Emergency Economic Stabilization Act of 2008
President George W. Bush signs the Emergency Economic Stabilization Act
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Original prompt & settings (JSON) ↗Four days after the House rejected the first rescue bill 205–228, a revised package passed 263–171 — a swing of 115 votes between the two tallies.
3 October 2008
The House of Representatives concurred in the Senate amendments to H.R. 1424 by 263 votes to 171 on 3 October 2008, and President George W. Bush signed the bill the same day as Public Law 110-343. The House had rejected an earlier rescue measure 205–228 on 29 September.
The Senate had attached the revised stabilization package to H.R. 1424, a pre-existing bill, and passed it 74–25 on 1 October before returning it for the decisive House vote.
$700 billion, released in stages
Division A created the Troubled Asset Relief Program and authorised the Treasury secretary to purchase or insure qualifying troubled assets from financial institutions. The maximum was $700 billion, but only $250 billion was available at enactment.
A further $100 billion required presidential certification, and a final $350 billion was subject to congressional review. No $700 billion fund was deposited or spent that day.
More than a bailout bill
The enacted package temporarily raised federal deposit-insurance coverage from $100,000 to $250,000 per depositor, and carried tax extenders, energy incentives and Alternative Minimum Tax relief outside TARP.
The program named for troubled assets changed course quickly. Eleven days later, on 14 October, Treasury announced a $250 billion Capital Purchase Program to buy preferred shares in banks.
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