The Emergency Economic Stabilization Act of 2008

Abstract

After a narrow rejection by the U.S. House of Representatives on September 29, approval by a comfortable margin by the U.S. Senate on October 2 and passage by the House on October 3 in a turn around from the September 29 vote, the Emergency Economic Stabilization Act of 2008 became law with the President’s signature on October 3, 2008.1 The shift in the House occurred with sharply deteriorating stock markets globally which convinced a group of hold outs that passage was in the national interest. What had started out as a crisis in the U.S. housing sector several months earlier had escalated into a credit crisis with credit markets spiraling rapidly downward as liquidity evaporated and risky strategies long pursued world-wide became a threat to economies around the globe.2

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