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cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Reaction to the initial proposal subsection </button> <ul id="toc-Reaction_to_the_initial_proposal-sublist" class="vector-toc-list"> <li id="toc-Immediate_market_reactions" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Immediate_market_reactions"> <div class="vector-toc-text"> 4.1 Immediate market reactions </div> </a> <ul id="toc-Immediate_market_reactions-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Potential_conflict_of_interest" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Potential_conflict_of_interest"> <div class="vector-toc-text"> 4.2 Potential conflict of interest </div> </a> <ul id="toc-Potential_conflict_of_interest-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Views_from_the_public,_politicians,_financiers,_economists,_and_journalists" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Views_from_the_public,_politicians,_financiers,_economists,_and_journalists"> <div class="vector-toc-text"> 4.3 Views from the public, politicians, financiers, economists, and journalists </div> </a> <ul id="toc-Views_from_the_public,_politicians,_financiers,_economists,_and_journalists-sublist" class="vector-toc-list"> <li id="toc-The_public" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#The_public"> <div class="vector-toc-text"> 4.3.1 The public </div> </a> <ul id="toc-The_public-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Politicians" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Politicians"> <div class="vector-toc-text"> 4.3.2 Politicians </div> </a> <ul id="toc-Politicians-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Financiers" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Financiers"> <div class="vector-toc-text"> 4.3.3 Financiers </div> </a> <ul id="toc-Financiers-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Economists" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Economists"> <div class="vector-toc-text"> 4.3.4 Economists </div> </a> <ul id="toc-Economists-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Journalists_2" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Journalists_2"> <div class="vector-toc-text"> 4.3.5 Journalists </div> </a> <ul id="toc-Journalists_2-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Alternative_proposals" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Alternative_proposals"> <div class="vector-toc-text"> 5 Alternative proposals </div> </a> <button aria-controls="toc-Alternative_proposals-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Alternative proposals subsection </button> <ul id="toc-Alternative_proposals-sublist" class="vector-toc-list"> <li id="toc-Mortgage_assistance" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Mortgage_assistance"> <div class="vector-toc-text"> 5.1 Mortgage assistance </div> </a> <ul id="toc-Mortgage_assistance-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Bank_recapitalization" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Bank_recapitalization"> <div class="vector-toc-text"> 5.2 Bank recapitalization </div> </a> <ul id="toc-Bank_recapitalization-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Asset_liquidity" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Asset_liquidity"> <div class="vector-toc-text"> 5.3 Asset liquidity </div> </a> <ul id="toc-Asset_liquidity-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Financial_market_reform" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Financial_market_reform"> <div class="vector-toc-text"> 5.4 Financial market reform </div> </a> <ul id="toc-Financial_market_reform-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Monetary_consensus_reform" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Monetary_consensus_reform"> <div class="vector-toc-text"> 5.5 Monetary consensus reform </div> </a> <ul id="toc-Monetary_consensus_reform-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Legislative_history" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Legislative_history"> <div class="vector-toc-text"> 6 Legislative history </div> </a> <button aria-controls="toc-Legislative_history-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Legislative history subsection </button> <ul id="toc-Legislative_history-sublist" class="vector-toc-list"> <li id="toc-First_House_vote,_September_29" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#First_House_vote,_September_29"> <div class="vector-toc-text"> 6.1 First House vote, September 29 </div> </a> <ul id="toc-First_House_vote,_September_29-sublist" class="vector-toc-list"> <li id="toc-Market_reaction_to_September_29_vote" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Market_reaction_to_September_29_vote"> <div class="vector-toc-text"> 6.1.1 Market reaction to September 29 vote </div> </a> <ul id="toc-Market_reaction_to_September_29_vote-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Senate_vote_October_1" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Senate_vote_October_1"> <div class="vector-toc-text"> 6.2 Senate vote October 1 </div> </a> <ul id="toc-Senate_vote_October_1-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Second_House_vote,_October_3" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Second_House_vote,_October_3"> <div class="vector-toc-text"> 6.3 Second House vote, October 3 </div> </a> <ul id="toc-Second_House_vote,_October_3-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Key_items_in_the_legislation" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Key_items_in_the_legislation"> <div class="vector-toc-text"> 7 Key items in the legislation </div> </a> <button aria-controls="toc-Key_items_in_the_legislation-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Key items in the legislation subsection </button> <ul id="toc-Key_items_in_the_legislation-sublist" class="vector-toc-list"> <li id="toc-Interest_on_bank_deposits_held_by_the_Federal_Reserve" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Interest_on_bank_deposits_held_by_the_Federal_Reserve"> <div class="vector-toc-text"> 7.1 Interest on bank deposits held by the Federal Reserve </div> </a> <ul id="toc-Interest_on_bank_deposits_held_by_the_Federal_Reserve-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Management_of_the_Troubled_Asset_Relief_Program" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Management_of_the_Troubled_Asset_Relief_Program"> <div class="vector-toc-text"> 7.2 Management of the Troubled Asset Relief Program </div> </a> <ul id="toc-Management_of_the_Troubled_Asset_Relief_Program-sublist" class="vector-toc-list"> <li id="toc-Funding" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Funding"> <div class="vector-toc-text"> 7.2.1 Funding </div> </a> <ul id="toc-Funding-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Government_equity_interests_in_participating_firms" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Government_equity_interests_in_participating_firms"> <div class="vector-toc-text"> 7.2.2 Government equity interests in participating firms </div> </a> <ul id="toc-Government_equity_interests_in_participating_firms-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Executive_pay_limits" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Executive_pay_limits"> <div class="vector-toc-text"> 7.2.3 Executive pay limits </div> </a> <ul id="toc-Executive_pay_limits-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Foreclosure_avoidance_and_homeowner_assistance" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Foreclosure_avoidance_and_homeowner_assistance"> <div class="vector-toc-text"> 7.2.4 Foreclosure avoidance and homeowner assistance </div> </a> <ul id="toc-Foreclosure_avoidance_and_homeowner_assistance-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Judicial_review" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Judicial_review"> <div class="vector-toc-text"> 7.2.5 Judicial review </div> </a> <ul id="toc-Judicial_review-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Oversight" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Oversight"> <div class="vector-toc-text"> 7.2.6 Oversight </div> </a> <ul id="toc-Oversight-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-FDIC_insurance" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#FDIC_insurance"> <div class="vector-toc-text"> 7.3 FDIC insurance </div> </a> <ul id="toc-FDIC_insurance-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Budget-related_provisions" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Budget-related_provisions"> <div class="vector-toc-text"> 7.4 Budget-related provisions </div> </a> <ul id="toc-Budget-related_provisions-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Tax_provisions" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Tax_provisions"> <div class="vector-toc-text"> 7.5 Tax provisions </div> </a> <ul id="toc-Tax_provisions-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Administration_of_the_law" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Administration_of_the_law"> <div class="vector-toc-text"> 8 Administration of the law </div> </a> <ul id="toc-Administration_of_the_law-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Effects_on_national_debt" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Effects_on_national_debt"> <div class="vector-toc-text"> 9 Effects on national debt </div> </a> <ul id="toc-Effects_on_national_debt-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Other_information" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Other_information"> <div class="vector-toc-text"> 10 Other information </div> </a> <ul id="toc-Other_information-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> 11 References </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> 12 External links </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" title="Table of Contents" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" > Toggle the table of contents </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading">Emergency Economic Stabilization Act of 2008</h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 14 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-14" aria-hidden="true" > 14 languages </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%9F%D0%BB%D0%B0%D0%BD_%D0%9F%D0%BE%D0%BB%D1%81%D1%8A%D0%BD" title="План Полсън – Bulgarian" lang="bg" hreflang="bg" data-title="План Полсън" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target">Български</a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Redningspakken_for_det_amerikanske_finansmarked" title="Redningspakken for det amerikanske finansmarked – Danish" lang="da" hreflang="da" data-title="Redningspakken for det amerikanske finansmarked" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target">Dansk</a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act" title="Emergency Economic Stabilization Act – German" lang="de" hreflang="de" data-title="Emergency Economic Stabilization Act" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target">Deutsch</a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Ley_de_Estabilizaci%C3%B3n_Econ%C3%B3mica_de_Urgencia_de_2008" title="Ley de Estabilización Económica de Urgencia de 2008 – Spanish" lang="es" hreflang="es" data-title="Ley de Estabilización Económica de Urgencia de 2008" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target">Español</a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Plan_Paulson" title="Plan Paulson – French" lang="fr" hreflang="fr" data-title="Plan Paulson" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target">Français</a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%97%D7%95%D7%A7_%D7%94%D7%97%D7%99%D7%A8%D7%95%D7%9D_%D7%9C%D7%99%D7%99%D7%A6%D7%95%D7%91_%D7%9B%D7%9C%D7%9B%D7%9C%D7%AA_%D7%90%D7%A8%D7%A6%D7%95%D7%AA_%D7%94%D7%91%D7%A8%D7%99%D7%AA_%D7%9C%D7%A9%D7%A0%D7%AA_2008" title="חוק החירום לייצוב כלכלת ארצות הברית לשנת 2008 – Hebrew" lang="he" hreflang="he" data-title="חוק החירום לייצוב כלכלת ארצות הברית לשנת 2008" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target">עברית</a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Amerikaans_economisch_reddingsplan_2008" title="Amerikaans economisch reddingsplan 2008 – Dutch" lang="nl" hreflang="nl" data-title="Amerikaans economisch reddingsplan 2008" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target">Nederlands</a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E7%B7%8A%E6%80%A5%E7%B5%8C%E6%B8%88%E5%AE%89%E5%AE%9A%E5%8C%96%E6%B3%95" title="緊急経済安定化法 – Japanese" lang="ja" hreflang="ja" data-title="緊急経済安定化法" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target">日本語</a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Redningspakken_for_USAs_finanssystem_2008" title="Redningspakken for USAs finanssystem 2008 – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Redningspakken for USAs finanssystem 2008" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target">Norsk bokmål</a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Plan_Paulsona" title="Plan Paulsona – Polish" lang="pl" hreflang="pl" data-title="Plan Paulsona" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target">Polski</a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Plano_de_resgate_econ%C3%B4mico_de_2008" title="Plano de resgate econômico de 2008 – Portuguese" lang="pt" hreflang="pt" data-title="Plano de resgate econômico de 2008" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target">Português</a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9F%D0%BB%D0%B0%D0%BD_%D0%9F%D0%BE%D0%BB%D1%81%D0%BE%D0%BD%D0%B0" title="План Полсона – Russian" lang="ru" hreflang="ru" data-title="План Полсона" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target">Русский</a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/R%C3%A4ddningspaketet_f%C3%B6r_USA:s_finanssystem_2008" title="Räddningspaketet för USA:s finanssystem 2008 – Swedish" lang="sv" hreflang="sv" data-title="Räddningspaketet för USA:s finanssystem 2008" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target">Svenska</a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E7%B6%93%E6%BF%9F%E7%A9%A9%E5%AE%9A%E7%B7%8A%E6%80%A5%E6%B3%95" title="經濟穩定緊急法 – Chinese" lang="zh" hreflang="zh" data-title="經濟穩定緊急法" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target">中文</a></li> </ul> <div class="after-portlet after-portlet-lang"><a 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free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">US law creating the Troubled Asset Relief Program (TARP)</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">This article is about one division of an enacted statute. For the entire statute, see <a href="/wiki/Public_Law_110-343" title="Public Law 110-343">Public Law 110-343</a>. For the enacted rescue program, see <a href="/wiki/Troubled_Asset_Relief_Program" title="Troubled Asset Relief Program">Troubled Asset Relief Program</a>.</div> The Emergency Economic Stabilization Act of 2008, also known as the "bank bailout of 2008" or the "Wall Street bailout", was a United States federal <a href="/wiki/Law" title="Law">law</a> enacted during the <a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a>, which created <a href="/wiki/Federal_program" class="mw-redirect" title="Federal program">federal programs</a> to "bail out" failing financial institutions and <a href="/wiki/Bank" title="Bank">banks</a>. The <a href="/wiki/Bill_(law)" title="Bill (law)">bill</a> was proposed by <a href="/wiki/United_States_Secretary_of_the_Treasury" title="United States Secretary of the Treasury">Treasury Secretary</a> <a href="/wiki/Henry_Paulson" title="Henry Paulson">Henry Paulson</a>, passed by the <a href="/wiki/110th_United_States_Congress" title="110th United States Congress">110th United States Congress</a>, and was signed into law by President <a href="/wiki/George_W._Bush" title="George W. Bush">George W. Bush</a>. It became law as part of <a href="/wiki/Public_Law_110-343" title="Public Law 110-343">Public Law 110-343</a> on October 3, 2008. It created the $700 billion <a href="/wiki/Troubled_Asset_Relief_Program" title="Troubled Asset Relief Program">Troubled Asset Relief Program</a> (TARP), which utilized congressionally <a href="/wiki/Appropriation_bill" title="Appropriation bill">appropriated</a> taxpayer funds to purchase <a href="/wiki/Toxic_asset" title="Toxic asset">toxic assets</a> from failing banks. The funds were mostly redirected to inject capital into banks and other financial institutions while the <a href="/wiki/United_States_Department_of_the_Treasury" title="United States Department of the Treasury">Treasury</a> continued to examine the usefulness of targeted asset purchases.<a href="#cite_note-1">[1]</a><a href="#cite_note-2">[2]</a> The <a href="/wiki/2008_financial_crisis" title="2008 financial crisis">2008 financial crisis</a> developed partly due to the <a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">subprime mortgage crisis</a>, causing the failure or near-failure of major financial institutions like <a href="/wiki/Lehman_Brothers" title="Lehman Brothers">Lehman Brothers</a> and <a href="/wiki/American_International_Group" title="American International Group">American International Group</a>. Seeking to prevent the collapse of the <a href="/wiki/Financial_system" title="Financial system">financial system</a>, Secretary of the Treasury Paulson called for the U.S. government to purchase several hundred billion dollars in <a href="/wiki/Distressed_assets" class="mw-redirect" title="Distressed assets">distressed assets</a> from financial institutions. His proposal was initially rejected by Congress, but the <a href="/wiki/Bankruptcy_of_Lehman_Brothers" title="Bankruptcy of Lehman Brothers">bankruptcy of Lehman Brothers</a> and lobbying by President Bush ultimately convinced Congress to enact the proposal as part of <a href="/wiki/Public_Law_110-343" title="Public Law 110-343">Public Law 110-343</a>. Early estimates for the bailout's risk cost were as much as $700 billion; however, TARP recovered $441.7 billion from $426.4 billion invested, earning a $15.3 billion profit (an annualized rate of return of 0.6%), which may have been a loss when adjusted for inflation.<a href="#cite_note-wsj1214-3">[3]</a> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=1" title="Edit section: History">edit</a>]</div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Ustreasur.JPG" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/37/Ustreasur.JPG/220px-Ustreasur.JPG" decoding="async" width="220" height="212" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/37/Ustreasur.JPG/330px-Ustreasur.JPG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/37/Ustreasur.JPG/440px-Ustreasur.JPG 2x" data-file-width="1903" data-file-height="1838" /></a><figcaption><a href="/wiki/United_States_Department_of_the_Treasury" title="United States Department of the Treasury">United States Department of the Treasury</a></figcaption></figure> After the freeing up of world <a href="/wiki/Capital_market" title="Capital market">capital markets</a> in the 1970s and the repeal of the <a href="/wiki/Glass%E2%80%93Steagall_Act" class="mw-redirect" title="Glass–Steagall Act">Glass–Steagall Act</a> in 1999, banking practices (mostly <a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a>-inspired "self-regulation") and <a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">monetized subprime mortgages</a> sold as low risk investments reached a critical stage during September 2008, characterized by severely contracted <a href="/wiki/Market_liquidity" title="Market liquidity">liquidity</a> in the global credit markets<a href="#cite_note-4">[4]</a> and insolvency threats to investment banks and other institutions. In response, the U.S. government announced a series of comprehensive steps to address the problems, following a series of "one-off" or "case-by-case" decisions to intervene or not, such as the $85 billion liquidity facility for <a href="/wiki/American_International_Group" title="American International Group">American International Group</a> on September 16, the <a href="/wiki/Federal_takeover_of_Fannie_Mae_and_Freddie_Mac" title="Federal takeover of Fannie Mae and Freddie Mac">federal takeover of Fannie Mae and Freddie Mac</a>, and the bankruptcy of <a href="/wiki/Lehman_Brothers" title="Lehman Brothers">Lehman Brothers</a>. The legislation had its origin in early 2008 when <a href="/wiki/Secretary_of_the_Treasury" class="mw-redirect" title="Secretary of the Treasury">Secretary of the Treasury</a> <a href="/wiki/Henry_Paulson" title="Henry Paulson">Henry Paulson</a> directed two of his aides, <a href="/wiki/Neel_Kashkari" title="Neel Kashkari">Neel Kashkari</a> and <a href="/wiki/Phillip_Swagel" title="Phillip Swagel">Phillip Swagel</a>, to write a plan to recapitalize the U.S. financial system in case of total collapse. The plan, which was also presented to <a href="/wiki/Federal_Reserve_Chairman" class="mw-redirect" title="Federal Reserve Chairman">Federal Reserve Chairman</a> <a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Ben Bernanke</a>, called for the U.S. government to purchase about $500 billion in distressed assets from financial institutions.<a href="#cite_note-5">[5]</a> The original proposal was submitted to the <a href="/wiki/United_States_House_of_Representatives" title="United States House of Representatives">United States House of Representatives</a>, with the purpose of purchasing bad assets, reducing uncertainty regarding the worth of the remaining assets, and restoring confidence in the <a href="/wiki/Credit_market" class="mw-redirect" title="Credit market">credit markets</a>. The bill was then expanded and put forth as an amendment to <a rel="nofollow" class="external text" href="https://www.congress.gov/bill/110th-congress/house-bill/3997">H.R. 3997</a>.<a href="#cite_note-HCFS-Amendment_to_HR3997-2008-09-29-6">[6]</a> The amendment was rejected via a vote of the House of Representatives on September 29, 2008, voting 205–228.<a href="#cite_note-7">[7]</a> Supporters of the plan argued that the <a href="/wiki/Bailout" title="Bailout">market intervention</a> called for by the plan was vital to prevent further erosion of confidence in the U.S. <a href="/wiki/Credit_market" class="mw-redirect" title="Credit market">credit markets</a> and that failure to act could lead to an <a href="/wiki/Economic_depression" title="Economic depression">economic depression</a>. Opponents objected to the plan's cost and rapidity, pointing to polls that showed little support among the public for "bailing out" Wall Street investment banks,<a href="#cite_note-LAT_20080904-8">[8]</a> claimed that better alternatives were not considered,<a href="#cite_note-9">[9]</a> and claimed that the Senate forced passage of the unpopular version through the opposing house by "<a href="/wiki/Pork_barrel" title="Pork barrel">sweetening</a>" the bailout package.