Rescue bill unveiled The federal government would put up as much as $700 billion in a far-reaching plan to rescue the nation's troubled financial system, according to a bill unveiled by lawmakers on Sunday. House Speaker Nancy Pelosi, D-Calif., said she hopes the House will take up the bill on Monday. Sen. Majority Leader Harry Reid, D-Nev., said he believes the Senate can move on the legislation by Wednesday. Pelosi said the provisions added by Congress will protect taxpayers from having to pay for the bailout. "We sent a message to Wall Street - the party is over," she said at a press conference with Reid and other Democratic leaders from the House and Senate. The core of the bill is based on Treasury Secretary Henry Paulson's request for authority to purchase troubled assets from financial institutions so banks can resume lending and so the credit markets, now virtually frozen, can begin to operate more normally. But Democrats and Republicans - concerned about the potential taxpayer cost - have added several conditions and restrictions to protect taxpayers on the down side and give them a chance at some of the potential upside if the companies benefit from the plan. "People have to know that this isn't about a bailout of Wall Street. It's a buy-in so we can turn our economy around," Pelosi said. Key negotiators for the financial rescue plan will be busy trying to line up votes on Capitol Hill on Sunday to support the accord they reached soon after midnight. House Majority Leader Steny Hoyer, D-Md., told CNN he believes a majority of representatives on both sides of the aisle can and will support the bill. President Bush, in a statement Sunday evening, said "this is a difficult vote, but with the improvements made to the bill, I am confident Congress will do what is best for our economy by approving this legislation promptly." On Sunday evening, the House Republican working group, which was stringently opposed to earlier drafts of the plan and offered a counterproposal, indicated it would support the bill, and its members are encouraging other Republicans in the House to do the same. "Nobody wants to have to support this bill, but it's a bill that we believe will avert the crisis that's out there," House Minority Leader John Boehner, R-Ohio, told reporters. |
Monday, September 29, 2008
Rescue bill unveiled
Subscribe to:
Post Comments (Atom)
Economic Event Calendar
Best Mutual Funds
Recent Posts
Search This Blog
IPO's Calendar
Market Screener
Industry Research Reports
INR Fx Rate
!-end>!-currency>
NSE BSE Tiker
Custom Pivot Calculator
Popular Posts
-
LIC Term Insurance or Pvt Life Insurance Term Plan ? Which is the best term insurance in India ? Which Insurance company has the best cla...
-
આજકાલ કોઈપણ સમસ્યા હોય લોકો એન્ટિબાયોટિક્સ અંગ્રેજી દવાઓ લેવાનું વધુ પસંદ કરતાં હોય છે કારણ કે આજની પેઢીને આપણા જુનવાણી નુસખા વિશે જાણ હોત...
-
Introduction The Japanese began using candlestick patterns for over 100 years before the West developed the bar and point and figure syst...
-
સેબીએ કોમોડિટી ડેરિવેટિવ્ઝ માર્કેટના નિયમનને કડક બનાવ્યાના એક વર્ષ પછી કોમોડિટી એક્સ્ચેન્જિસની વૃદ્ધિના પગલાની શરૂઆત કરી છે. MCX અને NCDEX ...
-
મ્યુચ્યુઅલ ફંડ્સના સોદામાં ઉચ્ચ સ્તરની પારદર્શકતા આવે તે હેતુથી શેરબજાર નિયમનકારી સંસ્થા સેબીએ એજન્ટ્સને ચૂકવેલું પુરેપુરું કમિશન જાહેર કરવ...
-
Equity Linked Savings Scheme (ELSS) is the best tax saving (Section 80C) investment option for investors looking to create long term w...
-
While investing in Mutual Funds, you go through fund reviews, watch funds performance, track historical performance, find out what ex...
-
સીબીઆઈ કોર્ટે બુધવારે એફટીઆઈએલ જૂથના સ્થાપક જિજ્ઞેશ શાહને 26 સપ્ટેમ્બર સુધી પોલિસ કસ્ટડીમાં રાખવા આદેશ આપ્યો હતો. સીબીઆઈએ 30 સપ્ટેમ્બર સુ...
-
મેનેજમેન્ટ સ્નાતકો માટે ઇન્વેસ્ટમેન્ટ બેન્કિંગમાં કારકિર્દી હંમેશા આકર્ષક રહી છે. જોકે, હવે આ સેક્ટરના પડકારોને લીધે ઘણા મેનેજમેન્ટ સ્નાત...
-
The Federal Open Market Committee (FOMC), a branch of the US Federal Reserve Board that decides US monetary policy, meets eight times ever...
No comments:
Post a Comment