The US House of Representatives rejected a bill on the USD 700 billion bail out of US banks. The voting on the bill has completed. Bush delivering a statement of his support of this bill If passed, the bailout plan would have allowed for the United States government to purchase devalued mortgage backed securities , resulting from the subprime mortgage crisis from troubled financial institutions. The US Treasury Secretary Henry Paulson has said that the plan could cost up to $700 billion. Bush continued describing the bill. "The bipartisan economic rescue plan addresses the root cause of the financial crisis -- the assets related to home mortgages that have lost value during the housing decline. Under the Emergency Economic Stabilization Act, the federal government will be authorized to purchase these assets from banks and other financial institutions, which will help free them to resume lending to businesses and consumers."
The US House of Representatives rejected a bill on the 700 billion bail out of US banks. The voting on the bill has completed. Bush delivering a statement of his support of this bill If passed, the bailout plan would have allowed for the United States government to purchase devalued , resulting from the from troubled financial institutions. The US Treasury Secretary has said that the plan could cost up to $700 billion. Bush continued describing the bill. "The bipartisan economic rescue plan addresses the root cause of the financial crisis — the assets related to home mortgages that have lost value during the housing decline. Under the Emergency Economic Stabilization Act, the federal government will be authorized to purchase these assets from banks and other financial institutions, which will help free them to resume lending to businesses and consumers."
D
USD
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mortgage backed securities
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subprime mortgage crisis
D
Henry Paulson
R
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