<a href="#cite_note-10">[10]</a> On October 1, 2008, the <a href="/wiki/United_States_Senate" title="United States Senate">Senate</a> debated and voted on an amendment to <a href="/wiki/Public_Law_110-343" title="Public Law 110-343">H.R. 1424</a>, which substituted a newly revised version of the Emergency Economic Stabilization Act of 2008 for the language of H.R. 1424.<a href="#cite_note-LOC-THOMAS-HR1424-11">[11]</a><a href="#cite_note-Senate_CBHUA-Amend_HR1424-2008-10-01-12">[12]</a> The Senate accepted the amendment and passed the entire amended bill, voting 74–25.<a href="#cite_note-13">[13]</a> Additional unrelated provisions added an estimated $150 billion to the cost of the package and increased the length of the bill to 451 pages.<a href="#cite_note-NYT-Hulse-Vote_count-2008-10-01-14">[14]</a><a href="#cite_note-15">[15]</a> (See <a href="/wiki/Public_Law_110-343" title="Public Law 110-343">Public Law 110-343</a> for details on the added provisions.) The amended version of H.R. 1424 was sent to the House for consideration, and on October 3, the House voted 263–171 to enact the bill into law.<a href="#cite_note-LOC-THOMAS-HR1424-11">[11]</a><a href="#cite_note-16">[16]</a><a href="#cite_note-NYT-Herszenhorn-2008-10-03-17">[17]</a> President <a href="/wiki/George_W._Bush" title="George W. Bush">George W. Bush</a> signed the bill into law within hours of its congressional enactment, creating the $700 billion <a href="/wiki/Troubled_Asset_Relief_Program" title="Troubled Asset Relief Program">Troubled Asset Relief Program</a> (TARP) to purchase failing bank assets.<a href="#cite_note-NPR20081003-18">[18]</a> On Monday, October 6, the <a href="/wiki/Dow_Jones_Industrial_Average" title="Dow Jones Industrial Average">Dow Jones Industrial Average</a> dropped more than 700 points and fell below 10,000 for the first time in four years.<a href="#cite_note-19">[19]</a> The same day, CNN reported these worldwide stock market events: Britain's <a href="/wiki/FTSE_100_Index" title="FTSE 100 Index">FTSE 100 Index</a> was down 7.9%; Germany's <a href="/wiki/DAX" title="DAX">DAX</a> down 7.1%; France's <a href="/wiki/CAC_40" title="CAC 40">CAC 40</a> dropping 9%; in Russia, trading in shares was suspended after the <a href="/wiki/Russian_Trading_System" title="Russian Trading System">RTS</a> stock index fell more than 20%; <a href="/wiki/Iceland" title="Iceland">Iceland</a> halted trading in six bank stocks while the government drafted a <a href="/wiki/Crisis_plan" title="Crisis plan">crisis plan</a>.<a href="#cite_note-20">[20]</a> On October 8, the British announced their <a href="/wiki/2008_United_Kingdom_bank_rescue_package" title="2008 United Kingdom bank rescue package">bank rescue package</a> consisting of funding, debt guarantees and infusing capital into banks via preferred stock. This model was closely followed by the rest of Europe, as well as the U.S government, who on October 14 announced a $250bn (£143bn) <a href="/wiki/Capital_Purchase_Program" title="Capital Purchase Program">Capital Purchase Program</a> to buy stakes in a wide variety of banks in an effort to restore confidence in the sector. The money came from the $700bn Troubled Asset Relief Program.<a href="#cite_note-Langley2015-21">[21]</a><a href="#cite_note-22">[22]</a> Over the next six months, TARP was dwarfed by other guarantees and lending limits; analysis by Bloomberg found the <a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a> had, by March 2009, committed $7.77 trillion (~$10.7 trillion in 2023) to rescuing the financial system, more than half the value of everything produced in the U.S. that year.<a href="#cite_note-23">[23]</a> <div class="mw-heading mw-heading2"><h2 id="Paulson_proposal">Paulson proposal</h2>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=2" title="Edit section: Paulson proposal">edit</a>]</div> <a href="/wiki/United_States_Secretary_of_the_Treasury" title="United States Secretary of the Treasury">U.S. Treasury Secretary</a> <a href="/wiki/Henry_Paulson" title="Henry Paulson">Henry Paulson</a> proposed a plan under which the U.S. Treasury would acquire up to $700 billion worth of mortgage-backed securities.<a href="#cite_note-plan0920nyt-24">[24]</a> The plan was immediately backed by President <a href="/wiki/George_W._Bush" title="George W. Bush">George W. Bush</a> and negotiations began with leaders in the U.S. Congress to draft appropriate legislation. On Thursday, September 18, 2008, Paulson and <a href="/wiki/Chair_of_the_Federal_Reserve" title="Chair of the Federal Reserve">Chair of the Federal Reserve</a> <a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Ben Bernanke</a> had a dramatic meeting with Congressional leaders, to whom Bernanke reportedly said: "If we don't do this, we may not have an economy on Monday".<a href="#cite_note-25">[25]</a> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:President_George_W._Bush_bipartisan_economic_meeting_Congress,_McCain,_Obama.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/46/President_George_W._Bush_bipartisan_economic_meeting_Congress%2C_McCain%2C_Obama.jpg/220px-President_George_W._Bush_bipartisan_economic_meeting_Congress%2C_McCain%2C_Obama.jpg" decoding="async" width="220" height="143" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/46/President_George_W._Bush_bipartisan_economic_meeting_Congress%2C_McCain%2C_Obama.jpg/330px-President_George_W._Bush_bipartisan_economic_meeting_Congress%2C_McCain%2C_Obama.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/46/President_George_W._Bush_bipartisan_economic_meeting_Congress%2C_McCain%2C_Obama.jpg/440px-President_George_W._Bush_bipartisan_economic_meeting_Congress%2C_McCain%2C_Obama.jpg 2x" data-file-width="515" data-file-height="335" /></a><figcaption>President Bush meets with Congressional members, including presidential candidates <a href="/wiki/John_McCain" title="John McCain">John McCain</a> and <a href="/wiki/Barack_Obama" title="Barack Obama">Barack Obama</a>, at the White House to discuss the bailout, September 25, 2008.<a href="#cite_note-26">[26]</a></figcaption></figure> Consultations among Treasury Secretary Henry Paulson, Chairman of the Federal Reserve Ben Bernanke, <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">U.S. Securities and Exchange Commission</a> chairman <a href="/wiki/Christopher_Cox" title="Christopher Cox">Christopher Cox</a>, congressional leaders, and President Bush, moved forward efforts to draft a proposal for a comprehensive solution to the problems created by <a href="/wiki/Market_liquidity#Overview" title="Market liquidity">illiquid assets</a>. News of the coming plan resulted in some stock, bond, and currency markets stability on September 19, 2008.<a href="#cite_note-27">[27]</a><a href="#cite_note-28">[28]</a> The proposal called for the federal government to buy up to US$700 billion of illiquid mortgage-backed securities with the intent to increase the liquidity of the <a href="/wiki/Secondary_mortgage_market" title="Secondary mortgage market">secondary mortgage markets</a> and reduce potential losses encountered by financial institutions owning the securities. The draft proposal was received favorably by investors in the stock market, but caused the U.S. dollar to fall against <a href="/wiki/Gold" title="Gold">gold</a>, the <a href="/wiki/Euro" title="Euro">Euro</a>, and <a href="/wiki/Petroleum" title="Petroleum">petroleum</a>. The plan was not immediately approved by Congress; debate and amendments were seen as likely before the plan was to receive legislative enactment.<a href="#cite_note-Andrews-29">[29]</a><a href="#cite_note-associated1-30">[30]</a><a href="#cite_note-31">[31]</a> Throughout the week of September 20, 2008, there was contentious wrangling among members of Congress over the terms and scope of the bailout,<a href="#cite_note-Nomi_Prins-32">[32]</a> amplified by continued failures of institutions like <a href="/wiki/Washington_Mutual" title="Washington Mutual">Washington Mutual</a>, and the upcoming November 4 national election. <ul><li>On September 21, Paulson announced that the original proposal, which would have excluded foreign banks, had been revised to include foreign financial institutions with a presence in the United States. The U.S. administration pressured other countries to set up similar bailout plans.<a href="#cite_note-33">[33]</a></li> <li>On September 23, the plan was presented by Paulson and Bernanke to the <a href="/wiki/United_States_Senate_Committee_on_Banking,_Housing,_and_Urban_Affairs" title="United States Senate Committee on Banking, Housing, and Urban Affairs">Senate Banking Committee</a>, who rejected it as unacceptable.<a href="#cite_note-hardsell-34">[34]</a></li> <li>On September 24, President Bush addressed the nation on prime time television, describing how serious the financial crisis could become if action was not taken promptly by Congress.<a href="#cite_note-35">[35]</a></li> <li>Also on September 24, 2008, <a href="/wiki/Republican_Party_(United_States)" title="Republican Party (United States)">Republican Party</a> nominee for President, <a href="/wiki/John_McCain" title="John McCain">John McCain</a>, and <a href="/wiki/Democratic_Party_(United_States)" title="Democratic Party (United States)">Democratic Party</a> nominee for President, <a href="/wiki/Barack_Obama" title="Barack Obama">Barack Obama</a>, issued a joint statement describing their shared view that "The effort to protect the American economy must not fail."<a href="#cite_note-36">[36]</a></li></ul> The plan was introduced on September 20, by Paulson. Named the Troubled Asset Relief Program,<a href="#cite_note-plan0920nyt-24">[24]</a> but also known as the Paulson Proposal or Paulson Plan, it should not be confused with Paulson's earlier 212-page plan, the Blueprint for a Modernized Financial Regulatory Reform,<a href="#cite_note-37">[37]</a> that was released on March 31, 2008. The proposal was only three pages long, intentionally short on details to facilitate quick passage by Congress.<a href="#cite_note-38">[38]</a> <div class="mw-heading mw-heading3"><h3 id="Mortgage_asset_purchases">Mortgage asset purchases</h3>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=3" title="Edit section: Mortgage asset purchases">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-Update plainlinks metadata ambox ambox-content ambox-Update" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Ambox_current_red_Asia_Australia.svg/42px-Ambox_current_red_Asia_Australia.svg.png" decoding="async" width="42" height="34" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Ambox_current_red_Asia_Australia.svg/63px-Ambox_current_red_Asia_Australia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Ambox_current_red_Asia_Australia.svg/84px-Ambox_current_red_Asia_Australia.svg.png 2x" data-file-width="360" data-file-height="290" /></div></td><td class="mbox-text"><div class="mbox-text-span">This section needs to be updated. The reason given is: Section uses mostly sources from 2008 that speculate as to the effects of the plan. Newer sources that can speak to the actual effects would be beneficial.. Please help update this article to reflect recent events or newly available information. (January 2025)</div></td></tr></tbody></table> A key part of the proposal is the federal government's plan to buy up to $700 billion of illiquid <a href="/wiki/Mortgage-backed_security" title="Mortgage-backed security">mortgage-backed securities</a> (MBS) with the intent to increase the liquidity of the <a href="/wiki/Secondary_mortgage_market" title="Secondary mortgage market">secondary mortgage markets</a> and reduce potential losses encountered by financial institutions owning the securities. The draft proposal of the plan was received favorably by investors in the stock market.<a href="#cite_note-Andrews-29">[29]</a><a href="#cite_note-associated1-30">[30]</a> This plan can be described as a risky investment, as opposed to an expense. The MBS within the scope of the purchase program have rights to the cash flows from the underlying mortgages. As such, the initial outflow of government funds to purchase the MBS would be offset by ongoing cash inflows represented by the monthly mortgage payments. Further, the government eventually may be able to sell the assets, though whether at a gain or loss will remain to be seen. While incremental borrowing to obtain the funds necessary to purchase the MBS may add to the <a href="/wiki/United_States_public_debt" class="mw-redirect" title="United States public debt">United States public debt</a>, the net effect will be considerably less as the incremental debt will be offset to a large extent by the MBS assets.<a href="#cite_note-39">[39]</a><a href="#cite_note-40">[40]</a> A key challenge would be valuing the purchase price of the MBS, which is a complex exercise subject to a multitude of variables related to the housing market and the credit quality of the underlying mortgages.<a href="#cite_note-41">[41]</a> The ability of the government to offset the purchase price (through mortgage collections over the long-run) depends on the valuation assigned to the MBS at the time of purchase. For example, Merrill Lynch wrote down the value of its MBS to approximately 22 cents on the dollar in Q2 2008.<a href="#cite_note-42">[42]</a> Whether the government is ultimately able to resell the assets above the purchase price or will continue to merely collect the mortgage payments is an open item. On February 10, 2009, the newly confirmed Secretary of the Treasury <a href="/wiki/Timothy_Geithner" title="Timothy Geithner">Timothy Geithner</a> outlined his plan to use the $300 billion (~$414 billion in 2023) or so dollars remaining in the TARP funds. He mentioned that the U.S. Treasury and Federal Reserve wanted to help fund private investors to buy toxic assets from banks, but few details have yet been released.<a href="#cite_note-Deborah_Solomon-43">[43]</a> There is still some skepticism about the premise that taxpayers can buy troubled assets without having to overpay. Oppenheimer & Company analyst Meridith Whitney argues that banks will not sell bad assets at fair market values because they are reluctant to take asset write downs.<a href="#cite_note-Whitney-44">[44]</a> Removing toxic assets would also reduce the volatility of banks' stock prices. Because stock is a <a href="/wiki/Call_option" title="Call option">call option</a> on a firm's assets, this lost <a href="/wiki/Volatility_(finance)" title="Volatility (finance)">volatility</a> will hurt the stock price of distressed banks. Therefore, such banks will only sell toxic assets at above market prices.<a href="#cite_note-45">[45]</a> On April 6, 2008, the <a href="/w/index.php?title=State_Foreclosure_Prevention_Working_Group&action=edit&redlink=1" class="new" title="State Foreclosure Prevention Working Group (page does not exist)">State Foreclosure Prevention Working Group</a> reported that the pace of foreclosures exceeded the capacity of homeowner rescue programs, such as the <a href="/wiki/Hope_Now_Alliance" title="Hope Now Alliance">Hope Now Alliance</a>, in the first quarter of 2008.<a href="#cite_note-46">[46]</a> <div class="mw-heading mw-heading3"><h3 id="Sweeping_powers">Sweeping powers</h3>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=4" title="Edit section: Sweeping powers">edit</a>]</div> The original plan would have granted the Secretary of the Treasury unlimited power to spend,<a href="#cite_note-Nomi_Prins-32">[32]</a> proofing their actions against congressional or judicial review. Section 8 of the Paulson proposal states: "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."<a href="#cite_note-plan0920nyt-24">[24]</a> This provision was not included in the final version. <div class="mw-heading mw-heading2"><h2 id="Rationale_for_the_bailout">Rationale for the bailout</h2>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=5" title="Edit section: Rationale for the bailout">edit</a>]</div> <div class="mw-heading mw-heading3"><h3 id="Government_officials">Government officials</h3>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=6" title="Edit section: Government officials">edit</a>]</div> In his testimony before the U.S. Senate, Treasury Secretary <a href="/wiki/Henry_Paulson" title="Henry Paulson">Henry Paulson</a> summarized the rationale for the $700 billion (~$973 billion in 2023) bailout:<a href="#cite_note-47">[47]</a> <ul><li>Stabilize the economy: "We must... avoid a continuing series of financial institution failures and frozen credit markets that threaten American families' financial well-being, the viability of businesses both small and large, and the very health of our economy."</li> <li>Improve liquidity: "These bad loans have created a chain reaction and last week our credit markets froze – even some Main Street non-financial companies had trouble financing their normal business operations. If that situation were to persist, it would threaten all parts of our economy."</li> <li>Comprehensive strategy: "We must now take further, decisive action to fundamentally and comprehensively address the root cause of this turmoil. And that root cause is the housing correction which has resulted in illiquid mortgage-related assets that are choking off the flow of credit which is so vitally important to our economy. We must address this underlying problem, and restore confidence in our financial markets and financial institutions so they can perform their mission of supporting future prosperity and growth."</li> <li>Immediate and significant: "This troubled asset relief program has to be properly designed for immediate implementation and be sufficiently large to have maximum impact and restore market confidence. It must also protect the taxpayer to the maximum extent possible, and include provisions that ensure transparency and oversight while also ensuring the program can be implemented quickly and run effectively."</li> <li>Broad impact: "This troubled asset purchase program on its own is the single most effective thing we can do to help homeowners, the American people and stimulate our economy."</li></ul> In his testimony before the U.S. Senate on September 23, 2008, Fed Chairman <a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Ben Bernanke</a> also summarized the rationale for the $700 billion (~$973 billion in 2023) bailout:<a href="#cite_note-48">[48]</a> <ul><li>Investor confidence: "Among the firms under the greatest pressure were <a href="/wiki/Fannie_Mae" title="Fannie Mae">Fannie Mae</a> and <a href="/wiki/Freddie_Mac" title="Freddie Mac">Freddie Mac</a>, <a href="/wiki/Lehman_Brothers" title="Lehman Brothers">Lehman Brothers</a>, and, more recently, <a href="/wiki/American_International_Group" title="American International Group">American International Group</a> (AIG). As investors lost confidence in them, these companies saw their access to liquidity and capital markets increasingly impaired and their stock prices drop sharply." He also stated: "Purchasing impaired assets will create liquidity and promote <a href="/wiki/Price_discovery" title="Price discovery">price discovery</a> in the markets for these assets, while reducing investor uncertainty about the current value and prospects of financial institutions. More generally, removing these assets from institutions' balance sheets will help to restore confidence in our financial markets and enable banks and other institutions to raise capital and to expand credit to support economic growth."</li> <li>Impact on the economy and GDP: "Extraordinarily turbulent conditions in global financial markets... these conditions caused equity prices to fall sharply, the cost of short-term credit—where available—to spike upward, and liquidity to dry up in many markets. Losses at a large money market mutual fund sparked extensive withdrawals from a number of such funds. A marked increase in the demand for safe assets—a flight to quality—sent the yield on Treasury bills down to a few hundredths of a percent. By further reducing asset values and potentially restricting the flow of credit to households and businesses, these developments pose a direct threat to economic growth."</li></ul> Regarding the $700 billion number, Forbes.com quoted a Treasury spokeswoman: "It's not based on any particular data point. We just wanted to choose a really large number."<a href="#cite_note-49">[49]</a> <div class="mw-heading mw-heading3"><h3 id="Journalists">Journalists</h3>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=7" title="Edit section: Journalists">edit</a>]</div> According to CNBC commentator <a href="/wiki/Jim_Cramer" title="Jim Cramer">Jim Cramer</a>, large corporations, institutions, and wealthy investors were pulling their money out of bank money market funds, in favor of government-backed <a href="/wiki/Treasury_security#Treasury_bill" class="mw-redirect" title="Treasury security">Treasury bills</a>. Cramer called it "an invisible run on the banks," one that has no lines in the lobby but pushes banks to the breaking point nonetheless. As a bank's capital reserve of deposits evaporate, so too does its ability to lend and correspondingly make money. "The lack of confidence inspired by Lehman's demise, the general poor health of many banks, this is going to turn this into an intractable moment," Cramer said, "if someone in the government doesn't start pushing for more deposit insurance."<a href="#cite_note-50">[50]</a> <div class="mw-heading mw-heading2"><h2 id="Reaction_to_the_initial_proposal">Reaction to the initial proposal</h2>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=8" title="Edit section: Reaction to the initial proposal">edit</a>]</div> Skepticism regarding the plan occurred early on in the House. Many <a href="/wiki/Member_of_Congress" class="mw-redirect" title="Member of Congress">members of Congress</a>, including the House of Representatives, did not support the plan initially, mainly conservative free-market Republicans and liberal anti-corporate Democrats.<a href="#cite_note-51">[51]</a> Alabama Republican <a href="/wiki/Spencer_Bachus" title="Spencer Bachus">Spencer Bachus</a> has called the proposal "a gun to our head."