House Offers Bailout for Banks, Institutions
On Friday, the House of Representatives voted 263-171 to approve HR 1424, the Emergency Economic Stabilization Act of 2008. The legislation approves the federal government purchase of up to $700 billion in debt from failing banks and financial institutions, in addition to raising deposit insurance by the Federal Deposit Insurance Corporation from $100,000 to $250,000.
The legislation also includes $150 billion in new tax incentives and credits for alternative energy use, victims of natural disasters, such as Hurricane Ike, and other business tax cuts.
President George W. Bush signed the legislation into law shortly after the House approved the measure. The Senate passed the legislation, also known as the bailout bill, in their chamber Thursday.
How Houston Legislators Voted
Rep. Ted Poe (R-2), Humble - No
Rep. John Culberson (R-7), Houston - No
Rep. Kevin Brady (R-8), The Woodlands - Yes
Rep. Al Green (R-9), Houston - Yes
Rep. Michael McCaul (R-10), Tomball - No
Rep. Sheila Jackson-Lee (D-18), Houston - Yes
Rep. Nick Lampson (D-22), Sugarland - No
Rep. Gene Green (D-29), Houston - No
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