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Hotel Lawyer: $700 billion financial rescue bill is signed! Full text of the “Emergency Economic Stabilization Act of 2008” or “EESA 2008”

3 October 2008

Hotel Lawyer: $700 billion financial rescue bill is signed! Full text of the “Emergency Economic Stabilization Act of 2008.”

In the coming days and weeks, we will have more thoughts to share on this landmark legislation and its implications for the hospitality industry, but here is the final text of the law signed today — October 3, 2008.


The “Emergency Economic Stabilization Act of 2008” is now law. The Senate-revised version of the Bush Bailout Bill was passed by the Senate on October 1 (by a vote of 74 – 25) and finally passed by the House of Representatives at 1:21 pm October 3, 2008 (by a vote of 263 – 171). Speaker Nancy Pelosi signed the bill at exactly 2 pm, and it was rushed to President Bush for his signature within an hour.

Now we just have to figure out what the law means and how it will implemented. Speaker Pelosi has announced that hearings will start next week to find the causes of the crisis and to determine “where we go from here.”

Click here for: EESA 2008 Full Text

Click here for: EESA 2008 Section-by-Section Analysis

This is Jim Butler, author of www.HotelLawBlog.com and hotel lawyer, signing off. We’ve done more than $50 billion of hotel transactions and more than 100 hotel mixed-use deals in the last 5 years alone. Who’s your hotel lawyer?


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Our Perspective. We represent developers, owners and lenders. We have helped our clients as business and legal advisors on more than $50 billion of hotel transactions, involving more than 1,000 properties all over the world. For more information, please contact Jim Butler at jbutler@jmbm.com or 310.201.3526 or go to www.HotelLawBlog.com.

Jim Butler is one of the top hospitality attorneys in the world. GOOGLE “hotel lawyer” or “hotel mixed-use” or “condo hotel lawyer” and you will see why.

Jim devotes 100% of his practice to hospitality, representing hotel owners, developers and lenders. Jim leads JMBM’s Global Hospitality Group® — a team of 50 seasoned professionals with more than $50 billion of hotel transactional experience, involving more than 1,000 properties located around the globe. In the last 5 years alone, Jim and his team have assisted clients with more than 100 hotel mixed-use projects — frequently integrated with energizing lifestyle elements.

Jim and his team are more than “just” great hotel lawyers. They are also hospitality consultants and business advisors. They are deal makers. They can help find the right operator or capital provider. They know who to call and how to reach them.