News / Finance
House of Representatives Reject $700b Bailout Crisis Bill with 228-205 Vote
The House of Representatives voted against the proposed $700 billion bailout crisis bill on Monday by a 228-205 vote.
The Republicans were the bulk of the nay votes, earning twice as many nay votes as yay votes as they prevented the $700 billion bailout bill. The bill was proposed by Treasury Secretary Henry Paulson and Federal Reserve Chair Ben Bernanke, and was also backed by President George W. Bush.
The Dow Jones Industrial Average plummeted 687 points minutes before the final vote was cast. As of 2:15pm, the Dow was down 517 points.
The $700 billion bailout bill was proposed last week in a move that Paulson and Bernanke believed was vital to overwrite the economic crisis, which has seen several of America's largest banks file for bankruptcy or become acquired by other banks.
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