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George Bush signed the Rescue Plan for Economy |
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Sunday, 05 October 2008 |
The plan of salvation of the U.S. economy and passed through the lower chamber of parliament in the U.S., then was immediately signed by President George Bush country. The measures set out in it are designed to remove financial market crisis and return confidence in the banking system .
As is known, at the beginning of the week the House of Representatives refused to approve the project, which led to the collapse of the exchange markets worldwide . After certain amendments package of measures has received the approval of the Senate on Wednesday and yesterday and was voted by the lower chamber with 263 of 171 votes, transmit Associated Press.
The measures set out in the plan provide for buying problem assets from financial institutions subject to strong pressure from a record number of unattended mortgage loans. The law also provides tax breaks worth 149 billion dollars, and providing the right regulatory authorities to reject and change the rules for assessing assets, which many have characterized the crisis.
In the new act also increases the limit on federal deposit insurance from 100 to 250 thousand dollars.
"These moves represent a courageous action to resolve the credit crisis that poses threats to the economy," said President Bush in a statement issued at the White House. President himself has a significant role in the adoption of the plan, as in recent days has held active in lobbying among politicians to support the plan. Namely the refusal of most of the representatives of his party to vote in favor of the project at the beginning of the week led to its initial rejection. |
Finances and Markets 
