House passes financial rescue bill 263-171

By Bloomberg News

Photo by Bloomberg News

Rep. Roy Blunt, R-Mo., speaks Friday at a news conference in Washington. The House later passed the $700 billion financial-market rescue package.

ADVERSTISMENT

The $700 billion financial-rescue plan has passed in the U.S. House with a final vote of 263-171.

All four Arkansas representatives voted for the bill.

The legislation, a bipartisan effort to restore confidence in the nation's banking system, authorizes the government to buy troubled assets from financial institutions reeling from a record number of home foreclosures. The measure also contains a $149 billion package of tax breaks. The Senate approved the bill Wednesday 74-25.

"I don't like this at all," said Rep. Zach Wamp, R-Tenn., who dropped his earlier opposition. "As a matter of fact, I hate it. But we're out of options. Congress has to act."

PresidentBush will sign the measure "as quickly as possible," White House spokesman Tony Fratto said. "We're hearing they'll get it here fairly quickly. They understand the urgency also."

The legislation also contains a higher limit on federal bank-deposit insurance and changes in securities law.

It also restates securities regulators' authority to suspend asset-valuing rules that corporate executives blame for fueling the crisis.

Read tomorrow's Arkansas Democrat-Gazette for full details.

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