President Bush signs historic $700 billion plan aimed at stemming credit crisis.
By Jeanne Sahadi, CNNMoney.com senior writer
Last Updated: October 3, 2008: 3:07 PM ET

NEW YORK (CNNMoney.com) -- After two weeks of contentious and often emotional debate, the federal government's far-reaching and historic plan to bail out the nation's financial system was signed into law by President Bush on Friday afternoon. "By coming together on this legislation, we have acted boldly to prevent the crisis on Wall Street from becoming a crisis in communities across our country," Bush said less than an hour after the House voted 263 to 171 to pass the bill.

Advocates say the plan is crucial to government efforts to attack a credit crisis that threatens the economy and would free up banks to lend more. Opponents say it rewards bad decisions by Wall Street, puts taxpayers at risk and fails to address the real economic problems facing Americans. Lawmakers who voted against the bill warned that "being stampeded" into voting the bill through would be a serious mistake.

Rep. Maxine Waters, D-Calif., noted in the floor debate that the plan as amended by lawmakers also supports homeowners at risk of foreclosure by giving the government more say in how loans for troubled borrowers are modified so people can stay in their homes. "When we buy up this toxic paper, we're in charge. We can do the kind of loan modifications we've been urging [the industry coalition] Hope Now to get done. ... We'll be able to set some standards," Waters said during the floor debate. "For anybody who says there's nothing in this bill for homeowners, they're incorrect."




Read More Here:
http://money.cnn.com/2008/10/03/news...ion=2008100315


View Bill Text Here:
http://senateconservatives.files.wordpress.com/2008/10/bailouttext.pdf

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