<a href="#cite_note-52">[52]</a> <div class="mw-heading mw-heading3"><h3 id="Immediate_market_reactions">Immediate market reactions</h3>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=9" title="Edit section: Immediate market reactions">edit</a>]</div> On September 19, 2008, when news of the bailout proposal emerged, the U.S. stock market rose by 3%. Foreign stock markets also surged, and foreign currencies corrected slightly, after having dropped earlier in the month. The value of the <a href="/wiki/United_States_dollar" title="United States dollar">U.S. dollar</a> dropped compared to other world currencies after the plan was announced.<a href="#cite_note-53">[53]</a><a href="#cite_note-54">[54]</a> The front end oil futures contract spiked more than $25 a barrel during the day Monday September 22, ending the day up over $16. This was a record for the biggest one-day gain.<a href="#cite_note-55">[55]</a> However, there are other factors that caused the massive spike in oil prices. Traders who got "caught" at the end of the October contract session were forced to purchase oil in large batches to cover themselves, adding to the surge in prices.<a href="#cite_note-56">[56]</a> Further out, oil futures contracts rose by about $5 (~$7.00 in 2023) per barrel. Mortgage rates increased following the news of the bailout plan. The 30-year <a href="/wiki/Fixed-rate_mortgage" title="Fixed-rate mortgage">fixed-rate mortgage</a> averaged 5.78% in the week before the plan was announced; for the week ending September 25, the average rate was 6.09%,<a href="#cite_note-57">[57]</a> still far below the average rate during the <a href="/wiki/Early_1990s_recession" title="Early 1990s recession">early 1990s recession</a>, when it topped 9.0%.<a href="#cite_note-58">[58]</a> <div class="mw-heading mw-heading3"><h3 id="Potential_conflict_of_interest">Potential conflict of interest</h3>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=10" title="Edit section: Potential conflict of interest">edit</a>]</div> There was concern that the current plan created a <a href="/wiki/Conflict_of_interest" title="Conflict of interest">conflict of interest</a> for Paulson. Paulson was a former CEO of <a href="/wiki/Goldman_Sachs" title="Goldman Sachs">Goldman Sachs</a>, which stood to benefit from the bailout. Paulson had hired Goldman executives as advisors and Paulson's former advisors had joined banks that were also to benefit from the bailout. Furthermore, the original proposal exempted Paulson from <a href="/wiki/Judicial_oversight" class="mw-redirect" title="Judicial oversight">judicial oversight</a>. Thus, there was concern that former illegal activity by a financial institution or its executives might be hidden.<a href="#cite_note-59">[59]</a><a href="#cite_note-60">[60]</a><a href="#cite_note-61">[61]</a> The Treasury staff member responsible for administering the bailout funds was <a href="/wiki/Neel_Kashkari" title="Neel Kashkari">Neel Kashkari</a>, a former vice-president at <a href="/wiki/Goldman_Sachs" title="Goldman Sachs">Goldman Sachs</a>.[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] In the Senate, Senator <a href="/wiki/Judd_Gregg" title="Judd Gregg">Judd Gregg</a> (R-NH) was the leading Republican author of the TARP program while he had a multimillion-dollar investment in the Bank of America.<a href="#cite_note-62">[62]</a><a href="#cite_note-63">[63]</a> <div class="mw-heading mw-heading3"><h3 id="Views_from_the_public,_politicians,_financiers,_economists,_and_journalists">Views from the public, politicians, financiers, economists, and journalists</h3>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=11" title="Edit section: Views from the public, politicians, financiers, economists, and journalists">edit</a>]</div> <div class="mw-heading mw-heading4"><h4 id="The_public">The public</h4>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=12" title="Edit section: The public">edit</a>]</div> Protests opposing the bailout occurred in over 100 cities across the United States on Thursday September 25.<a href="#cite_note-64">[64]</a> Grassroots group <a href="/wiki/TrueMajority" title="TrueMajority">TrueMajority</a> said its members organized over 251 events in more than 41 states.<a href="#cite_note-65">[65]</a> The largest gathering has been in <a href="/wiki/New_York_City" title="New York City">New York City</a>, where more than 1,000 protesters gathered near the <a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a> along with labor union members organized by New York Central Labor Council.<a href="#cite_note-66">[66]</a><a href="#cite_note-buying-67">[67]</a> Other grassroots groups have planned rallies to protest against the bailout,<a href="#cite_note-68">[68]</a> while outraged citizens continue to express their opposition online through blogs and dedicated web sites.<a href="#cite_note-69">[69]</a> <ul><li>In a survey conducted September 19–22 by the <a href="/wiki/Pew_Research_Center" title="Pew Research Center">Pew Research Center</a>, by a margin of 57 percent to 30 percent, Americans supported the bailout when asked "As you may know, the government is potentially investing billions to try and keep financial institutions and markets secure. Do you think this is the right thing or the wrong thing for the government to be doing?"<a href="#cite_note-70">[70]</a></li> <li>In a survey conducted September 19–22 by <a href="/wiki/Bloomberg.com" class="mw-redirect" title="Bloomberg.com">Bloomberg</a>/<a href="/wiki/Los_Angeles_Times" title="Los Angeles Times">Los Angeles Times</a>, by a margin of 55 percent to 31 percent, Americans opposed the bailout when asked whether "the government should use taxpayers' dollars to rescue ailing private financial firms whose collapse could have adverse effects on the economy and market, or is it not the government's responsibility to bail out private companies with taxpayers' dollars?".<a href="#cite_note-71">[71]</a><a href="#cite_note-72">[72]</a></li> <li>In a survey conducted September 24 by <a href="/wiki/USA_Today" title="USA Today">USA Today</a>/<a href="/wiki/The_Gallup_Organization" class="mw-redirect" title="The Gallup Organization">Gallup</a>, when asked "As you may know, the Bush administration has proposed a plan that would allow the Treasury Department to buy and re-sell up to $700 billion of distressed assets from financial companies. What would you like to see Congress do?", 56 percent of respondents wanted Congress to pass a plan different from the original Paulson proposal, 22 percent supported the Paulson proposal in its initial form, and 11 percent wanted Congress to take no action.<a href="#cite_note-73">[73]</a></li> <li>Senator <a href="/wiki/Sherrod_Brown" title="Sherrod Brown">Sherrod Brown</a> said he had been getting 2,000 e-mail messages and telephone calls a day, roughly 95 percent opposed.<a href="#cite_note-74">[74]</a></li> <li>As of Thursday September 25, Senator <a href="/wiki/Dianne_Feinstein" title="Dianne Feinstein">Dianne Feinstein</a>'s (D-Calif.) offices had received a total of 39,180 e-mails, calls. and letters on the bailout, with the overwhelming majority of constituents against it.<a href="#cite_note-buying-67">[67]</a></li></ul> <div class="mw-heading mw-heading4"><h4 id="Politicians">Politicians</h4>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=13" title="Edit section: Politicians">edit</a>]</div> <figure typeof="mw:File/Thumb"><video id="mwe_player_0" poster="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Obama_senate_10_01_08.ogv/300px-seek%3D10-Obama_senate_10_01_08.ogv.jpg" controls="" preload="none" data-mw-tmh="" class="mw-file-element" width="300" height="225" data-durationhint="276" data-mwtitle="Obama_senate_10_01_08.ogv" data-mwprovider="wikimediacommons" resource="/wiki/File:Obama_senate_10_01_08.ogv"><source src="//upload.wikimedia.org/wikipedia/commons/7/73/Obama_senate_10_01_08.ogv" type="video/ogg; codecs="theora, vorbis"" data-width="400" data-height="300" /><source src="//upload.wikimedia.org/wikipedia/commons/transcoded/7/73/Obama_senate_10_01_08.ogv/Obama_senate_10_01_08.ogv.360p.webm" type="video/webm; codecs="vp8, vorbis"" data-transcodekey="360p.webm" data-width="400" data-height="300" /><source src="//upload.wikimedia.org/wikipedia/commons/transcoded/7/73/Obama_senate_10_01_08.ogv/Obama_senate_10_01_08.ogv.144p.mjpeg.mov" type="video/quicktime" data-transcodekey="144p.mjpeg.mov" data-width="192" data-height="144" /><source src="//upload.wikimedia.org/wikipedia/commons/transcoded/7/73/Obama_senate_10_01_08.ogv/Obama_senate_10_01_08.ogv.240p.vp9.webm" type="video/webm; codecs="vp9, opus"" data-transcodekey="240p.vp9.webm" data-width="320" data-height="240" /></video><figcaption>Then-senator <a href="/wiki/Barack_Obama" title="Barack Obama">Barack Obama</a> addresses the Senate on the <a href="/wiki/2008_financial_crisis" title="2008 financial crisis">2008 financial crisis</a> and argues in favor of the bailout bill. <a href="https://commons.wikimedia.org/wiki/File:Obama_senate_10_01_08.ogg" class="extiw" title="commons:File:Obama senate 10 01 08.ogg">View clip on commons</a>. <style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20081223223207/http://metavid.org/wiki/Stream:Senate_proceeding_10-01-08_00/2:38:38/2:53:07">"Barack Obama support of Bailout"</a>. Archived from <a rel="nofollow" class="external text" href="http://metavid.org/wiki/Stream:Senate_proceeding_10-01-08_00/2:38:38/2:53:07">the original</a> on December 23, 2008. Retrieved October 16, 2008.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Barack+Obama+support+of+Bailout&rft_id=http%3A%2F%2Fmetavid.org%2Fwiki%2FStream%3ASenate_proceeding_10-01-08_00%2F2%3A38%3A38%2F2%3A53%3A07&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEmergency+Economic+Stabilization+Act+of+2008" class="Z3988"></figcaption></figure> Supporters of the plan included presidential candidates <a href="/wiki/Barack_Obama" title="Barack Obama">Barack Obama</a> and <a href="/wiki/John_McCain" title="John McCain">John McCain</a>, and <a href="/wiki/Prime_Minister_of_the_United_Kingdom" title="Prime Minister of the United Kingdom">British Prime Minister</a> <a href="/wiki/Gordon_Brown" title="Gordon Brown">Gordon Brown</a>.<a href="#cite_note-75">[75]</a><a href="#cite_note-76">[76]</a> Critics included Senator <a href="/wiki/Bernie_Sanders" title="Bernie Sanders">Bernie Sanders</a>,<a href="#cite_note-77">[77]</a> Former Arkansas Governor <a href="/wiki/Mike_Huckabee" title="Mike Huckabee">Mike Huckabee</a>, Congressman <a href="/wiki/Ron_Paul" title="Ron Paul">Ron Paul</a>, <a href="/wiki/Libertarian_Party_(United_States)" title="Libertarian Party (United States)">Libertarian</a> presidential candidate <a href="/wiki/Bob_Barr" title="Bob Barr">Bob Barr</a>, and Senators <a href="/wiki/Christopher_Dodd" class="mw-redirect" title="Christopher Dodd">Christopher Dodd</a>, <a href="/wiki/Richard_Shelby" title="Richard Shelby">Richard Shelby</a>, and <a href="/wiki/Jim_Bunning" title="Jim Bunning">Jim Bunning</a>.<a href="#cite_note-Washington_Post-Senate_coverage-2008-09-23-78">[78]</a><a href="#cite_note-79">[79]</a><a href="#cite_note-80">[80]</a><a href="#cite_note-81">[81]</a><a href="#cite_note-82">[82]</a> In a <a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">Wall Street Journal</a> opinion piece, Senator <a href="/wiki/Hillary_Clinton" title="Hillary Clinton">Hillary Clinton</a> advocated addressing the rate of mortgage defaults and foreclosures that ignited this crisis, not just bailing out Wall Street firms: "If we do not take action to address the crisis facing borrowers, we'll never solve the crisis facing lenders." She proposed a new <a href="/wiki/Home_Owners%27_Loan_Corporation" title="Home Owners' Loan Corporation">Home Owners' Loan Corporation</a> (HOLC), similar to that used after the Depression and which was launched in 1933. The new HOLC was to administer a national program to help homeowners refinance their mortgages. She also called for a moratorium on foreclosures and freezing of rate hikes in adjustable-rate mortgages.<a href="#cite_note-online1-83">[83]</a> <a href="/wiki/Barack_Obama" title="Barack Obama">Barack Obama</a>, the Democratic presidential candidate, said that any bailout had to include plans to recover the money, protect working families and big financial institutions, and be crafted to prevent such a crisis from happening again.<a href="#cite_note-84">[84]</a> <div class="mw-heading mw-heading4"><h4 id="Financiers">Financiers</h4>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=14" title="Edit section: Financiers">edit</a>]</div> Former <a href="/wiki/Federal_Reserve_Chairman" class="mw-redirect" title="Federal Reserve Chairman">Federal Reserve Chairman</a> <a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Alan Greenspan</a> supported the Paulson plan.<a href="#cite_note-hero-85">[85]</a> Investor <a href="/wiki/Warren_Buffett" title="Warren Buffett">Warren Buffett</a> says he could put in $10B plus $90B <a href="/wiki/Nonrecourse_debt" title="Nonrecourse debt">nonrecourse debt</a>; that is, without having to repay beyond $10B if mortgages did not repay. (This is 10 to 1 <a href="/wiki/Leverage_(finance)" title="Leverage (finance)">leverage</a>, 10 times upside with 1 times downside.) He also said that the government should pay market price, which may be below the carry value.<a href="#cite_note-86">[86]</a> Buffett says "I would think they might insist on the directors of the institutions that participate in this program waiving all director's fees for a couple of years. They should, maybe, eliminate bonuses." Buffett says "if someone wants to sell a hundred billion of these instruments to the Treasury, let them sell two or three billion in the market and then have the Treasury match that, ... . You don't want the Treasury to be a <a href="/wiki/Patsy" title="Patsy">patsy</a>."<a href="#cite_note-87">[87]</a> Mr. Buffett's company owns financial companies which will benefit directly or indirectly. Investor <a href="/wiki/George_Soros" title="George Soros">George Soros</a> opposed the original Paulson plan: "Mr Paulson's proposal to purchase distressed mortgage-related securities poses a classic problem of asymmetric information. The securities are hard to value but the sellers know more about them than the buyer: in any auction process the Treasury would end up with the dregs. The proposal is also rife with latent conflict of interest issues. Unless the Treasury overpays for the securities, the scheme would not bring relief." – but called <a href="/wiki/Barack_Obama" title="Barack Obama">Barack Obama</a>'s list of conditions for the plan "the right principles".<a href="#cite_note-88">[88]</a> Other critics included <a href="/wiki/Carl_Icahn" title="Carl Icahn">Carl Icahn</a><a href="#cite_note-hero-85">[85]</a> <a href="/wiki/Jim_Rogers" title="Jim Rogers">Jim Rogers</a>,<a href="#cite_note-89">[89]</a> and <a href="/wiki/William_Seidman" class="mw-redirect" title="William Seidman">William Seidman</a>. Seidman compared the bailout with action he and his team at the <a href="/wiki/Resolution_Trust_Corporation" title="Resolution Trust Corporation">Resolution Trust Corporation</a> took during the <a href="/wiki/Savings_and_loan_crisis" title="Savings and loan crisis">savings and loan crisis</a> of the 1980s: "What we did, we took over the bank, nationalized it, fired the management, took out the bad assets and put a good bank back in the system."<a href="#cite_note-90">[90]</a> <div class="mw-heading mw-heading4"><h4 id="Economists">Economists</h4>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=15" title="Edit section: Economists">edit</a>]</div> <div><ul><li>In an open letter sent to Congress on September 24, over 100 university <a href="/wiki/Economist" title="Economist">economists</a> expressed "great concern for the plan proposed by Treasury Secretary Paulson". The letter, endorsed within a few days by 231 economists at American universities, has been described as "the emerging consensus from academic economists".<a href="#cite_note-91">[91]</a> Its authors described three "fatal pitfalls" they perceived in the plan as it was initially proposed: <div><ol><li>Its fairness. The plan is a subsidy to investors at taxpayers' expense. Investors who took risks to earn profits must also bear the losses. [...] The government can ensure a well-functioning financial industry [...] without bailing out particular investors and institutions whose choices proved unwise.</li><li>Its ambiguity. Neither the mission of the new agency nor its oversight are clear. If taxpayers are to buy illiquid and opaque assets from troubled sellers, the terms, occasions, and methods of such purchases must be crystal clear ahead of time and carefully monitored afterwards.</li><li>Its long-term effects. If the plan is enacted, its effects will be with us for a generation. For all their recent troubles, America's dynamic and innovative private capital markets have brought the nation unparalleled prosperity. Fundamentally weakening those markets in order to calm short-run disruptions is desperately short-sighted.<a href="#cite_note-92">[92]</a></li></ol></div></li><li>Nobel Prize-winning economist <a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a> strongly criticized the bill in an article written for <a href="/wiki/The_Nation" title="The Nation">The Nation</a>.<a href="#cite_note-93">[93]</a></li><li>Economist, New York Times columnist and Nobel laureate <a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a> recommended that, instead of purchasing the assets, equity capital could be provided to the banks directly in exchange for <a href="/wiki/Preferred_stock" title="Preferred stock">preferred stock</a>. This would strengthen the financial position of the banks, encouraging them to lend. Dividends would be paid to the government on the preferred shares. This would be similar to what happened during the <a href="/wiki/Savings_and_loan_crisis" title="Savings and loan crisis">savings and loan crisis</a> and with the <a href="/wiki/Federal_takeover_of_Fannie_Mae_and_Freddie_Mac" title="Federal takeover of Fannie Mae and Freddie Mac">GSE bailout</a>. This avoids the valuation questions involved in the direct purchase of MBS.<a href="#cite_note-nytimes1-94">[94]</a> This is an approach based on the 1990s <a href="/wiki/Swedish_banking_rescue" class="mw-redirect" title="Swedish banking rescue">Swedish banking rescue</a>.<a href="#cite_note-krugman1-95">[95]</a></li><li>The first half of the bailout money was primarily used to buy preferred stock in banks instead of troubled mortgage assets. This has led some economists to argue that buying preferred stock will be far less effective in getting banks to lend efficiently than buying common stock.<a href="#cite_note-abstract1-96">[96]</a><a href="#cite_note-abstract2-97">[97]</a></li><li>Soon after, a study published in 2009 shows that market's reaction to the announcement of a rescue plan is positive independently to the type of the intervention. It indicates that a timely bad plan could be better than an untimely good one.<a href="#cite_note-98">[98]</a></li></ul></div> In hindsight, economists generally agree that unemployment would have been significantly higher without the program.<a href="#cite_note-99">[99]</a> <div class="mw-heading mw-heading4"><h4 id="Journalists_2">Journalists</h4>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=16" title="Edit section: Journalists">edit</a>]</div> <ul><li><a href="/wiki/The_Economist" title="The Economist">The Economist</a> magazine said that although "Mr Paulson's plan is not perfect ... it is good enough" and that "Congress should pass it—and soon."<a href="#cite_note-100">[100]</a></li> <li>"The deal proposed by Paulson is nothing short of outrageous. It includes no oversight of his own closed-door operations. It merely gives congressional blessing and funding to what he has already been doing, ad hoc." - <a href="/wiki/Robert_Kuttner" title="Robert Kuttner">Robert Kuttner</a><a href="#cite_note-American_Prospect-Kuttner-2008-09-23-101">[101]</a></li> <li>Journalist <a href="/wiki/Rosalind_Resnick" title="Rosalind Resnick">Rosalind Resnick</a> favors a hypothetical scenario in which "consumers and businesses would be able to borrow at the fed funds rate at 2 percent, just like the big banks do. This means that every cash-strapped homeowner would be able to refinance his mortgage and cut his payments in half, saving thousands of homes from foreclosure. Consumers could also refinance their credit card balances, auto loans and other debt at interest rates they can afford" and that this plan "would cost U.S. taxpayers absolutely nothing."<a href="#cite_note-102">[102]</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Alternative_proposals">Alternative proposals</h2>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=17" title="Edit section: Alternative proposals">edit</a>]</div> Suggested alternative approaches to address the issues underlying the <a href="/wiki/2007%E2%80%932008_financial_crisis" class="mw-redirect" title="2007–2008 financial crisis">2007–2008 financial crisis</a> included: mortgage assistance proposals try to increase the value of the asset base while limiting the disruption of foreclosure; bank recapitalization through equity investment by the government; asset liquidity approaches to engage market mechanisms for valuing troubled assets; and financial market reforms promoting transparency and conservatism to restore trust by market investors. <div class="mw-heading mw-heading3"><h3 id="Mortgage_assistance">Mortgage assistance</h3>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=18" title="Edit section: Mortgage assistance">edit</a>]</div> <ul><li>Conservative Republican Representatives offered a mortgage insurance plan as an alternative to the bailout.<a href="#cite_note-103">[103]</a> There had been speculation that U.S. Senator <a href="/wiki/John_McCain" title="John McCain">John McCain</a> may have supported this plan<a href="#cite_note-104">[104]</a> but this was not confirmed.</li> <li>Senator <a href="/wiki/Hillary_Clinton" title="Hillary Clinton">Hillary Clinton</a> proposed a new <a href="/wiki/Home_Owners%27_Loan_Corporation" title="Home Owners' Loan Corporation">Home Owners' Loan Corporation</a> (HOLC), similar to that used after the Depression, which was launched in 1933. The new HOLC would administer a national program to help homeowners refinance their mortgages. She also called for a moratorium on foreclosures and freezing of rate hikes in adjustable rate mortgages.<a href="#cite_note-online1-83">[83]</a></li> <li>Jonathan Koppell, Associate Professor of Politics and Management at the <a href="/wiki/Yale_School_of_Management" title="Yale School of Management">Yale School of Management</a>, recommended assisting homeowners by lowering interest rates on loans in default. The money spent would be repaid from profits when the homes eventually sell after the housing market has recovered.