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President Bush signs bailout Bill into law

CNN-IBN
Oct 04, 2008 at 11:55am IST

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New Delhi: The $ 700 billion US financial bailout plan is now a law. On Friday, the US House of Representatives passed the Bill and President Bush lost no time signing it into a law.

The Bill allows the US treasury department to buy up hundreds of billions of dollars of mortgage debt, in the hope of uncloging world markets.

"I just had the honor of talking to Treasury Department employees. I thanked them for their hard work over the past six weeks in dealing with a serious financial crisis. I do want to thank the Secretary, too. Mr Secretary, you and your team have worked incredibly hard. You've worked with the Congress; you've worked with the financial markets, both domestically and internationally, President Bush said.

"I know that your people are exhausted in there, and I really appreciate the fact that I'll be signing a piece of legislation that will be a part of solving this crisis, an important part of solving the crisis. And so I just went up to thank people. Sometimes people in government never get thanked enough for all the hours they keep. And I got a lot of confidence in you, Mr Secretary, and your team. And I thank you for giving me a chance to come by, and looking forward to -- looking forward to getting this plan in place. I just told the people in the Rose Garden that, you know, it's complicated and we're going to make sure that whatever we do is done in a deliberate fashion and one that will be effective and be mindful of the taxpayers. Thank you, Mr Secretary. Appreciate serving with you. Thank you all," he added.

On Monday, stock markets plunged after the House of Representatives rejected the Bill, but the Senate stepped in on Wednesday, passing a revised version of the Bill.

They included $150 billion in tax breaks and other measures to boost support for the plan. The strategy worked, and the Bill had a smooth passage in the House on Friday.

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