"The American people will appreciate the leadership of their elected representatives and senators who took bold action to help stem a severe credit crunch that threatens to cost many jobs and undermine access to credit for working Americans," Paulson said after the House of Representatives passed the measure.

"We will move rapidly to implement the new authorities, but we will also move methodically."

He said that in the coming days Treasury officials would work with the Federal Reserve and the Federal Deposit Insurance Corp. "to develop strategies that deploy these tools in an expedited and methodical way to maximize effectiveness in strengthening the financial system, so it can continue to play its necessary and vital role supporting the US economy and American jobs."

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