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Treasury Sends to Congress Legislation to Buy Troubled Assets

Laura Litvan
BLOOMBERG NEWS [1]
Saturday, September 20, 2008

Sept. 20 (Bloomberg) — The Bush administration has sent to Congress legislation seeking broad power for the U.S. Treasury Department to acquire troubled assets now on the balance sheets of American financial companies.

The legislation was forwarded to congressional leaders in both political parties early this morning. The move comes as Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke are pressing for action from Congress by the end of next week.