U.S. President George Bush signed into law the far-reaching rescue package for the U.S. financial markets passed by Congress.

Bush said the plan, which allows the secretary of the U.S. Treasury to buy up to $700 billion in troubled assets, will help the economy weather the financial crisis, CNNMoney.com reported.

By acting in a bipartisan manner, "we have acted boldly to help prevent the crisis on Wall Street from becoming a crisis in communities across our country," Bush said after the U.S. House of Representatives passed the $700 billion bailout package 263-171. "We have shown the world that the United States of America will stabilize our financial markets and maintain a leading role in the global economy."

The Senate passed its version of the bill 75-24 Wednesday. The House rejected its version of the measure 228-205 Monday.