House passes bailout plan
The House endorsed the plan by a comfortable majority of 263-to-171 after rejecting the first draft on Monday by 228-205, triggering sharp declines in stock prices .
The US Senate, the upper house, endorsed the revised bill on Wednesday and it will become law when signed by George W. Bush, the US President who has been one of its most vocal supporters.
Ben Bernanke, the chairman of the Federal Reserve, said: "I applaud the action taken by the Congress. It demonstrates the government's commitment to do what it takes to support and strengthen our economy. The legislation is a critical step toward stabilising our financial markets and ensuring an uninterrupted flow of credit to households and businesses.
"The Fed will continue to work closely with the Treasury as it undertakes these new initiatives. We will continue to use all of the powers at our disposal to mitigate credit market disruptions and to foster a strong, vibrant economy."
Click here to read the revised draft
Click here to read Bernanke's statement
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