Eye on the Bailout

Enacted Oct. 3, 2008

$698.8 billion total available

$540.4 billion committed

Initiatives and Programs » Emergency Economic Stabilization Act

Emergency Economic Stabilization Act

The TARP

With the $700 billion authorized by Congress in October 2008 via the Emergency Economic Stabilization Act, the Treasury Department has been doling out the money via an alphabet soup of different programs. (A 2009 housing bill removed $1.2 billion from the original $700 billion authorization).

Below is a breakdown of the money promised or committed through those programs and a plain language description for each.

More info from thomas.loc.gov

Go to list of all initiatives and programs

For our blog, resources and more, see our main bailout page.

The following programs fall under this initiative:

Its piece of the $698.8B pie

Capital Purchase Program
(The `Healthy Bank` Program)

Promised: $204.89 billion

Most banks have gotten their money through this program. When the Treasury Department started the Capital Purchase Program in October 2008, Treasury officials insisted that it was not a bailout... More info...

Its piece of the $698.8B pie

Automotive Industry Financing Program
(Loans to the Auto Industry)

Promised: $81.35 billion

In mid-December of 2008, Treasury Secretary Hank Paulson stepped in to lend General Motors and Chrysler billions to prevent impending bankruptcy. Since then, the Treasury under Tim Geithner kept the... More info...

Its piece of the $698.8B pie

Systemically Significant Failing Institutions
(Money for AIG)

Promised: $69.83 billion

The sole 'systemically significant' institution to get money through this program is AIG. On four separate occasions, the government has offered aid to AIG to keep it from collapsing, rising... More info...

Its piece of the $698.8B pie

Making Home Affordable
(The Mortgage Loan Modification Plan)

Promised: $48.5 billion

The administration's plan to stem foreclosures will provide incentives and payments to mortgage lenders and homeowners to promote mortgage loan modifications and other foreclosure alternatives (like short sales). The list... More info...

Its piece of the $698.8B pie

Targeted Investment Program
(More Money for Citi and BofA)

Promised: $40 billion

Both Citigroup and Bank of America received $25 billion under the Capital Purchase Program. In both cases, they received additional aid, but since CPP is notionally for 'healthy' banks, it... More info...

Its piece of the $698.8B pie

Public-Private Investment Program
(Public-Private Toxic Asset Purchases)

Promised: $30 billion

Addressing one of the roots of the financial crisis, the hard-to-value mortgages and asset-backed securities on banks' balance sheets, the program seeks to jump-start the market for these assets. Under... More info...

Its piece of the $698.8B pie

Small Business Lending Program
(Bank Loans to Spur Small Biz Lending)

Promised: $30 billion

$30 billion would be transferred out of the TARP for this program, which would make investments in small and mid-size banks (those with less than $10 billion in assets), with... More info...

Its piece of the $698.8B pie

Term Asset-Backed Securities Loan Facility
(Fed Program to Spur Lending)

Promised: $30 billion

The program, a collaboration between the Fed and the Treasury, provides up to $200 billion in Fed loans to owners of top-rated asset-backed securities. The idea is to boost the... More info...

Its piece of the $698.8B pie

Auto Supplier Support Program
(Financing for Auto Parts Suppliers)

Promised: $3.5 billion

With auto parts suppliers struggling as much as the auto companies themselves, this program, announced in March 2009, provides guarantees and financing for auto parts suppliers who might otherwise be... More info...

Its piece of the $698.8B pie

Housing Finance Agency Innovation Fund
(Money for Five States Hit Hardest by Crisis)

Promised: $1.5 billion

This program will provide up to $1.5 billion to five states to fund "innovative measures to help families in the states that have been hardest hit by the aftermath of... More info...

Its piece of the $698.8B pie

Community Development Capital Initiative
(Cheap Loans for Community Development Banks)

Promised: $780.2 million

The program is designed to provide cheap financing to Community Development Financial Institutions (CDFI): banks, thrifts or credit unions that operate in markets underserved by traditional financial institutions. The idea... More info...

Its piece of the $698.8B pie

Asset Guarantee Program
(Limiting Losses for Citi and BofA)

Promised: $0

This is another form of bailout for Citigroup and Bank of America. As part of the agreement in late November to help Citigroup, the Treasury agreed to backstop a $301... More info...


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