Published October 3, 2008
A main portion of the United States' $700 billion bailout plan, TARP gives the Secretary of the Treasury the right to buy troubled assets, purchase/insure securities and mortgages, and (in conjunction with the Chairman of the Board of Governors of the Federal Reserve) purchase other financial instruments when necessary to stabililize markets. It was authorized on October 3, 2008 when the Emergency Economic Stabilization Act was signed into law.
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