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(EMAILWIRE.COM, September 29, 2008 ) Washington DC - The United State government on Sunday, September 28, 2008, agreed on the Emergency Economic Stabilization Act of 2008 (EESA).
According to House Financial Services Committee, the purpose of the act is “to provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, and for other purposes.”
The EESA authorizes $700 billion dollars to The Secretary of the Treasury to buy bad mortgage assets from troubled financial institutions; these financial institutions will then have money to lend to businesses, so that businesses can run their operations.
In essence, the $700 will help stabilize the economy. The Act, also calls for homeownership preservations, tax payer protection, no wind falls for executives and a strong oversight. For more information on EESA, go to http://financialservices.house.gov.
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