The Emergency Economic Stabilization Act of 2008 (EESA) became law on October 3, 2008, during a time of tremendous financial upheaval and economic uncertainty.
The Troubled Assets Relief Program (TARP) was established under the EESA with the specific goal of stabilizing the United States financial system and preventing a systemic collapse. Treasury has established several programs under the TARP to stabilize the financial system and has now created the Financial Stability Program to further stabilize the financial system and restore the flow of credit to consumers and businesses.
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On October 3, 2010, authority to make new investments under TARP expired. However, Treasury will continue to disburse TARP funds for certain programs where it has existing contracts and previous commitments. Other TARP programs are closed entirely to any new disbursements. For these programs, Treasury will continue to manage existing investments (e.g. preferred stock, common stock, and warrants) and collect dividends and interest payments for the benefit of American taxpayers, but will not undertake any additional spending.