Public Law 110-343
US law
Public Law 110-343 (Pub. L. 110–343 (text) (PDF), 122 Stat. 3765, enacted October 3, 2008) is a US Act of Congress signed into law by U.S. President George W. Bush, which was designed to mitigate the 2008 financial crisis by giving relief to so-called "Troubled Assets."
Its formal title is "An Act To provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes."
The Act created a $700 billion (~$998 billion in 2024) Troubled Asset Relief Program under the Emergency Economic Stabilization Act of 2008 (division A), and also enacted the Energy Improvement and Extension Act of 2008 (division B), Tax Extenders and Alternative Minimum Tax Relief Act of 2008 (division C), which also included the Paul Wellstone and Pete Domenici Mental Health Parity and Addiction Equity Act of 2008, and the Heartland Disaster Tax Relief Act of 2008.
Legislative history
The first version of the Emergency Economic Stabilization Act of 2008 (structured as an amendment to H.R. 3997) was rejected by the House of Representatives on September 29, $700 billion (~$998 billion in 2024).
After its defeat, Senate leaders decided to amend an existing bill from the House in order to circumvent the revenue Origination Clause of U.S. Constitution, and chose H.R. 1424 as the vehicle for the legislation.
H.R. 1424 was sponsored by United States House Representative Patrick J. Kennedy.
On September 30, 2008, Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell announced the proposed draft had been formalized for the amendment that would transform H.R. 1424 into the Senate version of the Emergency Economic Stabilization Act of 2008.
On October 1, 2008, the amendment to H.R. 1424 was approved by a vote of 74 to 25, and the entire amended bill was passed by 74 to 25, (with one not voting, the cancer-stricken Senator Ted Kennedy). The bill was returned to the House for consideration.
On October 3, 2008, the bill as passed by the Senate was accepted by a vote of 263 to 171 in the House.
Begin with the source’s own compact description: “Public Law 110-343” is uS law. The dossier treats that line as a proposition to test through Public and 110-343, not as a finished interpretation.
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This entry incorporates text from “Public Law 110-343” on English Wikipedia. Contributors are listed in the page history. Text is available under the Creative Commons Attribution-ShareAlike 4.0 License. Selected authority identifiers and statements are retrieved from Wikidata under CC0; their references and qualifiers remain part of the verification path.