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President Bush has signed into law the Emergency Economic Stabilization Act of 2008. Following approval by the Senate earlier this week, the U.S. House of Representatives today also approved this sweeping legislation designed to stabilize the U.S. economy and financial markets. Rejected by the House earlier in the week, the amended bill passed by a vote of 263-171.
This bill includes the extension of New Markets Tax Credits through 2009 at $3.5 billion, as well other expiring tax, energy credit provisions and a one year patch for AMT. The Act provides up to $700 billion for financial rescue efforts. The bill also includes an increase in FDIC deposit insurance limit to $250,000, suspension of certain mark to market accounting standards, disaster assistance provisions and mental health parity provisions.
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