Which government agencies designed a $700-billion bailout package and convinced Congress that a rapid response was needed to avert a worldwide depression in 2008?

Question

Business

Alena Dorsey

10 February, 00:58

Which government agencies designed a $700-billion bailout package and convinced Congress that a rapid response was needed to avert a worldwide depression in 2008?

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Answers (1)

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Jaeden Neal · Answer 1

The agencies involved were the Treasury Department and the Federal reserve System, but Congress and the White House also participated.

Explanation:

The Secretary of the Treasury department Henry Paulson sent the bill to Congress, it was called the Emergency Economic Stabilization Act of 2008. President George W. Bush signed it into law on October 3, 2008 creating the $700 billion Troubled Asset Relief Program (TARP).