Which federal legislation was passed in response to the precarious conditions of many large financial institutions and later expanded to include the provision of assistance to distressed auto makers General Motors and Chrysler?

Question

History

Yadiel Mata

12 September, 09:37

Which federal legislation was passed in response to the precarious conditions of many large financial institutions and later expanded to include the provision of assistance to distressed auto makers General Motors and Chrysler?

+1

Answers (1)

Know the Answer?

Nicole Bridges · Answer 1

It is called the American Recovery and Reinvestment Act. It pumped $241.9 billion in the US economy. The program cut taxes, enlarged unemployment benefits and provided funds for public works. The recession ended in July 2009; the stimulus package had been passed in February 2009. President Barack Obama bailed out the auto industry on March, 2009. The takeover of GM and Chrysler saved 3 million jobs.