How does Congress react to Paulson requesting a bailout of US banks totaling over 7 billion dollars?

History

1 answer:

murzikaleks [220]3 years ago

3 0

The correct answer to this open question is the following.

Although there are no options attached we can say the following.

How does Congress react to Paulson requesting a bailout of US banks totaling over 7 billion dollars?

Congress acted against it, and the House of Representatives voted against Paulson requesting.

Let's remember the moment. It was September 20, 2008, when US Secretary of the Treasury, Henry Paulson, submitted this proposal to the lower house of Congress. The House of Representatives discussed the proposal but considered that it was a tax imposition for US citizens to try to save the bad decisions of the bankers. So on September 29, the House of Representatives voted against the proposal, and immediately the stock changes of the world -including the New York stock exchange, of course- plummeted.

President George W. Bush had to swiftly react and signed the EESA Act (the Emergency Economic Stabilization Act of 2008 to rescue the financial institutions and banks with $700 billion.

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