U.S. lawmakers pass $700 billion bailout bill
The U.S. House of Representatives has passed the revised version of $700 billion bank bailout plan intended to bolster the ailing U.S. financial system.
Wall Street traders had been watching developments in Washington closely.
The House rejected the original bill on Monday, sending stocks tumbling around the world.
But lawmakers approved the rescue package, backed by U.S. President George W. Bush and Treasury chiefs, Friday after the U.S. Senate passed it by a large majority on Wednesday.
Congress voted 263 to 171 in favor of the bailout bill, which will now go to President Bush to be signed.
Wall St, after climbing nearly 300 points before the bill was passed, slipped after the successful vote as the market tried to take in the news.
President Bush later said he would sign the bill into law Friday.
He thanked all those involved and said the bill was essential to stopping the crisis on Wall St becoming a crisis in the wider economy.
Bush said it sent a message to the rest of the world that the U.S. was ready to take action to ease the credit crunch.
He said it would take sometime for the bill to have an impact on the American economy.
Federal Reserve chairman Ben Bernanke said he applauded the vote.
“It demonstrates the government’s commitment to do what it takes to support and strengthen our economy. The legislation is a critical step toward stabilizing our financial markets and ensuring an uninterrupted flow of credit to households and businesses.
