The Emergency Economic Stabilization Act of 2008 is a US law passed in response to the 2008 financial crisis, which allowed the Treasury to spend up to $700 billion dollars to purchase more or less worthless debt (so-called mortgage-backed security) as well as providing pure cash to the banking system. Secretary of the Treasury Henry Paulson proposed this plan, which was immediately backed up by President George W. Bush and negotiations with members of Congress began with a view to drafting a bill that could go through.
