(RTTNews) - Treasury Secretary Henry Paulson praised Congress Friday for passing the Emergency Economic Stabilization Act. The $700 billion plan was passed by a 263-171 margin and signed into law shortly thereafter by President George W. Bush. Congress debated the plan heavily this week as markets around the world stood on edge.

“The broad authorities in this legislation, when combined with existing regulatory authorities and resources, gives us the ability to protect and recapitalize our financial system as we work through the stresses in our credit markets,” Paulson said in a statement. The Treasury Secretary also promised to “move rapidly to implement the new authorities.”

Federal Reserve Chairman Ben Bernanke also pledged to work with the Treasury, adding that his agency will “continue to use all of the powers at our disposal to mitigate credit market disruptions and to foster a strong, vibrant economy.”

Paulson praised Congress for coming together “at a time of crisis, even at a critical stage of the political calendar, to do what is necessary to stabilize our financial system and protect the economic security of all Americans.”

Paulson also promised continued communication as the plan is implemented.

“Transparency throughout this process will be important, and I look forward to providing regular updates as we move ahead to implement this strategy,” he said.

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Posted in Categories: Economy, Releases, USA.

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