Congress Passes Bailout Bill; Bush Signs Into Law

President Bush signed the Emergency Economic Stabilization Act of 2008 Friday shortly after Congress passed the bill. The bill, which was approved by a 263 to 171 vote, was strongly endorsed by the National Association of Home Builders (NAHB).

“This legislation was absolutely essential to prevent a collapse in our financial system that would have inflicted devastating damage to our nation’s economy,” said Sandy Dunn, NAHB chairman and a home builder from Point Pleasant, W.Va.

“Hopefully, this will set the stage for rebuilding confidence, restoring the availability of credit for businesses and consumers, and reversing the downward spiral in home prices and rising foreclosures that are root causes of today’s financial turmoil,” Dunn added. “We will continue to work with lawmakers on both sides of the aisle to take whatever other steps are necessary to put housing and the economy back on track.”