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In Switch, Bush Will Sign Bill Overhauling Fannie, Freddie

Posted Jul 23, 08 11:54 AM CDT in US,  Business,  Politics 

(Newser) – President Bush will support a housing package being considered in the Senate, the Wall Street Journal reports. Bush threatened to veto the bill, which includes as much as $300 billion of insurance for Fannie Mae and Freddie Mac, but decided, given market turmoil, that now “is not the time for a prolonged veto fight” press secretary Dana Perino said today.

"I am, as you can imagine, pleased the House and Senate reached an agreement on GSE reform," Treasury Secretary Henry Paulson said today. "This legislation very important to the capital markets broadly and to confidence in these institutions."

Source Wall Street Journal

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From left, Treasury Secretary Henry Paulson, Federal Reserve Board Chairman Ben Bernanke, center, Securities and Exchange Commission Chairman Christopher Cox testify on Capitol Hill on July 15.   (AP Photo)
President Bush arrives on the South Lawn of the White House in Washington, Tuesday, July 22, 2008, after attending a fundraiser in Georgia.   (AP Photo/Lawrence Jackson)
Treasury Secretary Henry Paulson addresses a morning gathering at the the main branch of the New York Public Library, Tuesday July 22, 2008.   (AP Photo/Richard Drew)
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George W. Bush • Financial Crisis • Bush administration • Henry Paulson • housing market • Fannie Mae • Freddie Mac • housing legislation


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