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What Does TARP Mean?

What Does TARP Mean? thumbnail
The Emergency Economic Stabilization Act (EESA), under which TARP functions, was enacted on Oct. 3, 2008.

The Troubled Assets Relief Program (TARP) is part of the Emergency Economic Stabilization Act of 2008 which allowed the U.S. Secretary of the Treasury to purchase troubled assets from financial institutions. The program was established to manage the financial upheaval and economic uncertainty faced by the U.S. economy at the end of 2008.

  1. Purpose

    • The purpose of TARP was to restore the liquidity and stability of the U.S. financial system which was near collapse at the end of 2008. The program intended to make capital available to viable institutions through capital infusions and direct aid.

    Programs

    • The total amount allocated, $700 billion, was used for a variety of targeted programs under TARP, including, but not limited to, the Capital Purchase Program, Public-Private Investment Program, Automotive Industry Financing Program and the Home Affordable Modification Program.

    Management

    • The Secretary of the Treasury established the Office of Financial Stability (OFS) to administer and manage the TARP programs. The office, designed to be temporary, is under the direction of the Assistant Secretary of Financial Stability. The Financial Stability Oversight Board (FSOB) was also established to oversee and review the activities of the group.

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