Industry NewsMarkets & Economy

Senate prepares for bailout vote

Modified legislation expected to pass tonight

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

The U.S. Senate is planning to vote today on a modified version of the $700 billion financial bailout plan that was struck down by the U.S. House of Representatives Monday in a 228-205 vote. The Senate version of the legislation, which will require 60 votes to pass rather than a simple majority, proposes to raise the FDIC and National Credit Union Share Insurance Fund deposit insurance limits from $100,000 to $250,000 per depositor per bank. A vote is expected at about 7:30 p.m. Eastern Time today. This provision was also pitched by a group of House Democrats in an alternative plan announced Tuesday (see Inman News). In addition, the Senate version of the legislation would temporarily raise the borrowing limits at the Treasury for the FDIC and for the credit union insurance fund. Sheila Bair, FDIC chairwoman, has said she would support this temporary rise in coverage. And the Senate version adds some tax breaks for businesses and for renewable energy -- The Associated Pr...