Troubled Assets Relief Program | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-01-06

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Troubled_Asset_Relief_Program


00:01:45 1 Purpose
00:08:46 2 Timeline of changes to the TARP program
00:16:28 3 Administrative structure
00:21:01 4 Participation criteria
00:25:29 5 Eligible assets and asset valuation
00:29:02 6 Protection of government investment
00:34:45 7 Expenditures and commitments
00:40:30 8 Participants
00:43:23 9 TARP fraud
00:45:23 10 Similar historical federal banking programs
00:47:18 11 Controversies
00:51:48 12 American Bankers Association's attempts to expunge the TARP warrants
00:53:38 13 See also



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SUMMARY
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The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase toxic assets and equity from financial institutions to strengthen its financial sector that was passed by a Democratic Party controlled Congress and signed into law by Republican Party President George W. Bush on October 3, 2008. It was a component of the government's measures in 2008 to address the subprime mortgage crisis.
The TARP program originally authorized expenditures of $700 billion. The Emergency Economic Stabilization Act of 2008 created the TARP program. The Dodd–Frank Wall Street Reform and Consumer Protection Act, signed into law in 2010, reduced the amount authorized to $475 billion. By October 11, 2012, the Congressional Budget Office (CBO) stated that total disbursements would be $431 billion, and estimated the total cost, including grants for mortgage programs that have not yet been made, would be $24 billion.On December 19, 2014, the U.S. Treasury sold its remaining holdings of Ally Financial, essentially ending the program. TARP recovered funds totalling $441.7 billion from $426.4 billion invested, earning a $15.3 billion profit or an annualized rate of return of 0.6% and perhaps a loss when adjusted for inflation.