On January 13, President George W. Bush, on behalf of President-Elect Barack Obama, officially requested the release of the second $350 billion tranche of Troubled Asset Relief Program funds. Under Section 115 of the Emergency Economic Stabilization Act of 2008, the remaining $350 billion of funds are automatically released unless both houses of Congress pass a joint resolution of disapproval within 15 days of the President's written certification requesting the funds. On January 15, the Senate voted 42-52 against such a resolution, which effectively results in a release of the remaining funds.
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