under the current circumstances - now seems to be prohibited from doing so. There are some modest provisions about CEO compensation, workouts for homeowners, and authorization to operate a security insurance program.
The basic objection to the bill is it is likely to cost a lot of money without accomplishing a great deal. That isn't solved in the details. Beyond that, the bill is surprisingly weak in the details. My interpretation is that this is that Treasury got what they wanted, with a bunch of rhetoric and cosmetic stuff put in so that Congress can say they got the taxpayer a better deal.