<a href="#cite_note-105">[105]</a><a href="#cite_note-106">[106]</a></li></ul> <div class="mw-heading mw-heading3"><h3 id="Bank_recapitalization">Bank recapitalization</h3>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=19" title="Edit section: Bank recapitalization">edit</a>]</div> <ul><li>A ten-point plan by <a href="/wiki/New_York_University" title="New York University">New York University</a> economist <a href="/wiki/Nouriel_Roubini" title="Nouriel Roubini">Nouriel Roubini</a> went beyond a <a href="/wiki/Home_Owners%27_Loan_Corporation" title="Home Owners' Loan Corporation">Home Owners' Loan Corporation</a> to include recreating a combination of a <a href="/wiki/Resolution_Trust_Corporation" title="Resolution Trust Corporation">Resolution Trust Corporation</a>, and a <a href="/wiki/Reconstruction_Finance_Corporation" title="Reconstruction Finance Corporation">Reconstruction Finance Corporation</a>.<a href="#cite_note-107">[107]</a> Roubini has advocated bank recapitalization (by providing cash in exchange for preferred shares) and suspending all dividend payments.<a href="#cite_note-web.archive-108">[108]</a></li> <li>Economist <a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a> recommended equity investments in the banks, an approach similar to what happened during the <a href="/wiki/Savings_and_loan_crisis" title="Savings and loan crisis">S&L crisis</a>, the <a href="/wiki/Federal_takeover_of_Fannie_Mae_and_Freddie_Mac" title="Federal takeover of Fannie Mae and Freddie Mac">GSE bailout</a>, and the 1990s <a href="/wiki/Swedish_banking_rescue" class="mw-redirect" title="Swedish banking rescue">Swedish banking rescue</a>. This avoids the valuation questions involved in the direct purchase of MBS.<a href="#cite_note-nytimes1-94">[94]</a><a href="#cite_note-krugman1-95">[95]</a></li> <li>The first half of the bailout money was primarily used to buy preferred stock in banks instead of troubled mortgage assets. This has led some economists to argue that buying preferred stock will be far less effective than buying common stock.<a href="#cite_note-abstract1-96">[96]</a><a href="#cite_note-abstract2-97">[97]</a></li> <li>Luigi Zingales, Professor of Entrepreneurship and Finance at the <a href="/wiki/University_of_Chicago" title="University of Chicago">University of Chicago</a>, proposed a special chapter of the bankruptcy code to convert banks' debt to equity which would improve capital adequacy ratios and enable a return to lending.<a href="#cite_note-109">[109]</a></li> <li><a href="/wiki/Janet_Tavakoli" title="Janet Tavakoli">Janet Tavakoli</a>, a financial consultant and a former adjunct professor of derivatives at the University of Chicago's Graduate School of Business, criticized the bailout because in her view it hides problems and continues price uncertainty. She also advocates forced restructuring, with a combination of debt forgiveness and debt for equity swaps, rather than a bailout.<a href="#cite_note-110">[110]</a><a href="#cite_note-111">[111]</a></li></ul> <div class="mw-heading mw-heading3"><h3 id="Asset_liquidity">Asset liquidity</h3>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=20" title="Edit section: Asset liquidity">edit</a>]</div> <ul><li>Christopher Ricciardi, former <a href="/wiki/Merrill_Lynch" class="mw-redirect" title="Merrill Lynch">Merrill Lynch</a> banker, wrote a letter to Secretary Paulson proposing alternatively that the government should be backing some troubled assets to encourage private investors to purchase them — as opposed to the direct purchase of troubled assets from financial institutions.<a href="#cite_note-112">[112]</a></li> <li>Investor <a href="/wiki/Warren_Buffett" title="Warren Buffett">Warren Buffett</a> believed the government should pay market price for the assets rather than an artificially high hold-to-maturity price. The market price would be determined by selling a portion of the assets to private investors.<a href="#cite_note-113">[113]</a></li></ul> <div class="mw-heading mw-heading3"><h3 id="Financial_market_reform">Financial market reform</h3>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=21" title="Edit section: Financial market reform">edit</a>]</div> <ul><li><a href="/wiki/Dominique_Strauss-Kahn" title="Dominique Strauss-Kahn">Dominique Strauss-Kahn</a>, Managing Director of the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a>, recommended three near-term actions to assist banks: provision of liquidity, purchase of distressed assets, and recapitalization. In addition, he argued for addressing the structural issues with more prudential regulation, better accounting rules, and more transparency.<a href="#cite_note-114">[114]</a></li></ul> <div class="mw-heading mw-heading3"><h3 id="Monetary_consensus_reform">Monetary consensus reform</h3>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=22" title="Edit section: Monetary consensus reform">edit</a>]</div> This process consisted of nationalizing most of the private industries.[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] The short-term effects were evidently costly, but the beneficiary repercussions were vastly favorable to a sustainable economic future.[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] <ol><li>Nationalize the federal reserve.</li> <li>Deregulate the corporate image of the United States.</li> <li>The rest of the proposal were equated with different variables and would have been acted upon according to the circumstances.</li></ol> According to Jon Daemon, the proposal was dismissed by bureaucrats and lobbyist in accordance to the private banks and federal reserve dispatchers.<a href="#cite_note-web.archive-108">[108]</a> <div class="mw-heading mw-heading2"><h2 id="Legislative_history">Legislative history</h2>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=23" title="Edit section: Legislative history">edit</a>]</div> Over the weekend (September 27–28), Congress continued to develop the proposal. That next Monday, the House put the resulting effort, the Emergency Economic Stabilization Act of 2008, to a vote. It did not pass. US stock markets dropped 8 percent, the largest percentage drop since <a href="/wiki/Black_Monday_(1987)" title="Black Monday (1987)">Black Monday in 1987</a>. Congressional leaders, including both presidential candidates, started working with the Bush Administration and the Treasury department on key negotiation points as they worked to finalize the plan. Key items under discussion included:<a href="#cite_note-Vekshin-115">[115]</a><a href="#cite_note-Rowley-116">[116]</a> <ul><li>Additional foreclosure avoidance and homeowner assistance</li> <li>Executive pay limits</li> <li>Government equity interests in firms participating in program, to provide additional taxpayer protection</li> <li>Judicial review, Congressional oversight and right to audit</li> <li>Structure and authority of the entities that will manage the program</li></ul> <div class="mw-heading mw-heading3"><h3 id="First_House_vote,_September_29">First House vote, September 29</h3>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=24" title="Edit section: First House vote, September 29">edit</a>]</div> Just after midnight Sunday, September 28, leaders of the Senate and House, along with Treasury Secretary Paulson, announced a tentative deal had been reached to permit the government purchase of up to $700 billion in mortgage backed securities to provide liquidity to the security holders, and to stabilize U.S. financial firms and markets. The bill was made final later that Monday morning.<a href="#cite_note-HCFS-Amendment_to_HR3997-2008-09-29-6">[6]</a><a href="#cite_note-117">[117]</a> A debate and vote was scheduled for the House for Monday, September 29, to be followed by a Senate debate on Wednesday.<a href="#cite_note-118">[118]</a> In an early morning news conference, on Monday September 29, President George W. Bush expressed confidence that the bill would pass Congress, and that it would provide relief to the U.S. economy. A number of House Republicans remained opposed to the deal and intended to vote against it.<a href="#cite_note-119">[119]</a><a href="#cite_note-120">[120]</a><a href="#cite_note-121">[121]</a> That same day, the legislation for the bailout was put before the <a href="/wiki/United_States_House_of_Representatives" title="United States House of Representatives">United States House of Representatives</a> and failed 205–228, with one not voting. Democrats voted 140–95 in favor of the legislation, while Republicans voted 133–65 against it.<a href="#cite_note-Bloomberg-Vekshin-2008-09-29-122">[122]</a><a href="#cite_note-123">[123]</a><a href="#cite_note-124">[124]</a> During the legislative session, at the conclusion of the vote, the presiding chair declared the measure, HR3997, to be unfinished business.<a href="#cite_note-House_Clerk-Legislative_Dat-2008-09-29-125">[125]</a> House Speaker <a href="/wiki/Nancy_Pelosi" title="Nancy Pelosi">Nancy Pelosi</a> said at a press conference after the vote: "The legislation has failed. The crisis has not gone away. We must continue to work in a bipartisan manner."<a href="#cite_note-NYT-Hulse-2008-09-29-126">[126]</a> Senate Banking Committee Chairman <a href="/wiki/Christopher_Dodd" class="mw-redirect" title="Christopher Dodd">Christopher Dodd</a>, a <a href="/wiki/Connecticut" title="Connecticut">Connecticut</a> Democrat, appearing at a joint press conference with Senator <a href="/wiki/Judd_Gregg" title="Judd Gregg">Judd Gregg</a>, a <a href="/wiki/New_Hampshire" title="New Hampshire">New Hampshire</a> Republican, said a bailout plan could still pass Congress. Dodd said: "We don't intend to leave here without the job being done. While it may take another few days, we're confident that can happen."<a href="#cite_note-Bloomberg-Vekshin-2008-09-29-122">[122]</a> <div class="mw-heading mw-heading4"><h4 id="Market_reaction_to_September_29_vote">Market reaction to September 29 vote</h4>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=25" title="Edit section: Market reaction to September 29 vote">edit</a>]</div> Following the House vote, the <a href="/wiki/Dow_Jones_Industrial_Average" title="Dow Jones Industrial Average">Dow Jones Industrial Average</a> dropped over 777 points in a single day, its <a href="/wiki/List_of_largest_daily_changes_in_the_Dow_Jones_Industrial_Average" title="List of largest daily changes in the Dow Jones Industrial Average">largest single-day point drop</a> until 2018.<a href="#cite_note-127">[127]</a> The $1.2 trillion loss in market value received much media attention, although it still does not rank among the index's ten largest drops in percentage terms. The S & P lost 8.8%, its seventh worst day in percentage terms and its worst day since <a href="/wiki/Black_Monday_(1987)" title="Black Monday (1987)">Black Monday</a> in 1987. The NASDAQ composite also had its worst day since Black Monday, losing 9.1% in its third worst day ever. The <a href="/wiki/TED_spread" title="TED spread">TED spread</a>, the difference between what banks charge each other for a three-month loan and what the Treasury charges, hit a 26-year high of 3.58%; a higher rate for inter bank loans than Treasury loans is a sign that banks fear that their fellow banks won't be able to pay off their debts. Meanwhile, the price of U.S. <a href="/wiki/Light_crude_oil" title="Light crude oil">light crude oil</a> for November delivery fell $10.52 to $96.37 a barrel, its second largest one-day drop ever, on expectations of an economic slowdown reducing oil consumption and demand.<a href="#cite_note-crushed-128">[128]</a> The Dow Jones industrial average recovered 485 points or about 62% of the entire loss the very next day.<a href="#cite_note-NYT-Hulse-2008-10-01-129">[129]</a> Markets, which had expected the bill to pass and had moved on to debating whether it would be sufficient, were already skittish after news that <a href="/wiki/Wachovia_Bank" class="mw-redirect" title="Wachovia Bank">Wachovia Bank</a> was being bought out by <a href="/wiki/Citigroup" title="Citigroup">Citigroup</a> to avoid collapse. The events were compounded by news from Europe that Dutch-Belgian <a href="/wiki/Fortis_Bank" class="mw-redirect" title="Fortis Bank">Fortis Bank</a> was given a $16.4 billion lifeline to avoid collapse, failing British bank <a href="/wiki/Bradford_%26_Bingley" title="Bradford & Bingley">Bradford & Bingley</a> was nationalized, and Germany extended banking and real estate giant <a href="/wiki/Hypo_Real_Estate" title="Hypo Real Estate">Hypo Real Estate</a> billions to ensure its survival.<a href="#cite_note-crushed-128">[128]</a> Later in October, after the bill had been passed, the Dow Jones Industrial Average would drop by more in <a href="/wiki/List_of_largest_daily_changes_in_the_Dow_Jones_Industrial_Average" title="List of largest daily changes in the Dow Jones Industrial Average">percentage terms</a>, and market volatility remained at historically high levels, as measured by the <a href="/wiki/VIX" title="VIX">VIX</a>. <div class="mw-heading mw-heading3"><h3 id="Senate_vote_October_1">Senate vote October 1</h3>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=26" title="Edit section: Senate vote October 1">edit</a>]</div> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:7bil-bailout-senateVOTE.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b5/7bil-bailout-senateVOTE.png/100px-7bil-bailout-senateVOTE.png" decoding="async" width="100" height="79" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b5/7bil-bailout-senateVOTE.png/150px-7bil-bailout-senateVOTE.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b5/7bil-bailout-senateVOTE.png/200px-7bil-bailout-senateVOTE.png 2x" data-file-width="393" data-file-height="310" /></a><figcaption><div class="center" style="width:auto; margin-left:auto; margin-right:auto;">74 yea – 21 nay</div></figcaption></figure> On Wednesday evening, October 1, 2008, the Senate debated and voted on a revised version of the Emergency Economic Stabilization Act of 2008 (EESA 2008). The legislation was framed as an amendment to <a href="/wiki/HR1424" class="mw-redirect" title="HR1424">HR1424</a>, substituting the entire bill with the newly revised text of the EESA 2008.<a href="#cite_note-Senate_CBHUA-Amend_HR1424-2008-10-01-12">[12]</a> The amendment was approved by a 74–25 vote, and the entire bill was also passed by the same margin, 74–25 (R: 34-15, D: 40-10).<a href="#cite_note-Senate_Vote-212-Amendment-130">[130]</a><a href="#cite_note-Senate_Vote-213-HR_1424-131">[131]</a> Only cancer-stricken Senator <a href="/wiki/Ted_Kennedy" title="Ted Kennedy">Ted Kennedy</a> did not vote. Under the legislative rule for the bill, sixty votes were required to approve the amendment and the bill.<a href="#cite_note-NYT-Hulse-Vote_count-2008-10-01-14">[14]</a><a href="#cite_note-NYT-Hulse-2008-10-01-129">[129]</a> A House leader accused the Senate of legislating "by blunt force" without public consent.<a href="#cite_note-132">[132]</a> Describing the Senate's reason for passing the bill, former Senator <a href="/wiki/Evan_Bayh" title="Evan Bayh">Evan Bayh</a> "described a scene from 2008 where Ben Bernanke warned senators that the sky would collapse if the banks weren't rescued. 'We looked at each other,' said Bayh, 'and said, okay, what do we need.'"<a href="#cite_note-133">[133]</a> <div class="mw-heading mw-heading3"><h3 id="Second_House_vote,_October_3">Second House vote, October 3</h3>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=27" title="Edit section: Second House vote, October 3">edit</a>]</div> <figure class="mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:7bil-bailout-house2ndVOTE.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/ce/7bil-bailout-house2ndVOTE.png/100px-7bil-bailout-house2ndVOTE.png" decoding="async" width="100" height="80" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/ce/7bil-bailout-house2ndVOTE.png/150px-7bil-bailout-house2ndVOTE.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/ce/7bil-bailout-house2ndVOTE.png/200px-7bil-bailout-house2ndVOTE.png 2x" data-file-width="392" data-file-height="313" /></a><figcaption><div class="center" style="width:auto; margin-left:auto; margin-right:auto;">263 yea – 171 nay</div></figcaption></figure> The revised <a href="/wiki/HR1424" class="mw-redirect" title="HR1424">HR1424</a> was received from the Senate by the House, and on October 3, it voted 263-171 to enact the bill into law. Democrats voted 172 to 63 in favor of the legislation, while Republicans voted 108 to 91 against it; overall, 33 Democrats and 24 Republicans who had previously voted against the bill supported it on the second vote.<a href="#cite_note-LOC-THOMAS-HR1424-11">[11]</a><a href="#cite_note-NYT-Herszenhorn-2008-10-03-17">[17]</a> President Bush signed the bill into law within hours of its enactment, creating a <a href="/wiki/$700_billion_dollar_Treasury_fund" class="mw-redirect" title="$700 billion dollar Treasury fund">$700 billion dollar Treasury fund</a> to purchase failing bank assets.<a href="#cite_note-autogenerated1-134">[134]</a> The revised plan left the $700 billion bailout intact and appended a stalled tax bill.<a href="#cite_note-NYT-Hulse-2008-10-01-129">[129]</a> The law has three major divisions, Division A: the Emergency Economic Stabilization Act of 2008; Division B: Energy Improvement and Extension Act of 2008, and Division C: the Tax Extenders and Alternative Minimum Tax Relief Act of 2008.<a href="#cite_note-LOC-THOMAS-HR1424-11">[11]</a> The tax part of the law has provisions that will have a net expenditure of $100 billion over 10 years. It had been stalled due to a disagreement between Democrats that did not want to increase spending without a corresponding increase in taxes and Republicans, who were adamantly opposed to any tax increases. <div class="mw-heading mw-heading2"><h2 id="Key_items_in_the_legislation">Key items in the legislation</h2>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=28" title="Edit section: Key items in the legislation">edit</a>]</div> On October 3, 2008, the Emergency Economic Stabilization Act became law with the signing of <a href="/wiki/Public_Law_110-343" title="Public Law 110-343">Public Law 110-343</a>, which included the act.<a href="#cite_note-135">[135]</a> Below is a list of key items and how the legislation deals with them. <div class="mw-heading mw-heading3"><h3 id="Interest_on_bank_deposits_held_by_the_Federal_Reserve">Interest on bank deposits held by the Federal Reserve</h3>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=29" title="Edit section: Interest on bank deposits held by the Federal Reserve">edit</a>]</div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Graph_composition_proportions_under_dollars_saved.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/en/thumb/6/6a/Graph_composition_proportions_under_dollars_saved.png/220px-Graph_composition_proportions_under_dollars_saved.png" decoding="async" width="220" height="78" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/6/6a/Graph_composition_proportions_under_dollars_saved.png/330px-Graph_composition_proportions_under_dollars_saved.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/6/6a/Graph_composition_proportions_under_dollars_saved.png/440px-Graph_composition_proportions_under_dollars_saved.png 2x" data-file-width="769" data-file-height="273" /></a><figcaption>Reserve balances began increasing at the beginning of September 2008, just after the <a href="/wiki/2008_Democratic_National_Convention" title="2008 Democratic National Convention">Democratic</a> and <a href="/wiki/2008_Republican_National_Convention" title="2008 Republican National Convention">Republican national conventions</a>, and just before the <a href="/wiki/Bankruptcy_of_Lehman_Brothers" title="Bankruptcy of Lehman Brothers">bankruptcy of Lehman Brothers</a> and the <a href="/wiki/United_States_presidential_election_debates,_2008" class="mw-redirect" title="United States presidential election debates, 2008">presidential debates</a>.</figcaption></figure> Although the original bill proposed as late as September 20 contained no such provision,<a href="#cite_note-plan0920nyt-24">[24]</a> Section 128 of the Act allowed the <a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">Federal Reserve System</a> (the Fed) to begin paying banks a high <a href="/wiki/Interest_rate" title="Interest rate">interest rate</a> on their deposits held for <a href="/wiki/Reserve_requirement" title="Reserve requirement">reserve requirements</a>. It reads: <div class="center" style="width:auto; margin-left:auto; margin-right:auto;">Sec. 128. Acceleration of Effective Date.</div> <dl><dd>Section 203 of the <a rel="nofollow" class="external text" href="https://www.govtrack.us/congress/billtext.xpd?bill=s109-2856">Financial Services Regulatory Relief Act of 2006</a> (<a rel="nofollow" class="external text" href="https://www.law.cornell.edu/uscode/12/461.html">12 U.S.C. 461</a>) is amended by striking `October 1, 2011' and inserting `October 1, 2008'.</dd></dl> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:EESA128.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/90/EESA128.png/220px-EESA128.png" decoding="async" width="220" height="235" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/90/EESA128.png/330px-EESA128.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/90/EESA128.png/440px-EESA128.png 2x" data-file-width="500" data-file-height="535" /></a><figcaption>Reserve balances with U.S. Federal Reserve Banks, 1995-2008 and 2008, in billions of U.S. dollars</figcaption></figure> The Fed announced that it would begin paying such increased interest on both reserve and <a href="/wiki/Excess_reserves" title="Excess reserves">excess reserve</a> balances on October 6, 2008.<a href="#cite_note-136">[136]</a> Banks immediately increased the amount of their money on deposit with the Fed, up from about $10 billion total at the end of August 2008, to $880 billion by the end of the second week of January 2009.