Emergency Economic Stabilization Act Enacted

Congress enacted the Emergency Economic Stabilization Act of 2008 (EESA). The Act provides the Treasury Department up to $700 billion to purchase, manage and sell assets held by financial institutions that are considered to be "troubled” or "toxic" and thereby address the credit and liquidity crisis affecting the nation's financial system.

http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=110_cong_public_laws&docid=f:publ343.110.pdf