Washington D.C.-- It took two drafts and almost a week later than expected, but the President signed the $700 billion bailout bill into law less than two hours after the House of Representatives passed it.
It is one of the largest government interventions since the Great Depression. But what exactly does this bill do?
Of the many purposes, it allows the Treasury Secretary to buy back up to $700 billion in troubled assets, and it sets up two oversight commitees. It also promises tax payer returns in five years.
But the Treasury Secretary's power to buy back essentially bad debt does not sit well with Represenative Doc Hastings, who again voted 'no' on the bill.
"There is never any consideration of any other approaches other than simply giving 700 billion dollars from the tax payer to the Treasury Secretary to purchase whatever bad debt that he deems necessary," says Hastings. "And for that basic reason I simply could not support the bill."
Other noteworthy provisions in the bill: Washington state residents are allowed to continue deducting state sales taxes on federal income tax returns. It also opens the door for more solar energy.