HR 384. (Mortgage-backed securities buyout conditions) On passing a bill to set certain conditions on the use of $350 billion allocated to buy certain mortgage assets/On passing the bill
house Roll Call 26
Jan 21, 2009
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This vote was on passing a bill that would set additional conditions on the use of the second $350 billion installment of funding provided by a 2008 law. The law, which doled out a total of $700 billion in two increments, was originally intended to help stabilize business and credit markets by purchasing troubled mortgage assets, thereby taking them off the accounting books of banks and businesses. But Bush administration Treasury secretary Henry M. Paulson Jr. soon shifted the focus to making massive direct investments in banks without the sort of restrictions lawmakers said were needed to ensure taxpayers’ money was wisely spent; this bill was in part an attempt to impose some of those restrictions on the funds that had already been spent, as well as any future bailout funding. |
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