Congress passed a $700billion financial-market rescue plan designed to unlock credit markets,reversing a rejection that sent global stock markets plunging and threatened to worsen an economic slowdown.
The legislation,a bipartisan effort to restore confidence in the nation's banking system,authorizes the government to buy troubled assets from financial institutions reeling from record home foreclosures.The bill contains $149billion in tax breaks and affirms regulators'power to suspend asset-valuing rules that companies blame for fueling the crisis.
President George W.Bush wants to sign the bill into law ``as quickly as possible,''White House spokesman Tony Fratto said before the vote.Bush will make a statement at 1:55p.m.Washington time.
The House approved the measure in a 263-171vote,four days after rejecting an earlier version.The bill's defeat on Sept.29caused a 778-point drop in the Dow Jones Industrial Average,prompting dozens of lawmakers to reverse their vote on the legislation,the government's largest intervention in the markets since Franklin Roosevelt's New Deal.
Source:Bloomberg
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