Background and Timeline
As part of the Emergency Economic Stabilization Act of 2008 the U.S. Treasury was given funds to stabilize U.S. financial institutions and encourage lending. The Troubled Asset Relief Program (TARP) was to be implemented in two $350 billion dollar authorizations. The first $350 billion went primarily to the Capital Purchase Program primarily allocated under the direction of U.S. Treasury Secretary Henry Paulson an appointee of George W. Bush. The new Barack Obama appointee, U.S. Treasury Secretary Timothy Geithner, announced the Capital Assistance Program on February 10, 2009.
Read more about this topic: Capital Assistance Program
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