Legislative History
Over the weekend (September 27–28), Congress continued to develop the proposal. That next Monday, the House put the resulting effort, the Emergency Economic Stabilization Act of 2008, to a vote. It did not pass. US stock markets dropped 8 percent, the largest percentage drop since Black Monday in 1987.
Congressional leaders, including both presidential candidates, started working with the Bush Administration and the Treasury department on key negotiation points as they worked to finalize the plan. Key items under discussion included:
- Additional foreclosure avoidance and homeowner assistance
- Executive pay limits
- Government equity interests in firms participating in program, to provide additional taxpayer protection
- Judicial review, Congressional oversight and right to audit
- Structure and authority of the entities that will manage the program
Read more about this topic: Emergency Economic Stabilization Act Of 2008
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