<a href="#cite_note-137">[137]</a><a href="#cite_note-138">[138]</a> In comparison, the increase in reserve balances reached only $65 billion (~$107 billion in 2023) after September 11, 2001, before falling back to normal levels within a month. The U.S. Treasury Department explained the changes, saying: <blockquote>The Federal Reserve will continue to take a leadership role with respect to liquidity in our markets. It is committed to using all of the tools at its disposal to provide the increased liquidity that is now required for the effective functioning of financial markets. In this regard, the authority to pay interest on reserves that was provided by EESA is essential, because it allows the Federal Reserve to expand its balance sheet as necessary to support financial stability while conducting a monetary policy that promotes the Federal Reserve's macroeconomic objectives of maximum employment and stable prices. The Federal Reserve and the Treasury Department are consulting with market participants on ways to provide additional support for term unsecured funding markets.<a href="#cite_note-139">[139]</a></blockquote> Reactions to the change were mixed, with banks generally approving of their new ability to earn high interest without risk on funds that they would otherwise need to use to extend credit in order to make a profit for their shareholders, while those involved in the <a href="/wiki/Commercial_paper" title="Commercial paper">commercial paper</a> markets, the <a href="/wiki/Primary_sector_of_the_economy" title="Primary sector of the economy">primary</a> and <a href="/wiki/Secondary_sector_of_the_economy" title="Secondary sector of the economy">secondary sectors</a> of the goods and services economy, <a href="/wiki/Shipping" class="mw-redirect" title="Shipping">shipping</a>, and others depending on the liquidity of credit from banks were more skeptical of the further pressure against credit availability in the midst of the ongoing <a href="/wiki/Credit_crunch" title="Credit crunch">credit liquidity crisis</a>.<a href="#cite_note-140">[140]</a><a href="#cite_note-141">[141]</a> The day after the change was announced, on October 7, Fed Chairman <a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Ben Bernanke</a> expressed some confusion about it, saying, "We're not quite sure what we have to pay in order to get the market rate, which includes some credit risk, up to the target. We're going to experiment with this and try to find what the right spread is."<a href="#cite_note-FedRaisesRate-142">[142]</a> The Fed adjusted the rate on October 22, after the initial rate they set October 6 failed to keep the benchmark U.S. overnight interest rate close to their policy target,<a href="#cite_note-FedRaisesRate-142">[142]</a><a href="#cite_note-143">[143]</a> and again on November 5 for the same reason.<a href="#cite_note-144">[144]</a> Beginning December 18, the Fed directly established interest rates paid on required reserve balances and <a href="/wiki/Excess_reserves" title="Excess reserves">excess balances</a> instead of specifying them with a formula based on the target <a href="/wiki/Fed_funds_rate" class="mw-redirect" title="Fed funds rate">federal funds rate</a>.<a href="#cite_note-145">[145]</a><a href="#cite_note-146">[146]</a><a href="#cite_note-147">[147]</a> The government issued $400 billion of short-term debt intended to help replace the $1.8 trillion commercial paper market which was wiped out by the change,<a href="#cite_note-148">[148]</a> (exacerbated by <a href="/wiki/Money_market" title="Money market">money market</a> funds' sudden refusal to support commercial paper as well) but the world economy began to <a href="/wiki/Deflation" title="Deflation">deflate</a> as international shipping, dependent on commercial paper, slowed in some regions to a few percent of levels prior to the change.<a href="#cite_note-149">[149]</a><a href="#cite_note-150">[150]</a> The FDIC announced a new program on October 14, under which newly issued senior unsecured debt issued on or before June 30, 2009, would be fully protected in the event the issuing institution subsequently fails, or its holding company files for bankruptcy.<a href="#cite_note-151">[151]</a> The FDIC program is expected to cover about $1.4 (~$1.93 trillion in 2023) trillion of bank debt.<a href="#cite_note-152">[152]</a> The <a href="/wiki/Congressional_Budget_Office" title="Congressional Budget Office">Congressional Budget Office</a> estimated that payment of interest on reserve balances would cost the American taxpayers about one tenth of the present 0.25% interest rate on $800 billion in deposits: <table class="wikitable" style="margin:1em auto 1em auto;"> <caption>Estimated budgetary effects<a href="#cite_note-153">[153]</a> </caption> <tbody><tr> <th>Year</th> <th>2006</th> <th>2007</th> <th>2008</th> <th>2009</th> <th>2010</th> <th>2011</th> <th>2012</th> <th>2013</th> <th>2014</th> <th>2015</th> <th>2016 </th></tr> <tr> <th>Millions of dollars</th> <th>0</th> <th>-192</th> <th>-192</th> <th>-202</th> <th>-212</th> <th>-221</th> <th>-242</th> <th>-253</th> <th>-266</th> <th>-293</th> <th>-308 </th></tr> <tr> <td colspan="12" style="text-align:center;">(Negative numbers represent expenditures; losses in revenue not included.) </td></tr></tbody></table> Those expenditures pale in comparison to the lost tax revenues worldwide resulting from decreasing economic activity due to damage to the short-term <a href="/wiki/Commercial_paper" title="Commercial paper">commercial paper</a> and associated credit markets. On January 7, 2009, the <a href="/wiki/Federal_Open_Market_Committee" title="Federal Open Market Committee">Federal Open Market Committee</a> decided that, "the size of the balance sheet and level of excess reserves would need to be reduced."<a href="#cite_note-154">[154]</a> On January 13, <a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Ben Bernanke</a> said, "In principle, the interest rate the Fed pays on bank reserves should set a floor on the overnight interest rate, as banks should be unwilling to lend reserves at a rate lower than they can receive from the Fed. In practice, the federal funds rate has fallen somewhat below the interest rate on reserves in recent months, reflecting the very high volume of excess reserves, the inexperience of banks with the new regime, and other factors. However, as excess reserves decline, financial conditions normalize, and banks adapt to the new regime, we expect the interest rate paid on reserves to become an effective instrument for controlling the federal funds rate."<a href="#cite_note-155">[155]</a> The same day, Financial Week said Mr. Bernanke admitted that a huge increase in banks' excess reserves is stifling the Fed's monetary policy moves and its efforts to revive private sector lending.<a href="#cite_note-156">[156]</a> On January 15, <a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">Chicago Fed</a> president and Federal Open Market Committee member Charles Evans said, "once the economy recovers and financial conditions stabilize, the Fed will return to its traditional focus on the federal funds rate. It also will have to scale back the use of emergency lending programs and reduce the size of the balance sheet and level of excess reserves. 'Some of this scaling back will occur naturally as market conditions improve on account of how these programs have been designed. Still, financial market participants need to be prepared for the eventual dismantling of the facilities that have been put in place during the financial turmoil,' he said."<a href="#cite_note-157">[157]</a> At the end of January 2009, excess reserve balances at the Fed stood at $793 billion<a href="#cite_note-158">[158]</a> but less than two weeks later on February 11, total reserve balances had fallen to $603 billion. On April 1, reserve balances had again increased to $806 billion, and late November 2009, they stood at $1.16 trillion.<a href="#cite_note-159">[159]</a> <div class="mw-heading mw-heading3"><h3 id="Management_of_the_Troubled_Asset_Relief_Program">Management of the Troubled Asset Relief Program</h3>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=30" title="Edit section: Management of the Troubled Asset Relief Program">edit</a>]</div> The bill authorizes the <a href="/wiki/United_States_Secretary_of_the_Treasury" title="United States Secretary of the Treasury">Secretary of the Treasury</a> to establish the <a href="/wiki/Troubled_Assets_Relief_Program" class="mw-redirect" title="Troubled Assets Relief Program">Troubled Assets Relief Program</a> to purchase troubled assets from financial institutions. The Office of Financial Stability is created within the <a href="/wiki/United_States_Department_of_the_Treasury" title="United States Department of the Treasury">Treasury Department</a> as the agency through which the Secretary will run the program. The Secretary is required to consult with the <a href="/wiki/Board_of_Governors_of_the_Federal_Reserve_System" class="mw-redirect" title="Board of Governors of the Federal Reserve System">Board of Governors of the Federal Reserve System</a>, the <a href="/wiki/Federal_Deposit_Insurance_Corporation" title="Federal Deposit Insurance Corporation">Federal Deposit Insurance Corporation</a>, the <a href="/wiki/Office_of_the_Comptroller_of_the_Currency" title="Office of the Comptroller of the Currency">Comptroller of the Currency</a>, the Director of the <a href="/wiki/Office_of_Thrift_Supervision" title="Office of Thrift Supervision">Office of Thrift Supervision</a>, and the <a href="/wiki/United_States_Secretary_of_Housing_and_Urban_Development" title="United States Secretary of Housing and Urban Development">Secretary</a> of <a href="/wiki/United_States_Department_of_Housing_and_Urban_Development" title="United States Department of Housing and Urban Development">Housing and Urban Development</a> when running the program.<a href="#cite_note-160">[160]</a><a href="#cite_note-161">[161]</a> <div class="mw-heading mw-heading4"><h4 id="Funding">Funding</h4>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=31" title="Edit section: Funding">edit</a>]</div> The bill authorizes $700 billion for the program. The Treasury Secretary has immediate access to the first $250 billion. Following that, an additional $100 billion can be authorized by the <a href="/wiki/President_of_the_United_States" title="President of the United States">President</a>. For the last $350 billion, the President must notify Congress of the intention to grant the additional funding to the Treasury; Congress then has 15 days to pass a resolution disallowing the authority. If Congress fails to pass a resolution opposing the funding within 15 days, or if the resolution passes, but is <a href="/wiki/Veto" title="Veto">vetoed</a> by the President, and Congress does not have enough votes to <a href="/wiki/Veto_override" class="mw-redirect" title="Veto override">override</a> the veto, the Treasury will receive the final $350 billion (~$486 billion in 2023).<a href="#cite_note-162">[162]</a><a href="#cite_note-163">[163]</a> <div class="mw-heading mw-heading4"><h4 id="Government_equity_interests_in_participating_firms">Government equity interests in participating firms</h4>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=32" title="Edit section: Government equity interests in participating firms">edit</a>]</div> The Treasury Secretary is required to obtain a <a href="/wiki/Warrant_(finance)" title="Warrant (finance)">financial warrant</a> guaranteeing the right to purchase <a href="/wiki/Non-voting_stock" title="Non-voting stock">non-voting stock</a> or, if the company is unable to issue a warrant, <a href="/wiki/Senior_debt" title="Senior debt">senior debt</a> from any firm participating in the program. The Secretary is allowed to make a <a href="/wiki/De_minimis" title="De minimis">de minimis</a> exception to the rule, but that exception may not exceed $100 million.<a href="#cite_note-breakdown-164">[164]</a><a href="#cite_note-165">[165]</a> <div class="mw-heading mw-heading4"><h4 id="Executive_pay_limits">Executive pay limits</h4>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=33" title="Edit section: Executive pay limits">edit</a>]</div> If the Treasury purchases assets directly from a company, and also receives a meaningful equity or debt position in that company, the company is not allowed to offer incentives that encourage "unnecessary and excessive risks" to its senior executives (that is, the top five executives).<a href="#cite_note-166">[166]</a> Also, the company is prohibited from making <a href="/wiki/Golden_parachute" title="Golden parachute">golden parachute</a> payments to a senior executive. Both of these prohibitions expire when the Treasury no longer holds an equity or debt position in that company. The company also is given "<a href="/wiki/Clawback" title="Clawback">clawback</a>" permission; that is, the opportunity to recover senior executive bonus or incentive pay based on earnings, gains, or other data that proves to be inaccurate.<a href="#cite_note-sonnenschein-167">[167]</a><a href="#cite_note-section111-168">[168]</a> If the Treasury purchases assets via auction, and that purchase exceeds $300 million, any new employment contract for a senior officer may not include a golden parachute provision in the case of involuntary termination, bankruptcy filing, <a href="/wiki/Insolvency" title="Insolvency">insolvency</a>, or <a href="/wiki/Receivership" title="Receivership">receivership</a>. This prohibition only applies to future contracts; golden parachutes already in place will remain unaffected.<a href="#cite_note-sonnenschein-167">[167]</a><a href="#cite_note-section111-168">[168]</a> In either scenario, no limits are placed on executive salary, and existing golden parachutes will not be altered.<a href="#cite_note-169">[169]</a> <div class="mw-heading mw-heading4"><h4 id="Foreclosure_avoidance_and_homeowner_assistance">Foreclosure avoidance and homeowner assistance</h4>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=34" title="Edit section: Foreclosure avoidance and homeowner assistance">edit</a>]</div> For <a href="/wiki/Mortgage_loan" class="mw-redirect" title="Mortgage loan">mortgages</a> involved in assets purchased by the Treasury Department, the Treasury Secretary is required to (1) implement a plan that seeks to maximize assistance for homeowners, and (2) encourage the servicers of the underlying mortgages to take advantage of the HOPE for Homeowners Program of the National Housing Act or other available programs to minimize <a href="/wiki/Foreclosure" title="Foreclosure">foreclosures</a>.<a href="#cite_note-breakdown-164">[164]</a> Furthermore, the Secretary is allowed to use loan guarantees and <a href="/wiki/Credit_enhancement" title="Credit enhancement">credit enhancements</a> to encourage loan modifications to avert foreclosure.<a href="#cite_note-170">[170]</a> The bill does not provide a mechanism to change the terms of a mortgage without the consent of any company holding a stake in that mortgage.<a href="#cite_note-171">[171]</a> Section 110: Assistance to Homeowners of the Emergency Economic Stabilization Act of 2008 "requires federal entities that hold mortgages and mortgage-backed securities to develop plans to minimize foreclosures".<a href="#cite_note-172">[172]</a> This $24 billion (~$33.4 billion in 2023) <a href="/wiki/Toxic_asset" title="Toxic asset">asset detoxification</a> plan was requested by <a href="/wiki/Federal_Deposit_Insurance_Corporation" title="Federal Deposit Insurance Corporation">Federal Deposit Insurance Corporation</a> Chair <a href="/wiki/Sheila_Bair" title="Sheila Bair">Sheila Bair</a>,<a href="#cite_note-173">[173]</a> but the Treasury did not use the provision. "The primary purpose of the bill was to protect our financial system from collapse," Secretary <a href="/wiki/Henry_Paulson" title="Henry Paulson">Henry Paulson</a> told the <a href="/wiki/House_Financial_Services_Committee" class="mw-redirect" title="House Financial Services Committee">House Financial Services Committee</a>, "The rescue package was not intended to be an economic stimulus or an economic recovery package."<a href="#cite_note-174">[174]</a> <div class="mw-heading mw-heading4"><h4 id="Judicial_review">Judicial review</h4>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=35" title="Edit section: Judicial review">edit</a>]</div> The bill establishes that actions taken by the Treasury Secretary regarding this program are subject to <a href="/wiki/Judicial_review" title="Judicial review">judicial review</a>,<a href="#cite_note-breakdown-164">[164]</a><a href="#cite_note-175">[175]</a> reversing the request for immunity made in the original Paulson proposal.<a href="#cite_note-176">[176]</a> <div class="mw-heading mw-heading4"><h4 id="Oversight">Oversight</h4>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=36" title="Edit section: Oversight">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Oversight_of_the_Troubled_Assets_Relief_Program" class="mw-redirect" title="Oversight of the Troubled Assets Relief Program">Oversight of the Troubled Assets Relief Program</a></div> Several oversight mechanisms are established by the bill. Contractors were also used to help manage the TARP funds.<a href="#cite_note-177">[177]</a><a href="#cite_note-178">[178]</a> The Financial Stability Oversight Board is created to review and make recommendations regarding the Treasury's actions.<a href="#cite_note-bailout101-179">[179]</a><a href="#cite_note-180">[180]</a> The members of the board are: <ul><li><a href="/wiki/Chairman_of_the_Federal_Reserve" class="mw-redirect" title="Chairman of the Federal Reserve">Chairman of the Board</a> of the <a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">Federal Reserve</a></li> <li><a href="/wiki/United_States_Secretary_of_the_Treasury" title="United States Secretary of the Treasury">Secretary</a> of the <a href="/wiki/United_States_Department_of_the_Treasury" title="United States Department of the Treasury">Treasury</a></li> <li>Director of the <a href="/wiki/Federal_Housing_Finance_Agency" title="Federal Housing Finance Agency">Federal Housing Finance Agency</a></li> <li>Chairman of the <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">Securities and Exchange Commission</a></li> <li><a href="/wiki/United_States_Secretary_of_Housing_and_Urban_Development" title="United States Secretary of Housing and Urban Development">Secretary</a> of the <a href="/wiki/United_States_Department_of_Housing_and_Urban_Development" title="United States Department of Housing and Urban Development">Department of Housing and Urban Development</a></li></ul> A Congressional Oversight Panel is created by the bill to review the state of the markets, current regulatory system, and the Treasury Department's management of the Troubled Asset Relief Program. The panel is required to report their findings to Congress every 30 days, counting from the first asset purchase made under the program. The panel must also submit a special report to Congress about regulatory reform on or before January 20, 2009.<a href="#cite_note-bailout101-179">[179]</a><a href="#cite_note-181">[181]</a> The panel consists of five outside experts appointed as follows: <ul><li>One member chosen by the <a href="/wiki/Speaker_of_the_United_States_House_of_Representatives" title="Speaker of the United States House of Representatives">Speaker of the House</a></li> <li>One member chosen by the <a href="/wiki/Party_leaders_of_the_United_States_House_of_Representatives" title="Party leaders of the United States House of Representatives">minority leader</a> of the House</li> <li>One member chosen by the <a href="/wiki/Party_leaders_of_the_United_States_Senate" title="Party leaders of the United States Senate">majority leader</a> of the Senate</li> <li>One member chosen by the <a href="/wiki/Party_leaders_of_the_United_States_Senate" title="Party leaders of the United States Senate">minority leader</a> of the Senate</li> <li>One member chosen by the Speaker of the House and the majority leader of the Senate, following consultation with the minority leaders of Congress</li></ul> The <a href="/wiki/Comptroller_General_of_the_United_States" title="Comptroller General of the United States">Comptroller General</a> (director of the <a href="/wiki/Government_Accountability_Office" title="Government Accountability Office">Government Accountability Office</a>) is required to monitor the performance of the program, and report findings to Congress every 60 days. The Comptroller General is also required to audit the program annually. The bill grants the Comptroller General access to all information, records, reports, data, etc. belonging to or in use by the program.<a href="#cite_note-Sweet-182">[182]</a><a href="#cite_note-183">[183]</a> The bill creates the Office of the Special Inspector General for the Troubled Asset Relief Program, appointed by the <a href="/wiki/President_of_the_United_States" title="President of the United States">President</a> and confirmed by the Senate. The Special Inspector General's purpose is to monitor, audit and investigate the activities of the Treasury in the administration of the program, and report findings to Congress every quarter.<a href="#cite_note-Sweet-182">[182]</a><a href="#cite_note-184">[184]</a> <div class="mw-heading mw-heading3"><h3 id="FDIC_insurance">FDIC insurance</h3>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=37" title="Edit section: FDIC insurance">edit</a>]</div> From the date of enactment of the bill (October 3, 2008) until December 31, 2009, the amount of <a href="/wiki/Deposit_insurance" title="Deposit insurance">deposit insurance</a> provided by the <a href="/wiki/Federal_Deposit_Insurance_Corporation" title="Federal Deposit Insurance Corporation">FDIC</a> is increased from $100,000 to $250,000.<a href="#cite_note-bailout101-179">[179]</a><a href="#cite_note-185">[185]</a> <div class="mw-heading mw-heading3"><h3 id="Budget-related_provisions">Budget-related provisions</h3>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=38" title="Edit section: Budget-related provisions">edit</a>]</div> Title II sets out guidelines for consultation and reporting between the Treasury Secretary, the Office of Management and Budget, and the Congressional Budget Office. <div class="mw-heading mw-heading3"><h3 id="Tax_provisions">Tax provisions</h3>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=39" title="Edit section: Tax provisions">edit</a>]</div> The bill makes the following changes to tax law. <ul><li>Qualified financial institutions may count losses on <a href="/wiki/FNMA" class="mw-redirect" title="FNMA">FNMA</a> and <a href="/wiki/FHLMC" class="mw-redirect" title="FHLMC">FHLMC</a> preferred stock against ordinary income, rather than capital gain income.</li> <li>New limitations are added on deductibility of executive compensation by corporations participating in the bailout.