House Passes, President Signs, Financial Bailout Bill

by Sabrina I. Pacifici on October 3, 2008

Follow up to previous posting, Senate Passes Bailout Bill – Moves Back to House on Friday, the House vote today was 263 to 171

  • The Emergency Economic Stabilization Act of 2008, H.R. 1424, passed in the House, Friday, October 3, 2008 – Roll Call Vote 681; 451 pages, PDF

  • Section-by-Section of Emergency Economic Stabilization Act of 2008 Treasury Under Secretary David H. McCormick Remarks at Wharton’s Eleventh Annual Investment Management Conference Responding to Today’s Market Turmoil: “How did we get to this point? The story begins with a decade of benign economic conditions marked by low interest rates, low inflation, and less volatile asset markets, which led many to ignore the “risk” half of the risk-reward equation at the heart of financial markets. Investors around the world, who in preceding years had enjoyed above-historical returns on most assets, continued reaching for ever-higher gains. The financial-services industry created a variety of complicated new products to meet this demand. Regulators and investors alike showed a growing complacency toward risk. These factors blended into a dangerous cocktail of underlying conditions ripe for instability.”
  • Paulson Statement on Emergency Economic Stabilization Act
  • Related postings on financial system

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