WASHINGTON — The House approved the final version of a $787 billion economic stimulus bill Friday on a vote of 246 to 183. The Senate is expected to vote later Friday.
The banking industry generally supports the bill's goal of jumpstarting the economy and promoting job growth, but opposes provisions in the bill that would clamp down on executive compensation paid to top executives at banks receiving funds from the Troubled Asset Relief Program.
The banking industry also opposes a measure that would prevent financial institutions receiving any federal assistance from temporarily hiring foreign workers with certain visas.
On the positive side, bankers support a handful of housing, tax, and small business measures in the bill, such as making permanent a first-time home buyer tax credit and expanding it to $8,000.
The bill also includes additional funds for Small Business Administration loan programs and would temporarily reinstate last year's increase in the conforming loan limits for the government-sponsored enterprises to $729,750 until yearend.
Enacting the bill is a major goal for President Obama and he is expected to sign it by Monday.