Eye on the Bailout

Enacted Oct 3, 2008

$698.8 billion total available

$539.6 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: $50 billion

The administration's plan to stem foreclosures will provide incentives and payments to mortgage lenders and homeowners to promote mortgage loan modifications. The list of recipients below shows the allotment to... 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

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

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

Promised: $30 billion

This program is in development, so the details aren't available. But based on public remarks by Treasury Department officials, the program will provide low-interest loans to community banks in order... 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

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...


© Copyright 2010 Pro Publica Inc.

FREE REPRINTS

Unless otherwise noted, you can republish our articles and graphics (but not our photographs) for free. You just have to credit us and link to us, and you can’t edit our material or sell it separately. (We're licensed under Creative Commons, which provides the legal details.)