On October 3, 2008, The US House of Representatives voted 263-171 to approve the Emergency Economic Stabilization Act of 2008, a $700 billion financial rescue bill. The bill authorized the Treasury Department to establish a Troubled Assets Relief Program (TARP) to purchase troubled assets from financial institutions and to provide insurance and guarantees for any troubled asset originated before March 14, 2008. The act established the Financial Stability Oversight Board to review Treasury actions taken under the legislation.

Learn more about the global financial crisis from the Financial Times.