Historic economic intervention becomes law
President Bush signed into law an historic legislative package aimed at supporting financial markets and alleviating credit constrictions. The president, Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke strongly advocated such a measure both on Capitol Hill and in stark public comments predicting dire consequences if a large-scale intervention failed to pass. The legislation authorizes Treasury to purchase up to $700 billion in distressed assets and hold them until a favorable time for resale emerges. The Senate approved the . . .
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