U.S. President George W. Bush on Sunday praised a financial rescue plan proposed by lawmakers, saying it "provides the necessary tools" to protect the economy.
"This bill provides the necessary tools and funding to help protect our economy against a system wide breakdown," Bush said in a statement following news that U.S. lawmakers agreed on details of an unprecedented US$700-billion Wall Street bailout earlier Sunday.
The bill is "urgently needed to address a crisis in our financial system that threatens the entire U.S. economy," he said.
He further said that the bill will help allow access to credit so American families can meet their daily needs and American businesses can make purchases, ship goods, and meet their payrolls.
And this plan "sends a strong signal to markets around the world that the United States is serious about restoring confidence and stability to our financial system," said the president.
"Without this rescue plan, the costs to the American economy could be disastrous," he noted.
In the statement, Bush also mentioned that many members of Congress contributed important ideas to improve the legislation his administration proposed.
"I appreciate the negotiators considering those ideas and incorporating them in this agreement," he said.
Bush expressed his hope that the legislation will be approved soon.
"This is a difficult vote, but with the improvements made to the bill, I am confident Congress will do what is best for our economy by approving this legislation promptly," he said.
U.S. lawmakers agreed on details of the Bush Administration's US$700 billion bailout bill on Sunday, authorizing the U.S. government the largest financial intervention since the Great Depression.
Under the plan, the government could get US$250 billion immediately, US$100 billion more if the president certified it was necessary, and the last US$350 billion with a separate certification and subject to a congressional resolution of disapproval.
It would allow the government to purchase troubled assets from pension plans, local governments, and small banks that serve low-and middle-income families.
It would give taxpayers an ownership stake and profit-making opportunities with participating companies, limit the compensation payments for company bosses and allow the government to help prevent home foreclosures.
The legislation would institute new executive compensation requirements for participating companies, including "no multi-million dollar golden parachutes," limits on compensation generally, and the ability to recover "bonuses paid based on promised gains that later turn out to be false or inaccurate."
(Xinhua News Agency September 29, 2008)