The US House of Representatives has passed the proposed bail-out plan of $700bn with a majority of 263 to 171 votes. In an earlier vote the bill was rejected by the house. After the rejection the bill was introduced in the Senate with few modifications where it was passed. It has now been passed by the lower house as well and President Bush as signed the bill.
The bill aims at buying bad debts from the banks and financial institutions in order to give stability to the banking sector. The financial crisis in the United States had its reverberations through out the world and the central banks were trying to save the situation by pumping in money in the banking system.
I hope that the passage of the plan will bring stability in the financial sector and stock markets the world over.
The US House of Representatives has passed the proposed bail-out plan of $700bn with a majority of 263 to 171 votes. In an earlier vote the bill was rejected by the house. After the rejection the bill was introduced in the Senate with few modifications where it was passed. It has now been passed by the lower house as well and President Bush as signed the bill.
The bill aims at buying bad debts from the banks and financial institutions in order to give stability to the banking sector. The financial crisis in the United States had its reverberations through out the world and the central banks were trying to save the situation by pumping in money in the banking system.
I hope that the passage of the plan will bring stability in the financial sector and stock markets the world over.
Related
