Senate Passes the Emergency Economic Stabilization Act of 2008
On Wednesday evening, October 1, 2008, the United States Senate passed the Emergency Economic Stabilization Act of 2008 authorizing the Secretary of the Treasury to purchase up to $700 billion in distressed mortgage-related assets from financial institutions. The legislation is scheduled to be presented to the House of Representatives for a vote on Friday, October 3, 2008, and, if passed by the House, is expected to be signed into law shortly thereafter.