The full text of the bill drafted in response to 2008 financial crisis was released on September 28, 2008. The bailout plan - officially called the Emergency Economic Stabilization Act of 2008 - calls for the U.S. government to buy up Wall Street's "toxic debt", the worst mortgage-related assets.Breitbart: Deal reached on financial markets bailout (September 28, 2008)
The deal includes a measure that makes the government a stakeholder in companies they bailout, allowing recovery of taxpayer money if those companies grow in the future. The bill also recommended limits on executive compensation.Market Watch: Bailout bill unveiled, heads to House(September 28, 2008)
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House of Representatives rejected Act on September 29, 2008
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Dow dropped over 680 points as deal was rejected
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Nancy Pelosi announced the deal just after midnight EST on September 28, 2008
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Provides up to $700 billion for the Secretary of the Treasury to buy mortgages and other assetsMarket Watch: Text of economic rescue bill official summary (September 28, 2008)
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Handouts would be staged
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Temporary halt to the practice of short selling on certain financial stocksBreitbart: Deal reached on financial markets bailout (September 28, 2008)
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An oversight board will be created
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Government will sell mortgages back when market stabilizes, possibly earning a profit CNN: Bailout Tracker
