House Passes Emergency Economic Stabilization Act

With a 263 to 171 vote, the House of Representatives approved the 2008 Emergency Economic Stabilization Act during today’s session. House Speak Pelosi signed the bill at 2 p.m., with the approval of 172 Democrats and 91 Republicans, up significantly from the vote late last week.

The vote comes after the Senate approved a revised bill by 74 to 25 which appended an increase in FDIC bank account insurance, as well as provisions for renewable energy and small business tax credits which made it more palatable for members facing re-election. President Bush signed the revised measure into law shortly thereafter. Early indications were that global markets had largely factored the bill’s passage into the future pricing, although we’re likely to see estabilization in the credit markets in coming weeks. You can read the entire Act, with its full 451 pages of glory, here: Download the Economic Stabilization Act