The Bush Administration and the majority of politicians warned that the bill is inevitable to pass to avoid the country going into recession as businesses cannot function without ability to borrow money.
The plan rejected by the House earlier on Monday was upgraded to better bank monitoring, raising the federal deposit insurance from 100 thousand to 250 thousand dollars and limiting bonuses for large bank CEOs. Thanks to these modifications, the plan was passed by the House and quickly signed into law by President Bush.
The European Union has praised the decision of passing the bill announcing that this should help to re gain the trustworthiness on the financial markets.