Story Published:
Oct 3, 2008 at 5:58 PM CST
Story Updated:
Oct 3, 2008 at 7:10 PM CST
The bailout bill was passed by the House and signed by President Bush and is now law.
The House passed the bill with a vote of 263 to 171. Three of four area congressmen voted for the bailout bill. 18th district Representative Ray LaHood voted in favor, as did 17th district Rep Phil Hare. Congressman Jerry Weller from the 11th district did not vote the first time, but voted yes this time around.
15th District Congressman Tim Johnson was the only legislator in the area not to vote for the bailout bill. In a statement released after the vote, Johnson says he resented the rush to judgment political leaders were forcing the House to make, and that he would not gamble with taxpayer money on what he referred to as a 700 billion dollar risk.
With the bill now signed into law, Secretary of Treasury Henry Paulson promised to act quickly, saying this package as a wide variety of tools to help protect the American people.
Meanwhile, stocks ended an up and down week with another loss after enthusiasm over the government's $700 billion financial rescue plan gave way to worries about obstacles still facing the economy.
The Dow Jones ended down 157 points.
