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The Emergency Economic Stabilization Act of 2008, also known as the "bank bailout of 2008" or the "Wall Street bailout", was a United States federal law enacted during the Great Recession, which created federal programs to "bail out" failing financial institutions and banks.
Government officials that oversaw the bailout acknowledged the difficulties in tracking the money and in measuring the bailout's effectiveness. [ 81 ] During 2008, companies that received $295 billion in bailout money had spent $114 million on lobbying and campaign contributions. [ 82 ]
On October 1, a revised compromise version was approved by the Senate with a 74–25 vote. The bill, HR1424 was passed by the House on October 3, 2008, and signed into law. The first half of the bailout money was primarily used to buy preferred stock in banks instead of troubled mortgage assets. [11]
All votes You may not like the bailout bill that passed during the dark days of 2008. If it angers you, you know whom to blame -- the representatives and senators who voted for its passage.
This drew criticism from those who likened it to the far-reaching government bailout during the 2008 financial crisis, which cost taxpayers $700 billion to save struggling banks and other firms.
(Bloomberg) -- Robyn Shultz was waiting for approval of her $40,000 small-business loan last week when the government’s first-come-first-served lending program ran out of cash.Shultz, 60, owns ...
The Emergency Economic Stabilization Act created the Troubled Asset Relief Program to administer up to $700 billion. Several oversight mechanisms are established by the bill, including the Congressional Oversight Panel, the Special Inspector General for TARP (SIGTARP), the Financial Stability Oversight Board, and additional requirements for the Government Accountability Office (GAO) and the ...
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