Washington — The president signed into law a $700 billion financial rescue bill within hours of its passage by the House of Representatives.
The congressional chamber reversed itself October 3 and approved a revised version of the $700 billion rescue it had rejected four days earlier.
The House cleared by a 263-171 vote the bill designed to stabilize the U.S. and global financial systems by thawing frozen credit markets and preventing major bank bankruptcies. The Senate endorsed the bill October 1 after adding several new features to the House-rejected version, including a temporary increase in the amount of bank deposits insured by the government, tax-cut measures and a few unrelated provisions … (more)