</li> <li>The mortgage debt forgiveness provision of the <a href="/wiki/Mortgage_Forgiveness_Debt_Relief_Act_of_2007" title="Mortgage Forgiveness Debt Relief Act of 2007">Mortgage Forgiveness Debt Relief Act of 2007</a> is extended by three years, so that it applies to debts forgiven through the year 2012.</li> <li>Extend the expiration date of the section 41 Research & Development Tax Credit from December 31, 2007, to December 31, 2009; also, increase the Alternative Simplified Credit percentage from 12% to 14%.</li></ul> <div class="mw-heading mw-heading2"><h2 id="Administration_of_the_law">Administration of the law</h2>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=40" title="Edit section: Administration of the law">edit</a>]</div> <a href="/wiki/CAMELS_ratings" class="mw-redirect" title="CAMELS ratings">CAMELS ratings</a> are being used by the <a href="/wiki/United_States" title="United States">United States</a> government to help it decide which banks to provide special help for and which to not as part of its capitalization program authorized by the Emergency Economic Stabilization Act of 2008.<a href="#cite_note-NYT-Dash-2008-11-01-186">[186]</a> The New York Times states: "The criteria being used to choose who gets money appears to be setting the stage for consolidation in the industry by favoring those most likely to survive" because the criteria appears to favor the financially best off banks and banks <a href="/wiki/Too_big_to_fail" title="Too big to fail">too big to let fail</a>. Some lawmakers are upset that the capitalization program will end up culling banks in their districts.<a href="#cite_note-NYT-Dash-2008-11-01-186">[186]</a> Known aspects of the capitalization program "suggest that the government may be loosely defining what constitutes healthy institutions. [... Banks] that have been profitable over the last year are the most likely to receive capital. Banks that have lost money over the last year, however, must pass additional tests. [...] They are also asking if a bank has enough capital and reserves to withstand severe losses to its construction loan portfolio, nonperforming loans and other troubled assets."<a href="#cite_note-NYT-Dash-2008-11-01-186">[186]</a> Some banks received capital with the understanding the banks would try to find a merger partner. To receive capital under the program banks are also "required to provide a specific business plan for the next two or three years and explain how they plan to deploy the capital."<a href="#cite_note-NYT-Dash-2008-11-01-186">[186]</a> <div class="mw-heading mw-heading2"><h2 id="Effects_on_national_debt">Effects on national debt</h2>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=41" title="Edit section: Effects on national debt">edit</a>]</div> The United States annual budget deficit for fiscal year 2009 surpassed $1 trillion. The original Paulson proposal would lift the United States federal debt ceiling by $700 billion, to $11.3 trillion from $10.6 trillion.<a href="#cite_note-187">[187]</a> <div class="mw-heading mw-heading2"><h2 id="Other_information">Other information</h2>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=42" title="Edit section: Other information">edit</a>]</div> A review of investor presentations and conference calls by executives of some two dozen US-based banks by The New York Times found that "few [banks] cited lending as a priority. An overwhelming majority saw the bailout program as a no-strings-attached windfall that could be used to pay down debt, acquire other businesses, or invest for the future."<a href="#cite_note-188">[188]</a> <div class="mw-heading mw-heading2"><h2 id="References">References</h2>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=43" title="Edit section: References">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-1"><a href="#cite_ref-1">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAndrew_Clark2008" class="citation news cs1">Andrew Clark (November 13, 2008). <a rel="nofollow" class="external text" href="https://www.theguardian.com/business/2008/nov/13/harry-paulson-banking-rescue-mortgage">"Paulson abandons plans to buy up America's toxic mortgage assets"</a>. <a href="/wiki/The_Guardian" title="The Guardian">The Guardian</a>. London. Retrieved November 15, 2008.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Guardian&rft.atitle=Paulson+abandons+plans+to+buy+up+America%27s+toxic+mortgage+assets&rft.date=2008-11-13&rft.au=Andrew+Clark&rft_id=https%3A%2F%2Fwww.theguardian.com%2Fbusiness%2F2008%2Fnov%2F13%2Fharry-paulson-banking-rescue-mortgage&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEmergency+Economic+Stabilization+Act+of+2008" class="Z3988"> </li> <li id="cite_note-2"><a href="#cite_ref-2">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDavid_Lawder2008" class="citation news cs1">David Lawder (November 12, 2008). <a rel="nofollow" class="external text" href="https://www.reuters.com/article/ousiv/idUSTRE4AB7P820081112">"U.S. backs away from plan to buy bad assets"</a>. <a href="/wiki/Reuters" title="Reuters">Reuters</a>. Retrieved November 15, 2008.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=U.S.+backs+away+from+plan+to+buy+bad+assets&rft.date=2008-11-12&rft.au=David+Lawder&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fousiv%2FidUSTRE4AB7P820081112&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEmergency+Economic+Stabilization+Act+of+2008" class="Z3988"> </li> <li id="cite_note-wsj1214-3"><a href="#cite_ref-wsj1214_3-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRyan_Tracy,_Julie_Steinberg_and_Telis_Demos2014" class="citation news cs1">Ryan Tracy, Julie Steinberg and Telis Demos (December 19, 2014). <a rel="nofollow" class="external text" href="https://www.wsj.com/articles/ally-financial-exits-tarp-as-treasury-sells-remaining-stake-1419000430">"Bank Bailouts Approach a Final Reckoning"</a>. The Wall Street Journal. Retrieved December 28, 2014.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Wall+Street+Journal&rft.atitle=Bank+Bailouts+Approach+a+Final+Reckoning&rft.date=2014-12-19&rft.au=Ryan+Tracy%2C+Julie+Steinberg+and+Telis+Demos&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fally-financial-exits-tarp-as-treasury-sells-remaining-stake-1419000430&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEmergency+Economic+Stabilization+Act+of+2008" class="Z3988"> </li> <li id="cite_note-4"><a href="#cite_ref-4">^</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20081003212714/http://biz.yahoo.com/ap/080930/credit_markets.html">"Banks in Miser Mode"</a> </li> <li id="cite_note-5"><a href="#cite_ref-5">^</a> <a href="/wiki/Andrew_Ross_Sorkin" title="Andrew Ross Sorkin">Andrew Ross Sorkin</a>. <a href="/wiki/Too_Big_to_Fail_(book)" title="Too Big to Fail (book)">Too Big to Fail</a>. Penguin Books, 2009, 2010. pp. 83–93. </li> <li id="cite_note-HCFS-Amendment_to_HR3997-2008-09-29-6">^ <a href="#cite_ref-HCFS-Amendment_to_HR3997-2008-09-29_6-0">a</a> <a href="#cite_ref-HCFS-Amendment_to_HR3997-2008-09-29_6-1">b</a> The bill as voted on September 29, 2008, was an amendment substituting the text of the "Emergency Economic Stabilization Act of 2008": into H.R. 3997, a bill with an entirely different legislative history.<a rel="nofollow" class="external text" href="https://web.archive.org/web/20081001053425/http://www.house.gov/apps/list/press/financialsvcs_dem/amend_001_xml.pdf">Amendment to the Senate Amendment to H.R. 3997</a> House Committee on Financial Services (retrieved September 30, 2008). See also the committee's press release links: <a rel="nofollow" class="external text" href="http://www.house.gov/apps/list/press/financialsvcs_dem/press092808.shtml">Emergency Economic Stabilization Act of 2008</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20080930230606/http://www.house.gov/apps/list/press/financialsvcs_dem/press092808.shtml">Archived</a> September 30, 2008, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. </li> <li id="cite_note-7"><a href="#cite_ref-7">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://clerk.house.gov/evs/2008/roll674.xml">"Final vote results for roll call 674"</a>. <a href="/wiki/Clerk_of_the_United_States_House_of_Representatives" title="Clerk of the United States House of Representatives">Clerk of the United States House of Representatives</a>. September 29, 2008. Retrieved September 29, 2008.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Final+vote+results+for+roll+call+674&rft.date=2008-09-29&rft_id=http%3A%2F%2Fclerk.house.gov%2Fevs%2F2008%2Froll674.xml&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEmergency+Economic+Stabilization+Act+of+2008" class="Z3988"> </li> <li id="cite_note-LAT_20080904-8"><a href="#cite_ref-LAT_20080904_8-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMcManus,_Doyle2008" class="citation news cs1">McManus, Doyle (September 24, 2008). <a rel="nofollow" class="external text" href="https://www.latimes.com/archives/la-xpm-2008-sep-24-na-econpoll24-story.html">"Americans reluctant to fund bailout"</a>. <a href="/wiki/Los_Angeles_Times" title="Los Angeles Times">Los Angeles Times</a>. 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Retrieved October 2, 2008.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=36+Hours+of+Alarm+and+Action+as+Crisis+Spiraled&rft.date=2008-10-01&rft.aulast=Nocera&rft.aufirst=Joe&rft.au=Sorkin%2C+Andrew+Ross&rft.au=Henriques%2C+Diana+B.&rft.au=Andrews%2C+Edmund+L.&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2008%2F10%2F02%2Fbusiness%2F02crisis.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEmergency+Economic+Stabilization+Act+of+2008" class="Z3988"> (Background on development of the Treasury proposal to Congress)</li> <li><a rel="nofollow" class="external text" href="http://www.thrall.org/special/economy.html#Emergency_Economic_Stabilization_Act">A Directory of Related U.S. Government Agency Statements, Actions, Documents, Videos, and News Concerning the Emergency Economic Stabilization Act of 2008 / TARP (Troubled Assets Relief Program)</a></li> <li><a rel="nofollow" class="external text" href="https://archive.today/20110805001826/http://i1.democracynow.org/2009/9/15/nomi_prins_obama_banking_too_much">Nomi Prins: "Obama Banking Too Much on Banks"</a> - video report by <a href="/wiki/Democracy_Now!" title="Democracy Now!">Democracy Now!</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2>[<a href="/w/index.php?title=Emergency_Economic_Stabilization_Act_of_2008&action=edit&section=44" title="Edit section: External links">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 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Publishing Office">GPO</a> <a rel="nofollow" class="external text" href="https://www.govinfo.gov/help/comps">Statute Compilations collection</a></li> <li><a rel="nofollow" class="external text" href="https://www.govinfo.gov/link/plaw/110/public/343?link-type=pdf&.pdf">Emergency Economic Stabilization Act of 2008</a> as enacted (<a rel="nofollow" class="external text" href="https://www.govinfo.gov/link/plaw/110/public/343?link-type=details">details</a>) in the <a href="/wiki/United_States_Statutes_at_Large" title="United States Statutes at Large">US Statutes at Large</a></li> <li><a rel="nofollow" class="external text" href="https://www.congress.gov/bill/110th-congress/house-bill/1424">H.R. 1424</a> on <a href="/wiki/Congress.gov" title="Congress.gov">Congress.gov</a></li> <li><a rel="nofollow" class="external text" href="https://www.congress.gov/bill/110th-congress/house-bill/3997">H.R. 3997</a> on Congress.gov</li> <li><a rel="nofollow" class="external text" href="https://www.nytimes.com/2008/09/21/business/21draftcnd.html">Text of original Paulson proposal</a></li> <li><a rel="nofollow" class="external text" href="http://stimulus.org/">Stimulus.org</a>, a complete guide to all economic recovery efforts from the <a href="/wiki/Committee_for_a_Responsible_Federal_Budget" title="Committee for a Responsible Federal Budget">Committee for a Responsible Federal Budget</a></li> <li><a rel="nofollow" class="external text" href="https://georgewbush-whitehouse.archives.gov/infocus/economy/index.html">Jobs and Economic Growth</a>, a discussion of the proposal from the <a rel="nofollow" class="external text" href="https://georgewbush-whitehouse.archives.gov/index.html">George W. Bush White House Archive</a></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul ul{display:inline}.mw-parser-output .hlist .mw-empty-li{display:none}.mw-parser-output .hlist dt::after{content:": "}.mw-parser-output .hlist dd::after,.mw-parser-output .hlist li::after{content:" · ";font-weight:bold}.mw-parser-output .hlist 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rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Federal_Reserve_System" title="Template:Federal Reserve System"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Federal_Reserve_System" title="Template talk:Federal Reserve System"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Federal_Reserve_System" title="Special:EditPage/Template:Federal Reserve System"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Federal_Reserve_System542" style="font-size:114%;margin:0 4em"><a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve System</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="3"><div> <ul><li><a href="/wiki/Chair_of_the_Federal_Reserve" title="Chair of the Federal Reserve">Chair</a></li> <li><a href="/wiki/Vice_Chair_of_the_Federal_Reserve" title="Vice Chair of the Federal Reserve">Vice Chair</a></li> <li><a href="/wiki/Federal_Reserve_Board_of_Governors" title="Federal Reserve Board of Governors">Governors</a></li> <li><a href="/wiki/Federal_Reserve_Bank" title="Federal Reserve Bank">Federal Reserve Banks</a></li> <li><a href="/wiki/Federal_Open_Market_Committee" title="Federal Open Market Committee">Federal Open Market Committee</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Banknote" title="Banknote">Banknotes</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Federal_Reserve_Note" title="Federal Reserve Note">Federal Reserve Note</a></li> <li><a href="/wiki/Federal_Reserve_Bank_Note" title="Federal Reserve Bank Note">Federal Reserve Bank Note</a></li></ul> </div></td><td class="noviewer navbox-image" rowspan="8" style="width:1px;padding:0 0 0 2px"><div><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Seal_of_the_United_States_Federal_Reserve_System.svg/80px-Seal_of_the_United_States_Federal_Reserve_System.svg.png" decoding="async" width="80" height="80" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Seal_of_the_United_States_Federal_Reserve_System.svg/120px-Seal_of_the_United_States_Federal_Reserve_System.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Seal_of_the_United_States_Federal_Reserve_System.svg/160px-Seal_of_the_United_States_Federal_Reserve_System.svg.png 2x" data-file-width="249" data-file-height="249" /></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Reports</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Beige_Book" title="Beige Book">Beige Book</a></li> <li><a href="/wiki/Federal_Reserve_Statistical_Release" title="Federal Reserve Statistical Release">Federal Reserve Statistical Release</a></li> <li><a href="/wiki/Monetary_Policy_Report_to_the_Congress" title="Monetary Policy Report to the Congress">Monetary Policy Report to the Congress</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Federal funds</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Discount_window" title="Discount window">Discount window</a> <ul><li><a href="/wiki/Bank_rate" title="Bank rate">Bank rate</a></li></ul></li> <li><a href="/wiki/Federal_funds" title="Federal funds">Federal funds</a></li> <li><a href="/wiki/Federal_funds_rate" title="Federal funds rate">Federal funds rate</a> <ul><li><a href="/wiki/Overnight_rate" title="Overnight rate">Overnight rate</a></li></ul></li> <li><a href="/wiki/Primary_dealer" title="Primary dealer">Primary dealer</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/History_of_the_Federal_Reserve_System" title="History of the Federal Reserve System">History</a> (<a href="/wiki/History_of_central_banking_in_the_United_States" title="History of central banking in the United States">Antecedents</a>)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Aldrich%E2%80%93Vreeland_Act" title="Aldrich–Vreeland Act">Aldrich–Vreeland Act</a> (1908)</li> <li><a href="/wiki/National_Monetary_Commission" title="National Monetary Commission">National Monetary Commission</a> (1909–1912)</li> <li><a href="/wiki/Federal_Reserve_Act" title="Federal Reserve Act">Federal Reserve Act</a> (1913)</li> <li><a href="/wiki/Pittman_Act" title="Pittman Act">Pittman Act</a> (1918)</li> <li><a href="/wiki/Edge_Act" title="Edge Act">Edge Act</a> (1919)</li> <li><a href="/wiki/Phelan_Act_of_1920" title="Phelan Act of 1920">Phelan Act</a> (1920)</li> <li><a href="/wiki/Regulation_D_(FRB)" title="Regulation D (FRB)">Regulation D</a> (c. 1930)</li> <li><a href="/wiki/Emergency_Banking_Act" class="mw-redirect" title="Emergency Banking Act">Emergency Banking Act</a> (1933)</li> <li><a href="/wiki/Regulation_Q" title="Regulation Q">Regulation Q</a> (1933)</li> <li><a href="/wiki/1933_Banking_Act" title="1933 Banking Act">Glass–Steagall Act</a> (1933)</li> <li><a href="/wiki/Gold_Reserve_Act" title="Gold Reserve Act">Gold Reserve Act</a> (1934)</li> <li><a href="/wiki/Banking_Act_of_1935" title="Banking Act of 1935">Banking Act of 1935</a></li> <li><a href="/wiki/Bretton_Woods_system" title="Bretton Woods system">Bretton Woods system</a> (1944–1971)</li> <li><a href="/wiki/Employment_Act_of_1946" title="Employment Act of 1946">Employment Act of 1946</a></li> <li><a href="/wiki/History_of_the_Federal_Reserve_System" title="History of the Federal Reserve System">U.S. Treasury Department Accord</a> (1951)</li> <li><a href="/wiki/Bank_Holding_Company_Act" title="Bank Holding Company Act">Bank Holding Company Act</a> (1956)</li> <li><a href="/wiki/History_of_Federal_Open_Market_Committee_actions" title="History of Federal Open Market Committee actions">FOMC actions</a> (1961–present)</li> <li><a href="/wiki/Truth_in_Lending_Act" title="Truth in Lending Act">Truth in Lending Act</a> (1968)</li> <li><a href="/wiki/Nixon_shock" title="Nixon shock">Nixon shock</a> (1971)</li> <li><a href="/wiki/Smithsonian_Agreement" title="Smithsonian Agreement">Smithsonian Agreement</a> (1971)</li> <li><a href="/wiki/Equal_Credit_Opportunity_Act" title="Equal Credit Opportunity Act">Equal Credit Opportunity Act</a> (1974)</li> <li><a href="/wiki/Home_Mortgage_Disclosure_Act" title="Home Mortgage Disclosure Act">Home Mortgage Disclosure Act</a> (1975)</li> <li><a href="/wiki/Community_Reinvestment_Act" title="Community Reinvestment Act">Community Reinvestment Act</a> (1977)</li> <li><a href="/wiki/Federal_Reserve_Reform_Act_of_1977" title="Federal Reserve Reform Act of 1977">Federal Reserve Reform Act</a> (1977)</li> <li><a href="/wiki/Electronic_Fund_Transfer_Act" title="Electronic Fund Transfer Act">Electronic Fund Transfer Act</a> (1978)</li> <li><a href="/wiki/Humphrey%E2%80%93Hawkins_Full_Employment_Act" title="Humphrey–Hawkins Full Employment Act">Humphrey–Hawkins Full Employment Act</a> (1978)</li> <li><a href="/wiki/International_Banking_Act_of_1978" title="International Banking Act of 1978">International Banking Act</a> (1978)</li> <li><a href="/wiki/Depository_Institutions_Deregulation_and_Monetary_Control_Act" title="Depository Institutions Deregulation and Monetary Control Act">DIDMC Act</a> (1980)</li> <li><a href="/wiki/Board_of_Governors,_FRS_v._Investment_Co._Institute" title="Board of Governors, FRS v. Investment Co. Institute">Federal Reserve v. Investment Co. Institute</a> (1981)</li> <li><a href="/wiki/Bank_of_New_England" title="Bank of New England">Northeast Bancorp v. Federal Reserve</a> (1985)</li> <li><a href="/wiki/Greenspan_put" title="Greenspan put">Greenspan put</a> (1987)</li> <li><a href="/wiki/Expedited_Funds_Availability_Act" title="Expedited Funds Availability Act">Expedited Funds Availability Act</a> (1987)</li> <li><a href="/wiki/Financial_Institutions_Reform,_Recovery,_and_Enforcement_Act_of_1989" title="Financial Institutions Reform, Recovery, and Enforcement Act of 1989">FIRRE Act</a> (1989)</li> <li><a href="/wiki/Federal_Deposit_Insurance_Corporation_Improvement_Act_of_1991" title="Federal Deposit Insurance Corporation Improvement Act of 1991">FDIC Improvement Act</a> (1991)</li> <li><a href="/wiki/Gramm%E2%80%93Leach%E2%80%93Bliley_Act" title="Gramm–Leach–Bliley Act">Gramm–Leach–Bliley Act</a> (1999)</li> <li><a href="/wiki/Federal_Reserve_responses_to_the_subprime_crisis" title="Federal Reserve responses to the subprime crisis">Subprime mortgage crisis responses</a> (2007–2010)</li> <li><a class="mw-selflink selflink">Emergency Economic Stabilization Act</a> (2008)</li> <li><a href="/wiki/Unfair_or_Deceptive_Acts_or_Practices" title="Unfair or Deceptive Acts or Practices">Unfair or Deceptive Acts or Practices</a> (2008)</li> <li><a href="/wiki/Commercial_Paper_Funding_Facility" title="Commercial Paper Funding Facility">Commercial Paper Funding Facility</a> (2008–2010)</li> <li><a href="/wiki/Primary_Dealer_Credit_Facility" title="Primary Dealer Credit Facility">Primary Dealer Credit Facility</a> (2008–2010)</li> <li><a href="/wiki/Bloomberg_L.P._v._Board_of_Governors_of_the_Federal_Reserve_System" title="Bloomberg L.P. v. Board of Governors of the Federal Reserve System">Bloomberg v. Federal Reserve</a> (2009)</li> <li><a href="/wiki/2009_Supervisory_Capital_Assessment_Program" title="2009 Supervisory Capital Assessment Program">2009 Supervisory Capital Assessment Program</a></li> <li><a href="/wiki/Term_Asset-Backed_Securities_Loan_Facility" title="Term Asset-Backed Securities Loan Facility">Term Asset-Backed Securities Loan Facility</a> (2009–2010)</li> <li><a href="/wiki/Public%E2%80%93Private_Investment_Program_for_Legacy_Assets" title="Public–Private Investment Program for Legacy Assets">Public–Private Investment Program for Legacy Assets</a> (2009–)</li> <li><a href="/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act" title="Dodd–Frank Wall Street Reform and Consumer Protection Act">Dodd–Frank Act</a> (2010; <a href="/wiki/Durbin_amendment" title="Durbin amendment">Durbin amendment</a>)</li> <li><a href="/wiki/Commercial_Paper_Funding_Facility" title="Commercial Paper Funding Facility">Commercial Paper Funding Facility</a> (2020–2021)</li> <li><a href="/wiki/Corner_Post,_Inc._v._Board_of_Governors_of_the_Federal_Reserve_System" title="Corner Post, Inc. v. Board of Governors of the Federal Reserve System">Corner Post v. Federal Reserve</a> (2024)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Chair_of_the_Federal_Reserve" title="Chair of the Federal