The US Congress is poised to vote this week on emergency legislation to create a $700bn government fund to buy toxic assets from banks, in an effort to ease stress in the US financial system.
The passage of the legislation is seen as essential to avoid a renewed tailspin in world financial markets, which reached the verge of meltdown last week before recovering as news of the plan emerged.
Under the plan sent by Hank Paulson, US Treasury secretary, to Congress on Friday night, the government would create a $700bn fund that would buy residential and commercial mortgage-based securities, to “unclog” the banking sector.
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