US Senate passes its own rescue bill

The Senate passed the revised version of the bailout plan to aid in the US financial industry recovery Wednesday night. The Senate version of the original $700 billion bailout had been designed with changes to protect small business owners and individual investors is said to hopefully persuade reluctant members of the House to agree to the new rescue plan.

The senate vote was 74-25 in agreement to the new rescue plan, Henry Paulson the US Treasury Secretary put together the first scheme that was designed to bailout the banks after Lehman Brothers collapsed and Wall Street was hit hard, Paulson welcomed the new bill.

In a statement Paulson said “This sends a positive signal that we stand ready to protect the U.S. economy by making sure that Americans have access to the credit that is needed to create jobs and keep businesses going,” the Treasury Secretary continued “I urge the House to act promptly to pass this bill.”

The House will vote Friday on the new Senate approved rescue bill.

Read the full article: msnbc