Reserve">Chairs</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Charles_Sumner_Hamlin" title="Charles Sumner Hamlin">Charles S. Hamlin</a> (1914–1916)</li> <li><a href="/wiki/William_P._G._Harding" title="William P. G. Harding">William P. G. Harding</a> (1916–1922)</li> <li><a href="/wiki/Daniel_Richard_Crissinger" title="Daniel Richard Crissinger">Daniel R. Crissinger</a> (1923–1927)</li> <li><a href="/wiki/Roy_A._Young" title="Roy A. Young">Roy A. Young</a> (1927–1930)</li> <li><a href="/wiki/Eugene_Meyer_(financier)" title="Eugene Meyer (financier)">Eugene Meyer</a> (1930–1933)</li> <li><a href="/wiki/Eugene_Robert_Black" title="Eugene Robert Black">Eugene R. Black</a> (1933–1934)</li> <li><a href="/wiki/Marriner_S._Eccles" title="Marriner S. Eccles">Marriner S. Eccles</a> (1934–1948)</li> <li><a href="/wiki/Thomas_B._McCabe" title="Thomas B. McCabe">Thomas B. McCabe</a> (1948–1951)</li> <li><a href="/wiki/William_McChesney_Martin" title="William McChesney Martin">William M. Martin</a> (1951–1970)</li> <li><a href="/wiki/Arthur_F._Burns" title="Arthur F. Burns">Arthur F. Burns</a> (1970–1978)</li> <li><a href="/wiki/G._William_Miller" title="G. William Miller">G. William Miller</a> (1978–1979)</li> <li><a href="/wiki/Paul_Volcker" title="Paul Volcker">Paul Volcker</a> (1979–1987)</li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Alan Greenspan</a> (1987–2006)</li> <li><a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Ben Bernanke</a> (2006–2014)</li> <li><a href="/wiki/Janet_Yellen" title="Janet Yellen">Janet Yellen</a> (2014–2018)</li> <li><a href="/wiki/Jerome_Powell" title="Jerome Powell">Jerome Powell</a> (2018–present)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Federal_Reserve_Board_of_Governors" title="Federal Reserve Board of Governors">Current governors</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Jerome_Powell" title="Jerome Powell">Jerome Powell</a> (<a href="/wiki/Chair_of_the_Federal_Reserve" title="Chair of the Federal Reserve">Chair</a>)</li> <li><a href="/wiki/Philip_Jefferson" title="Philip Jefferson">Philip Jefferson</a> (<a href="/wiki/Vice_Chair_of_the_Federal_Reserve" title="Vice Chair of the Federal Reserve">Vice Chair</a>)</li> <li><a href="/wiki/Michelle_Bowman" title="Michelle Bowman">Michelle Bowman</a></li> <li><a href="/wiki/Christopher_Waller" title="Christopher Waller">Christopher Waller</a></li> <li><a href="/wiki/Lisa_D._Cook" title="Lisa D. Cook">Lisa D. Cook</a></li> <li><a href="/wiki/Michael_Barr_(U.S._official)" title="Michael Barr (U.S. official)">Michael Barr</a></li> <li><a href="/wiki/Adriana_Kugler" title="Adriana Kugler">Adriana Kugler</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Current presidents (by district)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Susan_M._Collins_(economist)" title="Susan M. Collins (economist)">Susan Collins</a> (<a href="/wiki/Federal_Reserve_Bank_of_Boston" title="Federal Reserve Bank of Boston">Boston</a>)</li> <li><a href="/wiki/John_C._Williams_(economist)" title="John C. Williams (economist)">John Williams</a> (<a href="/wiki/Federal_Reserve_Bank_of_New_York" title="Federal Reserve Bank of New York">New York</a>)</li> <li><a href="/wiki/Patrick_T._Harker" title="Patrick T. Harker">Patrick T. Harker</a> (<a href="/wiki/Federal_Reserve_Bank_of_Philadelphia" title="Federal Reserve Bank of Philadelphia">Philadelphia</a>)</li> <li><a href="/wiki/Beth_M._Hammack" title="Beth M. Hammack">Beth M. Hammack</a> (<a href="/wiki/Federal_Reserve_Bank_of_Cleveland" title="Federal Reserve Bank of Cleveland">Cleveland</a>)</li> <li><a href="/wiki/Thomas_Barkin" title="Thomas Barkin">Thomas Barkin</a> (<a href="/wiki/Federal_Reserve_Bank_of_Richmond" title="Federal Reserve Bank of Richmond">Richmond</a>)</li> <li><a href="/wiki/Raphael_Bostic" title="Raphael Bostic">Raphael Bostic</a> (<a href="/wiki/Federal_Reserve_Bank_of_Atlanta" title="Federal Reserve Bank of Atlanta">Atlanta</a>)</li> <li><a href="/wiki/Austan_Goolsbee" title="Austan Goolsbee">Austan Goolsbee</a> (<a href="/wiki/Federal_Reserve_Bank_of_Chicago" title="Federal Reserve Bank of Chicago">Chicago</a>)</li> <li><a href="/wiki/Alberto_Musalem" title="Alberto Musalem">Alberto Musalem</a> (<a href="/wiki/Federal_Reserve_Bank_of_St._Louis" title="Federal Reserve Bank of St. Louis">St. Louis</a>)</li> <li><a href="/wiki/Neel_Kashkari" title="Neel Kashkari">Neel Kashkari</a> (<a href="/wiki/Federal_Reserve_Bank_of_Minneapolis" title="Federal Reserve Bank of Minneapolis">Minneapolis</a>)</li> <li><a href="/wiki/Jeffrey_Schmid" title="Jeffrey Schmid">Jeff Schmid</a> (<a href="/wiki/Federal_Reserve_Bank_of_Kansas_City" title="Federal Reserve Bank of Kansas City">Kansas City</a>)</li> <li><a href="/wiki/Lorie_K._Logan" title="Lorie K. Logan">Lorie Logan</a> (<a href="/wiki/Federal_Reserve_Bank_of_Dallas" title="Federal Reserve Bank of Dallas">Dallas</a>)</li> <li><a href="/wiki/Mary_C._Daly" title="Mary C. Daly">Mary C. Daly</a> (<a href="/wiki/Federal_Reserve_Bank_of_San_Francisco" title="Federal Reserve Bank of San Francisco">San Francisco</a>)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Criticism_of_the_Federal_Reserve" title="Criticism of the Federal Reserve">Criticism of the Federal Reserve</a></li> <li><a href="/wiki/Fed_model" title="Fed model">Fed model</a></li> <li><a href="/wiki/Fedspeak" title="Fedspeak">Fedspeak</a></li> <li><a href="/wiki/Fed_put" class="mw-redirect" title="Fed put">Fed put</a></li> <li><a href="/wiki/Jackson_Hole_Economic_Symposium" title="Jackson Hole Economic Symposium">Jackson Hole Economic Symposium</a></li> <li><a href="/wiki/Lender_of_last_resort" title="Lender of last resort">Lender of last resort</a></li> <li><a href="/wiki/Monetary_policy_of_the_United_States" title="Monetary policy of the United States">Monetary policy of the United States</a> <ul><li><a href="/wiki/History_of_monetary_policy_in_the_United_States" title="History of monetary policy in the United States">History</a></li></ul></li> <li><a href="/wiki/Personal_consumption_expenditures_price_index" title="Personal consumption expenditures price index">Personal consumption expenditures price index</a></li> <li><a href="/wiki/Sahm_rule" title="Sahm rule">Sahm rule</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="U.S._subprime_mortgage_crisis299" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Subprime_mortgage_crisis" title="Template:Subprime mortgage crisis"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Subprime_mortgage_crisis" title="Template talk:Subprime mortgage crisis"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Subprime_mortgage_crisis" title="Special:EditPage/Template:Subprime mortgage crisis"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="U.S._subprime_mortgage_crisis299" style="font-size:114%;margin:0 4em"><a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">U.S. subprime mortgage crisis</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Subprime_mortgage_crisis#Background_and_timeline_of_events" title="Subprime mortgage crisis">Background / timeline</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Subprime_crisis_background_information" title="Subprime crisis background information">Background information</a></li> <li><a href="/wiki/Subprime_crisis_impact_timeline" title="Subprime crisis impact timeline">Impact timeline</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Subprime_mortgage_crisis#Causes" title="Subprime mortgage crisis">Causes</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/United_States_housing_bubble" class="mw-redirect" title="United States housing bubble">United States housing bubble</a> / <a href="/wiki/United_States_housing_market_correction" class="mw-redirect" title="United States housing market correction">housing market correction</a></li> <li><a href="/wiki/Credit_rating_agencies_and_the_subprime_crisis" title="Credit rating agencies and the subprime crisis">Role of credit rating agencies</a></li> <li><a href="/wiki/Government_policies_and_the_subprime_mortgage_crisis" title="Government policies and the subprime mortgage crisis">Government policies</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Subprime_mortgage_crisis#Impacts" title="Subprime mortgage crisis">Impacts</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/2007%E2%80%932008_financial_crisis" class="mw-redirect" title="2007–2008 financial crisis">2007–2008 financial crisis</a></li> <li><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a></li> <li><a href="/wiki/List_of_writedowns_due_to_subprime_crisis" title="List of writedowns due to subprime crisis">Writedowns</a></li> <li><a href="/wiki/Indirect_economic_effects_of_the_subprime_mortgage_crisis" title="Indirect economic effects of the subprime mortgage crisis">Indirect economic effects</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Subprime_mortgage_crisis#Responses" title="Subprime mortgage crisis">Responses</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economic_Stimulus_Act_of_2008" title="Economic Stimulus Act of 2008">Economic Stimulus Act of 2008</a></li> <li><a href="/wiki/Housing_and_Economic_Recovery_Act_of_2008" title="Housing and Economic Recovery Act of 2008">Housing and Economic Recovery Act of 2008</a></li> <li><a class="mw-selflink selflink">Emergency Economic Stabilization Act of 2008</a></li> <li><a href="/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act" title="Dodd–Frank Wall Street Reform and Consumer Protection Act">Dodd–Frank Wall Street Reform and Consumer Protection Act</a></li> <li><a href="/wiki/List_of_banks_acquired_or_bankrupted_during_the_Great_Recession" title="List of banks acquired or bankrupted during the Great Recession">Acquired or bankrupt banks in the late 2000s financial crisis</a></li> <li><a href="/wiki/Capital_Assistance_Program" title="Capital Assistance Program">Capital Assistance Program</a></li> <li><a href="/wiki/Capital_Purchase_Program" title="Capital Purchase Program">Capital Purchase Program</a></li> <li><a href="/wiki/Federal_Reserve_responses_to_the_subprime_crisis" title="Federal Reserve responses to the subprime crisis">Federal Reserve responses</a></li> <li><a href="/wiki/Federal_takeover_of_Fannie_Mae_and_Freddie_Mac" title="Federal takeover of Fannie Mae and Freddie Mac">Federal takeover of Fannie Mae and Freddie Mac</a></li> <li><a href="/wiki/Government_intervention_during_the_subprime_mortgage_crisis" title="Government intervention during the subprime mortgage crisis">Government intervention</a></li> <li><a href="/wiki/Homeowners_Affordability_and_Stability_Plan" title="Homeowners Affordability and Stability Plan">Homeowners Affordability and Stability Plan</a></li> <li><a href="/wiki/Hope_Now_Alliance" title="Hope Now Alliance">Hope Now Alliance</a></li> <li><a href="/wiki/Loan_modification_in_the_United_States" title="Loan modification in the United States">Loan modification</a></li> <li><a href="/wiki/Public%E2%80%93Private_Investment_Program_for_Legacy_Assets" title="Public–Private Investment Program for Legacy Assets">Public–Private Investment Program for Legacy Assets</a></li> <li><a href="/wiki/Regulatory_responses_to_the_subprime_crisis" title="Regulatory responses to the subprime crisis">Regulatory responses</a></li> <li><a href="/wiki/Primary_Dealer_Credit_Facility" title="Primary Dealer Credit Facility">Primary Dealer Credit Facility</a></li> <li><a href="/wiki/2009_Supervisory_Capital_Assessment_Program" title="2009 Supervisory Capital Assessment Program">2009 Supervisory Capital Assessment Program</a></li> <li><a href="/wiki/Tea_Party_protests" title="Tea Party protests">Tea Party protests</a></li> <li><a href="/wiki/Term_Asset-Backed_Securities_Loan_Facility" title="Term Asset-Backed Securities Loan Facility">Term Asset-Backed Securities Loan Facility</a></li> <li><a href="/wiki/Troubled_Asset_Relief_Program" title="Troubled Asset Relief Program">Troubled Asset Relief Program</a></li> <li><a href="/wiki/Wall_Street_reform" title="Wall Street reform">Wall Street reform</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related topics</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Error_account" title="Error account">Error accounts</a></li> <li><a href="/wiki/Financial_position_of_the_United_States" title="Financial position of the United States">Financial position of the United States</a></li> <li><a href="/wiki/Foreclosure_rescue_scheme" title="Foreclosure rescue scheme">Foreclosure rescue scheme</a></li> <li><a href="/wiki/Property_derivative" title="Property derivative">Property derivatives</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Great_Recession270" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Great_Recession" title="Template:Great Recession"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Great_Recession" title="Template talk:Great Recession"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Great_Recession" title="Special:EditPage/Template:Great Recession"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Great_Recession270" style="font-size:114%;margin:0 4em"><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">By region</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Great_Recession_in_Africa" title="Great Recession in Africa">Africa</a></li> <li><a href="/wiki/Great_Recession_in_the_Americas" title="Great Recession in the Americas">Americas</a> <ul><li><a href="/wiki/Great_Recession_in_the_United_States" title="Great Recession in the United States">United States</a></li> <li><a href="/wiki/Great_Recession_in_South_America" title="Great Recession in South America">South America</a></li></ul></li> <li><a href="/wiki/Great_Recession_in_Asia" title="Great Recession in Asia">Asia</a></li> <li><a href="/wiki/Great_Recession_in_Europe" title="Great Recession in Europe">Europe</a> <ul><li><a href="/wiki/2008%E2%80%932011_Icelandic_financial_crisis" title="2008–2011 Icelandic financial crisis">Iceland</a></li></ul></li> <li><a href="/wiki/Great_Recession_in_Oceania" title="Great Recession in Oceania">Oceania</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">United States-specific</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Automotive_industry_crisis_of_2008%E2%80%932010" class="mw-redirect" title="Automotive industry crisis of 2008–2010">Automotive industry crisis</a></li> <li><a href="/wiki/2008%E2%80%932012_California_budget_crisis" title="2008–2012 California budget crisis">California budget crisis</a></li> <li><a href="/wiki/United_States_housing_bubble" class="mw-redirect" title="United States housing bubble">Housing bubble</a></li> <li><a href="/wiki/United_States_housing_market_correction" class="mw-redirect" title="United States housing market correction">Housing market correction</a></li> <li><a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">Subprime mortgage crisis</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Banking losses and fraud</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Libor_scandal" title="Libor scandal">Libor scandal</a> <ul><li><a href="/wiki/Tom_Hayes_(trader)" title="Tom Hayes (trader)">Tom Hayes</a></li></ul></li> <li><a href="/wiki/2008_Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale_trading_loss" title="2008 Société Générale trading loss">Société Générale trading loss</a></li> <li><a href="/wiki/Icesave_dispute" title="Icesave dispute">Icesave dispute</a></li> <li><a href="/wiki/Forex_scandal" title="Forex scandal">Forex scandal</a></li> <li><a href="/wiki/Bernie_Madoff" title="Bernie Madoff">Bernie Madoff</a></li> <li><a href="/wiki/Tom_Petters" title="Tom Petters">Tom Petters</a></li> <li><a href="/wiki/Scott_W._Rothstein" title="Scott W. Rothstein">Scott W. Rothstein</a></li> <li><a href="/wiki/Allen_Stanford" title="Allen Stanford">Allen Stanford</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Government entities</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Consumer_Financial_Protection_Bureau" title="Consumer Financial Protection Bureau">Consumer Financial Protection Bureau</a></li> <li><a href="/wiki/Federal_Deposit_Insurance_Corporation" title="Federal Deposit Insurance Corporation">Federal Deposit Insurance Corporation</a></li> <li><a href="/wiki/Federal_Home_Loan_Banks" title="Federal Home Loan Banks">Federal Home Loan Banks</a></li> <li><a href="/wiki/Federal_Housing_Administration" title="Federal Housing Administration">Federal Housing Administration</a></li> <li><a href="/wiki/Federal_Housing_Finance_Agency" title="Federal Housing Finance Agency">Federal Housing Finance Agency</a></li> <li><a href="/wiki/Federal_Housing_Finance_Board" title="Federal Housing Finance Board">Federal Housing Finance Board</a></li> <li><a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">Federal Reserve System</a></li> <li><a href="/wiki/Government_National_Mortgage_Association" title="Government National Mortgage Association">Government National Mortgage Association</a></li> <li><a href="/wiki/National_Asset_Management_Agency" title="National Asset Management Agency">National Asset Management Agency</a></li> <li><a href="/wiki/Office_of_Federal_Housing_Enterprise_Oversight" title="Office of Federal Housing Enterprise Oversight">Office of Federal Housing Enterprise Oversight</a></li> <li><a href="/wiki/Assistant_Secretary_of_the_Treasury_for_Financial_Stability" title="Assistant Secretary of the Treasury for Financial Stability">Office of Financial Stability</a></li> <li><a href="/wiki/UK_Financial_Investments" title="UK Financial Investments">UK Financial Investments</a></li></ul> </div></td></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks mw-collapsible autocollapse navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Government_policy_and_spending_responses162" style="font-size:114%;margin:0 4em">Government policy and spending responses</div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Banking and finance stability and reform</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Banking_(Special_Provisions)_Act_2008" title="Banking (Special Provisions) Act 2008">Banking (Special Provisions) Act 2008</a></li> <li><a href="/wiki/China%E2%80%93Japan%E2%80%93South_Korea_trilateral_summit" title="China–Japan–South Korea trilateral summit">China–Japan–South Korea trilateral summit</a></li> <li><a href="/wiki/Commercial_Paper_Funding_Facility" title="Commercial Paper Funding Facility">Commercial Paper Funding Facility</a></li> <li><a href="/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act" title="Dodd–Frank Wall Street Reform and Consumer Protection Act">Dodd–Frank Wall Street Reform and Consumer Protection Act</a></li> <li><a class="mw-selflink selflink">Emergency Economic Stabilization Act of 2008</a></li> <li><a href="/wiki/Irish_emergency_budget,_2009" class="mw-redirect" title="Irish emergency budget, 2009">Irish emergency budget, 2009</a></li> <li><a href="/wiki/Temporary_Liquidity_Guarantee_Program" title="Temporary Liquidity Guarantee Program">Temporary Liquidity Guarantee Program</a></li> <li><a href="/wiki/Term_Asset-Backed_Securities_Loan_Facility" title="Term Asset-Backed Securities Loan Facility">Term Asset-Backed Securities Loan Facility</a></li> <li><a href="/wiki/Troubled_Asset_Relief_Program" title="Troubled Asset Relief Program">Troubled Asset Relief Program</a></li> <li><a href="/wiki/2008_United_Kingdom_bank_rescue_package" title="2008 United Kingdom bank rescue package">2008 United Kingdom bank rescue package</a></li></ul> </div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th id="Bank_stress_tests17" scope="row" class="navbox-group" style="width:1%">Bank stress tests</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/2010_European_Union_bank_stress_test" title="2010 European Union bank stress test">EU</a></li> <li><a href="/wiki/2009_Supervisory_Capital_Assessment_Program" title="2009 Supervisory Capital Assessment Program">U.S.