President Bush signed the $700bn financial market rescue, Treasury begins work on implementation

US President George W. Bush has signed into law a $700bn financial market rescue plan.

The Emergency Economic Stabilization Act was sent to Bush on Saturday October 5 after Congress reversed its September 29 rejection of the measure.

Treasury Secretary Paulson said America’s elected representatives had taken ‘bold action to help stem a severe credit crunch’.

He vowed to move quickly and methodically to implement the new authorities.