The House of Representatives today passed a modified $700 billion bill that would authorize the government to buy mortgage-related and other assets from institutions that have led to economic instability. The vote was 263 (for) – 171 (against). The Senate approved the legislation on Wednesday. President Bush has now signed the measure into law.
The Emergency Economic Stabilization Act of 2008, which has been attached to a bill addressing renewable energy tax incentives, includes several new tax provisions, such as tax extensions for businesses and families, and a limitation on the alternative minimum tax. Other new provisions include an increase in the Federal Deposit Insurance Corp. cap from $100,000 to $250,000, natural disaster relief for individuals in Texas, Louisiana and the Midwest and parity for insurance coverage of mental health treatment.
Sources: http://www.latimes.com/business/la-fi-bailout4-2008oct04,1,889896.story
http://financialservices.house.gov/ESSABill.pdf
http://www.whitehouse.gov/news/releases/2008/10/20081003-11.html
