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House passes $700 billion bailout

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President George W. Bush signed a revised $700 billion bailout plan on Friday designed to stabilize the U.S. financial system.

Earlier in the day, the U.S. House of Representatives approved the bill 263-171. Four days earlier, the legislative body had rejected the bailout plan, sending the Dow Jones Industrial Average down a record 778 points.

The plan allows Treasury Secretary to spend up to $700 billion helping banks and buying bad assets that are backed by mortgages. New measures in the revised version include $100 million in tax credits and increasing the savings insured by the Fedearl Deposit Insurance Corp. from $100,000 to $250,000. (The New York Times)


Full text of bill (CNNMoney.com)

 

 


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