Here’s Your $700 Billion
It passed the House 265-171, 58 more votes than Monday’s bill garnered, the same day the Labor Department annouced the loss of 159,000 jobs in September, the biggest loss in five years.
The core of the plan remains little changed from its inception – the Treasury Department would have $700 billion at its disposal to purchase bad mortage-related securities that are weighing down the balance sheets of institutions that hold them. The flow of credit has slowed, in some cases drying up, threatening the ability of businesses to conduct routine operations or expand.
At the same time, lawmakers have dramatically changed the measure, insisting on greater congressional supervision over the $700 billion, taking measures to protect taxpayers, and insisting on steps to crack down on so-called “golden parachutes” that go to corporate executives whose companies fail.
Earlier in the week, the legislation was altered to expand the federal insurance program for individual bank deposits, and the Securities and Exchange Commission took steps to ease the impact of the questionable mortgage-backed securities on financial institutions.
Democrats who voted yea: 172; Republicans who voted yea: 91. This compares to theh 140 Democrats and 85 Republicans who were on board for the last go-round.Click here for reuse options!
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