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Fed in AIG rescue - $85B loanCNNMoney.com - September 16, 2008
In an unprecedented move, the Federal Reserve Board is lending as much as $85 billion to rescue crumbling insurer American International Group, officials announced Tuesday evening.
The Fed authorized the Federal Reserve Bank of New York to lend AIG (AIG, Fortune 500) the funds. In return, the federal government will receive a 79.9% stake in the company.
Speaker Pelosi issued the following statement on the announcement:
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Chairman Rahall:
Speaker Pelosi:
Speaker Pelosi: "Democrats stand for change. Republicans are demanding the status quo. The status quo won't bring down the price at the pump. The status quo won't protect taxpayer dollars from subsidizing Big Oil. And the status quo certainly won't make American energy independent."
Leader Hoyer:
Today, the House will consider the Comprehensive American Energy Security and Consumer Protection Act, H.R. 6899. The legislation is a bold step forward, helping end our dependence on foreign oil and increase our national security. It launches a clean renewable energy future that creates new American jobs, expands domestic energy supply--including new offshore drilling, and invents and builds more efficient vehicles, buildings, homes, and infrastructure. It will lower costs to consumers and protect the interests of taxpayers.