a primary focus of the economic stabilization act of 2008 which became known as the
Emergency Economic Stabilization Act of 2008 On October 1, 2008, the Senate debated and voted on an amendment to H.R. 1424, which substituted a newly revised version of the Emergency Economic Stabilization Act of 2008 for the language of H.R. 1424.[9][10] The Senate accepted the amendment and passed the entire amended bill, voting 74–25.[11] Additional unrelated provisions added an estimated $150 billion to the cost of the package and increased the length of the bill to 451 pages.[12][13] (See Public Law 110-343 for details on the added provisions.) The amended version of H.R. 1424 was sent to the House for consideration, and on October 3, the House voted 263–171 to enact the bill into law.[9][14][15] President George W. Bush signed the bill into law within hours of its congressional enactment, creating the $700 billion Troubled Asset Relief Program (TARP) to purchase failing bank assets.[16]
Federal Reserve Act The passing of the Federal Reserve act of 1913 carried implications both domestically and internationally for the United States economic system.[11] The absence of a central banking structure in the U.S. previous to this act left a financial essence that was characterized by immobile reserves and inelastic currency.[12] Creating the Federal Reserve gave the Federal Reserve control to regulate inflation, even though the government control over such powers would eventually lead to decisions that were controversial. Some of the most prominent implications include the internationalization of the U.S. Dollar as a global currency, the impact from the perception of the Central Bank structure as a public good by creating a system of financial stability (Parthemos 19-28), and the Impact of the Federal Reserve in response to economic panics.[13] The Federal Reserve Act also permitted national banks to make mortgage loans for farm land, which had not been permitted previously.[14]