</a></li></ul> </div></td></tr></tbody></table><div> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Stimulus and recovery</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0;background: #f7f7f7;"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/2008_European_Union_stimulus_plan" title="2008 European Union stimulus plan">2008 European Union stimulus plan</a></li> <li><a href="/wiki/2008%E2%80%932009_Keynesian_resurgence" title="2008–2009 Keynesian resurgence">2008–2009 Keynesian resurgence</a></li> <li><a href="/wiki/American_Recovery_and_Reinvestment_Act_of_2009" title="American Recovery and Reinvestment Act of 2009">American Recovery and Reinvestment Act of 2009</a></li> <li><a href="/wiki/Chinese_economic_stimulus_program" title="Chinese economic stimulus program">Chinese economic stimulus program</a></li> <li><a href="/wiki/Economic_Stimulus_Act_of_2008" title="Economic Stimulus Act of 2008">Economic Stimulus Act of 2008</a></li> <li><a href="/wiki/Fraud_Enforcement_and_Recovery_Act_of_2009" title="Fraud Enforcement and Recovery Act of 2009">Fraud Enforcement and Recovery Act of 2009</a></li> <li><a href="/wiki/Green_New_Deal" title="Green New Deal">Green New Deal</a></li> <li><a href="/wiki/Housing_and_Economic_Recovery_Act_of_2008" title="Housing and Economic Recovery Act of 2008">Housing and Economic Recovery Act of 2008</a></li> <li><a href="/wiki/National_fiscal_policy_response_to_the_Great_Recession" class="mw-redirect" title="National fiscal policy response to the Great Recession">National fiscal policy response to the Great Recession</a></li> <li><a href="/wiki/Zero_interest-rate_policy" title="Zero interest-rate policy">Zero interest-rate policy</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Government interventions, rescues, and acquisitions</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_banks_acquired_or_bankrupted_during_the_Great_Recession" title="List of banks acquired or bankrupted during the Great Recession">List of banks acquired or bankrupted during the Great Recession</a></li></ul> </div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th id="Non-banking11" scope="row" class="navbox-group" style="width:1%">Non-banking</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Chrysler" title="Chrysler">Chrysler</a></li> <li><a href="/wiki/General_Motors" title="General Motors">General Motors</a></li></ul> </div></td></tr></tbody></table><div> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Securities involved and financial markets</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Auction_rate_security" title="Auction rate security">Auction rate securities</a></li> <li><a href="/wiki/Collateralized_debt_obligation" title="Collateralized debt obligation">Collateralized debt obligations</a></li> <li><a href="/wiki/Collateralized_mortgage_obligation" title="Collateralized mortgage obligation">Collateralized mortgage obligations</a></li> <li><a href="/wiki/Credit_default_swap" title="Credit default swap">Credit default swaps</a></li> <li><a href="/wiki/Mortgage-backed_security" title="Mortgage-backed security">Mortgage-backed securities</a></li> <li><a href="/wiki/Secondary_mortgage_market" title="Secondary mortgage market">Secondary mortgage market</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Social responses</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Tea_Party_protests" title="Tea Party protests">Tea Party protests</a> (United States; c. 2009)</li> <li><a href="/wiki/2009_May_Day_protests" title="2009 May Day protests">2009 May Day protests</a> (Europe, Middle East and North Africa, Asia; 2009)</li> <li><a href="/wiki/Arab_Spring" title="Arab Spring">Arab Spring</a> (MENA; 2010–2012)</li> <li><a href="/wiki/Occupy_movement" title="Occupy movement">Occupy movement</a> (worldwide; 2011–2012) <ul><li><a href="/wiki/Occupy_Wall_Street" title="Occupy Wall Street">Occupy Wall Street</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related topics</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/2000s_energy_crisis" title="2000s energy crisis">2000s energy crisis</a> <ul><li><a href="/wiki/2008_Central_Asia_energy_crisis" title="2008 Central Asia energy crisis">2008 Central Asia energy crisis</a></li></ul></li> <li><a href="/wiki/Effects_of_the_Great_Recession_on_museums" title="Effects of the Great Recession on museums">Effects of the Great Recession on museums</a></li> <li><a href="/wiki/Decline_of_newspapers" title="Decline of newspapers">Decline of newspapers</a></li> <li><a href="/wiki/2007%E2%80%932008_world_food_price_crisis" title="2007–2008 world food price crisis">2007–2008 world food price crisis</a></li> <li><a href="/wiki/Retail_apocalypse" title="Retail apocalypse">Retail apocalypse</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/European_debt_crisis" class="mw-redirect" title="European debt crisis">European debt crisis</a></li> <li><a href="/wiki/2007%E2%80%932008_financial_crisis" class="mw-redirect" title="2007–2008 financial crisis">2007–2008 financial crisis</a></li> <li><a href="/wiki/List_of_countries_by_public_debt" class="mw-redirect" title="List of countries by public debt">List of countries by public debt</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Bank_regulation_in_the_United_States606" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Bank_regulation_in_the_United_States" title="Template:Bank regulation in the United States"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Bank_regulation_in_the_United_States" title="Template talk:Bank regulation in the United States"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Bank_regulation_in_the_United_States" title="Special:EditPage/Template:Bank regulation in the United States"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Bank_regulation_in_the_United_States606" style="font-size:114%;margin:0 4em"><a href="/wiki/Bank_regulation_in_the_United_States" title="Bank regulation in the United States">Bank regulation in the United States</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Federal authorities</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Consumer_Financial_Protection_Bureau" title="Consumer Financial Protection Bureau">Consumer Financial Protection Bureau</a></li> <li><a href="/wiki/Farm_Credit_Administration" title="Farm Credit Administration">Farm Credit Administration</a></li> <li><a href="/wiki/Federal_Deposit_Insurance_Corporation" title="Federal Deposit Insurance Corporation">Federal Deposit Insurance Corporation</a></li> <li><a href="/wiki/Federal_Financial_Institutions_Examination_Council" title="Federal Financial Institutions Examination Council">Federal Financial Institutions Examination Council</a></li> <li><a href="/wiki/Federal_Housing_Finance_Agency" title="Federal Housing Finance Agency">Federal Housing Finance Agency</a></li> <li><a href="/wiki/Federal_Reserve_Board_of_Governors" title="Federal Reserve Board of Governors">Federal Reserve Board of Governors</a></li> <li><a href="/wiki/Financial_Stability_Oversight_Council" title="Financial Stability Oversight Council">Financial Stability Oversight Council</a></li> <li><a href="/wiki/National_Credit_Union_Administration" title="National Credit Union Administration">National Credit Union Administration</a></li> <li><a href="/wiki/Office_of_the_Comptroller_of_the_Currency" title="Office of the Comptroller of the Currency">Office of the Comptroller of the Currency</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Major federal legislation</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Independent_Treasury" title="Independent Treasury">Independent Treasury Act</a></li> <li><a href="/wiki/National_Bank_Act" title="National Bank Act">National Bank Act</a></li> <li><a href="/wiki/Federal_Reserve_Act" title="Federal Reserve Act">Federal Reserve Act</a></li> <li><a href="/wiki/McFadden_Act" title="McFadden Act">McFadden Act</a></li> <li><a href="/wiki/1933_Banking_Act" title="1933 Banking Act">1933 Banking Act</a></li> <li><a href="/wiki/Glass%E2%80%93Steagall_legislation" title="Glass–Steagall legislation">Glass–Steagall Act</a></li> <li><a href="/wiki/Federal_Credit_Union_Act" title="Federal Credit Union Act">Federal Credit Union Act</a></li> <li><a href="/wiki/Bank_Holding_Company_Act" title="Bank Holding Company Act">Bank Holding Company Act</a></li> <li>Interest Rate Control Act of 1966</li> <li><a href="/wiki/Truth_in_Lending_Act" title="Truth in Lending Act">Truth in Lending Act</a></li> <li><a href="/wiki/Bank_Secrecy_Act" title="Bank Secrecy Act">Bank Secrecy Act</a></li> <li><a href="/wiki/Fair_Credit_Reporting_Act" title="Fair Credit Reporting Act">Fair Credit Reporting Act</a></li> <li><a href="/wiki/Home_Mortgage_Disclosure_Act" title="Home Mortgage Disclosure Act">Home Mortgage Disclosure Act</a></li> <li><a href="/wiki/Community_Reinvestment_Act" title="Community Reinvestment Act">Community Reinvestment Act</a></li> <li><a href="/wiki/Electronic_Fund_Transfer_Act" title="Electronic Fund Transfer Act">Electronic Fund Transfer Act</a></li> <li><a href="/wiki/Financial_Institutions_Regulatory_and_Interest_Rate_Control_Act_of_1978" title="Financial Institutions Regulatory and Interest Rate Control Act of 1978">Financial Institutions Regulatory and Interest Rate Control Act of 1978</a></li> <li><a href="/wiki/Depository_Institutions_Deregulation_and_Monetary_Control_Act" title="Depository Institutions Deregulation and Monetary Control Act">Monetary Control Act</a></li> <li><a href="/wiki/Garn%E2%80%93St._Germain_Depository_Institutions_Act" title="Garn–St. Germain Depository Institutions Act">Depository Institutions Act</a></li> <li>Competitive Equality Banking Act of 1987</li> <li><a href="/wiki/Financial_Institutions_Reform,_Recovery,_and_Enforcement_Act_of_1989" title="Financial Institutions Reform, Recovery, and Enforcement Act of 1989">FIRREA</a></li> <li><a href="/wiki/Federal_Deposit_Insurance_Corporation_Improvement_Act_of_1991" title="Federal Deposit Insurance Corporation Improvement Act of 1991">FDICIA</a></li> <li><a href="/wiki/Truth_in_Savings_Act" title="Truth in Savings Act">Truth in Savings Act</a></li> <li><a href="/wiki/Riegle-Neal_Interstate_Banking_and_Branching_Efficiency_Act_of_1994" class="mw-redirect" title="Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994">Riegle-Neal IBBEA</a></li> <li><a href="/wiki/Gramm%E2%80%93Leach%E2%80%93Bliley_Act" title="Gramm–Leach–Bliley Act">Gramm–Leach–Bliley Act</a></li> <li><a href="/wiki/Fair_and_Accurate_Credit_Transactions_Act" title="Fair and Accurate Credit Transactions Act">Fair and Accurate Credit Transactions Act</a></li> <li><a class="mw-selflink selflink">Emergency Economic Stabilization Act</a></li> <li><a href="/wiki/Credit_CARD_Act_of_2009" title="Credit CARD Act of 2009">Credit CARD Act</a></li> <li><a href="/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act" title="Dodd–Frank Wall Street Reform and Consumer Protection Act">Dodd–Frank</a></li> <li><a href="/wiki/Economic_Growth,_Regulatory_Relief,_and_Consumer_Protection_Act" title="Economic Growth, Regulatory Relief, and Consumer Protection Act">EGRRCPA</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Federal Reserve Board regulations</div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li>Extensions of Credit by Federal Reserve Banks (Reg A)</li> <li><a href="/wiki/Equal_Credit_Opportunity_Act" title="Equal Credit Opportunity Act">Equal Credit Opportunity (Reg B)</a></li> <li><a href="/wiki/Home_Mortgage_Disclosure_Act" title="Home Mortgage Disclosure Act">Home Mortgage Disclosure (Reg C)</a></li> <li><a href="/wiki/Regulation_D_(FRB)" title="Regulation D (FRB)">Reserve Requirements for Depository Institutions (Reg D)</a></li> <li><a href="/wiki/Electronic_Fund_Transfer_Act" title="Electronic Fund Transfer Act">Electronic Fund Transfer (Reg E)</a></li> <li>Limitations on Interbank Liabilities (Reg F)</li> <li>International Banking Operations (Reg K)</li> <li>Consumer Leasing (Reg M)</li> <li>Loans to Insiders (Reg O)</li> <li>Privacy of Consumer Financial Information (Reg P)</li> <li><a href="/wiki/Regulation_Q" title="Regulation Q">Prohibition Against the Paying of Interest on Demand Deposits (Reg Q)</a></li> <li>Credit by Brokers and Dealers (Reg T)</li> <li>Credit by Banks and Persons Other Than Brokers or Dealers for the Purpose of Purchasing or Carrying Margin Stock (Reg U)</li> <li>Transactions Between Member Banks and Their Affiliates (Reg W)</li> <li>Borrowers of Securities Credit (Reg X)</li> <li><a href="/wiki/Truth_in_Lending_Act" title="Truth in Lending Act">Truth in Lending (Reg Z)</a></li> <li><a href="/wiki/Unfair_or_Deceptive_Acts_or_Practices" title="Unfair or Deceptive Acts or Practices">Unfair or Deceptive Acts or Practices (Reg AA)</a></li> <li><a href="/wiki/Community_Reinvestment_Act" title="Community Reinvestment Act">Community Reinvestment (Reg BB)</a></li> <li><a href="/wiki/Expedited_Funds_Availability_Act" title="Expedited Funds Availability Act">Availability of Funds and Collection of Checks (Reg CC)</a></li> <li><a href="/wiki/Truth_in_Savings_Act" title="Truth in Savings Act">Truth in Savings (Reg DD)</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of bank charter</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Credit_unions_in_the_United_States" title="Credit unions in the United States">Credit union</a></li> <li><a href="/wiki/Federal_savings_association" title="Federal savings association">Federal savings association</a></li> <li><a href="/wiki/National_bank_(United_States)" title="National bank (United States)">National bank</a></li> <li><a href="/wiki/State_bank_(United_States)" title="State bank (United States)">State bank</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">State authorities</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/California_Department_of_Financial_Protection_and_Innovation" title="California Department of Financial Protection and Innovation">California</a></li> <li><a href="/wiki/Colorado_Department_of_Regulatory_Agencies" title="Colorado Department of Regulatory Agencies">Colorado</a></li> <li><a href="/wiki/Florida_Department_of_Financial_Services" title="Florida Department of Financial Services">Florida</a></li> <li><a href="/wiki/Illinois_Department_of_Financial_and_Professional_Regulation" title="Illinois Department of Financial and Professional Regulation">Illinois</a></li> <li><a href="/wiki/Maryland_Department_of_Labor" title="Maryland Department of Labor">Maryland</a></li> <li><a href="/wiki/Michigan_Department_of_Insurance_and_Financial_Services" title="Michigan Department of Insurance and Financial Services">Michigan</a></li> <li><a href="/wiki/New_Hampshire_Banking_Department" title="New Hampshire Banking Department">New Hampshire</a></li> <li><a href="/wiki/New_Jersey_Department_of_Banking_and_Insurance" title="New Jersey Department of Banking and Insurance">New Jersey</a></li> <li><a href="/wiki/New_York_State_Department_of_Financial_Services" title="New York State Department of Financial Services">New York</a></li> <li><a href="/wiki/Ohio_Department_of_Commerce" title="Ohio Department of Commerce">Ohio</a></li> <li><a href="/wiki/Oklahoma_State_Banking_Department" title="Oklahoma State Banking Department">Oklahoma</a></li> <li><a href="/wiki/Oregon_Department_of_Consumer_and_Business_Services" title="Oregon Department of Consumer and Business Services">Oregon</a></li> <li><a href="/wiki/Pennsylvania_Department_of_Banking" title="Pennsylvania Department of Banking">Pennsylvania</a></li> <li><a href="/wiki/Tennessee_Department_of_Financial_Institutions" title="Tennessee Department of Financial Institutions">Tennessee</a></li> <li><a href="/wiki/State_Corporation_Commission_(Virginia)" title="State Corporation Commission (Virginia)">Virginia</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Terms</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Call_report" title="Call report">Call report</a></li> <li><a href="/wiki/CAEL_Rating" title="CAEL Rating">CAEL Rating</a></li> <li><a href="/wiki/CAMELS_rating_system" title="CAMELS rating system">CAMELS rating system</a></li> <li><a href="/wiki/Thrift_Financial_Report" title="Thrift Financial Report">Thrift Financial Report</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other topics</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Banking_in_the_United_States" title="Banking in the United States">Banking in the United States</a></li> <li><a href="/wiki/Fair_debt_collection" title="Fair debt collection">Fair debt collection</a></li> <li><a href="/wiki/History_of_central_banking_in_the_United_States" title="History of central banking in the United States">History of central banking in the United States</a></li> <li><a href="/wiki/Wildcat_banking" title="Wildcat banking">Wildcat banking</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2" style="font-weight:bold;"><div> <ul><li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /> <a href="/wiki/Category:Bank_regulation_in_the_United_States" title="Category:Bank regulation in the United States">Category</a></li> <li><a href="/wiki/File:Symbol_portal_class.svg" class="mw-file-description" title="Portal"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/16px-Symbol_portal_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/23px-Symbol_portal_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/31px-Symbol_portal_class.svg.png 2x" data-file-width="180" data-file-height="185" /></a> <a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><a href="/wiki/File:Symbol_portal_class.svg" class="mw-file-description" title="Portal"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/16px-Symbol_portal_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/23px-Symbol_portal_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/31px-Symbol_portal_class.svg.png 2x" data-file-width="180" data-file-height="185" /></a> <a href="/wiki/Portal:Banks" title="Portal:Banks">Banks portal</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="George_W._Bush703" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="3"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:George_W._Bush" title="Template:George W. Bush"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:George_W._Bush" title="Template talk:George W. Bush"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:George_W._Bush" title="Special:EditPage/Template:George W. Bush"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="George_W._Bush703" style="font-size:114%;margin:0 4em"><a href="/wiki/George_W._Bush" title="George W. Bush">George W. Bush</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="3"><div> <ul><li><a href="/wiki/List_of_presidents_of_the_United_States" title="List of presidents of the United States">43rd</a> <a href="/wiki/President_of_the_United_States" title="President of the United States">President of the United States</a> (2001–2009)</li> <li><a href="/wiki/List_of_governors_of_Texas" title="List of governors of Texas">46th</a> <a href="/wiki/Governor_of_Texas" title="Governor of Texas">Governor of Texas</a> (1995–2000)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Presidency_of_George_W._Bush" title="Presidency of George W. Bush">Presidency</a> (<a href="/wiki/Timeline_of_the_George_W._Bush_presidency" title="Timeline of the George W. Bush presidency">timeline</a>)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Presidential_transition_of_George_W._Bush" title="Presidential transition of George W. Bush">Transition</a></li> <li><a href="/wiki/First_inauguration_of_George_W._Bush" title="First inauguration of George W. Bush">1st inauguration</a></li> <li><a href="/wiki/Second_inauguration_of_George_W._Bush" title="Second inauguration of George W. Bush">2nd inauguration</a></li> <li><a href="/wiki/Timeline_of_the_George_W._Bush_presidency" title="Timeline of the George W. Bush presidency">Timeline</a> <ul><li><a href="/wiki/Timeline_of_the_George_W._Bush_presidency_(2001)" title="Timeline of the George W. Bush presidency (2001)">2001</a> </li> <li><a href="/wiki/Timeline_of_the_George_W._Bush_presidency_(2002)" title="Timeline of the George W. Bush presidency (2002)">2002</a> </li> <li><a href="/wiki/Timeline_of_the_George_W._Bush_presidency_(2003)" title="Timeline of the George W. Bush presidency (2003)">2003</a> </li> <li><a href="/wiki/Timeline_of_the_George_W._Bush_presidency_(2004)" title="Timeline of the George W. Bush presidency (2004)">2004</a> </li> <li><a href="/wiki/Timeline_of_the_George_W._Bush_presidency_(2005)" title="Timeline of the George W. Bush presidency (2005)">2005</a> </li> <li><a href="/wiki/Timeline_of_the_George_W._Bush_presidency_(2006)" title="Timeline of the George W. Bush presidency (2006)">2006</a></li> <li><a href="/wiki/Timeline_of_the_George_W._Bush_presidency_(2007)" title="Timeline of the George W. Bush presidency (2007)">2007</a></li> <li><a href="/wiki/Timeline_of_the_George_W._Bush_presidency_(2008%E2%80%932009)" title="Timeline of the George W. Bush presidency (2008–2009)">2008</a></li> <li><a href="/wiki/Timeline_of_the_George_W._Bush_presidency_(2008%E2%80%932009)#January_2009" title="Timeline of the George W. Bush presidency (2008–2009)">January 2009</a></li></ul></li> <li><a href="/wiki/Domestic_policy_of_the_George_W._Bush_administration" title="Domestic policy of the George W. Bush administration">Domestic policy</a></li> <li><a href="/wiki/List_of_George_W._Bush_legislation_and_programs" title="List of George W. Bush legislation and programs">Legislation and programs</a></li> <li><a href="/wiki/Economic_policy_of_the_George_W._Bush_administration" title="Economic policy of the George W. Bush administration">Economic policy</a></li> <li><a href="/wiki/Foreign_policy_of_the_George_W._Bush_administration" title="Foreign policy of the George W. Bush administration">Foreign policy</a></li> <li><a href="/wiki/List_of_international_presidential_trips_made_by_George_W._Bush" title="List of international presidential trips made by George W. Bush">International trips</a></li> <li><a href="/wiki/Bush_Doctrine" title="Bush Doctrine">Bush Doctrine</a></li> <li><a href="/wiki/List_of_Russia%E2%80%93United_States_summits" title="List of Russia–United States summits">Russia summits</a> <ul><li><a href="/wiki/Slovenia_Summit_2001" title="Slovenia Summit 2001">Slovenia</a></li> <li><a href="/wiki/Slovakia_Summit_2005" title="Slovakia Summit 2005">Slovakia</a></li></ul></li> <li><a href="/wiki/War_in_Afghanistan_(2001%E2%80%932021)" title="War in Afghanistan (2001–2021)">War in Afghanistan</a> <ul><li><a href="/wiki/U.S.%E2%80%93Iraq_Status_of_Forces_Agreement" title="U.S.–Iraq Status of Forces Agreement">Status of Forces Agreement</a></li></ul></li> <li><a href="/wiki/Patriot_Act" title="Patriot Act">Patriot Act</a></li> <li><a href="/wiki/No_Child_Left_Behind_Act" title="No Child Left Behind Act">No Child Left Behind Act</a></li> <li><a href="/wiki/Medicare_Prescription_Drug,_Improvement,_and_Modernization_Act" title="Medicare Prescription Drug, Improvement, and Modernization Act">Medicare Prescription Drug, Improvement, and Modernization Act</a></li> <li><a href="/wiki/USA_Freedom_Corps" title="USA Freedom Corps">USA Freedom Corps</a></li> <li><a href="/wiki/United_States_Department_of_Homeland_Security" title="United States Department of Homeland Security">Department of Homeland Security</a></li> <li><a href="/wiki/Space_policy_of_the_George_W._Bush_administration" title="Space policy of the George W. Bush administration">Space policy</a></li> <li><a href="/wiki/Strategic_Offensive_Reductions_Treaty" title="Strategic Offensive Reductions Treaty">Strategic Offensive Reductions Treaty</a></li> <li><a href="/wiki/War_on_terror" title="War on terror">"War on Terror"</a></li> <li><a href="/wiki/President%27s_Council_on_Service_and_Civic_Participation" title="President's Council on Service and Civic Participation">President's Council on Service and Civic Participation</a> <ul><li><a href="/wiki/President%27s_Volunteer_Service_Award" title="President's Volunteer Service Award">award</a></li></ul></li> <li><a href="/wiki/Dismissal_of_U.S._attorneys_controversy" title="Dismissal of U.S. attorneys controversy">Dismissal of U.S. attorneys controversy</a></li> <li><a href="/wiki/Bush_White_House_email_controversy" title="Bush White House email controversy">Email controversy</a></li> <li><a href="/wiki/List_of_federal_judges_appointed_by_George_W._Bush" title="List of federal judges appointed by George W. Bush">Judicial appointments</a> <ul><li><a href="/wiki/George_W._Bush_Supreme_Court_candidates" title="George W. Bush Supreme Court candidates">Supreme Court candidates</a></li> <li><a href="/wiki/John_Roberts_Supreme_Court_nomination" class="mw-redirect" title="John Roberts Supreme Court nomination">John Roberts</a></li> <li><a href="/wiki/Harriet_Miers_Supreme_Court_nomination" title="Harriet Miers Supreme Court nomination">Harriet Miers</a></li> <li><a href="/wiki/Samuel_Alito_Supreme_Court_nomination" title="Samuel Alito Supreme Court nomination">Samuel Alito</a></li> <li><a href="/wiki/George_W._Bush_judicial_appointment_controversies" title="George W. Bush judicial appointment controversies">controversies</a></li></ul></li> <li><a href="/wiki/George_W._Bush_Cabinet" class="mw-redirect" title="George W. Bush Cabinet">Cabinet</a></li> <li><a href="/wiki/List_of_people_pardoned_by_George_W._Bush" title="List of people pardoned by George W. Bush">Pardons</a></li> <li><a href="/wiki/Efforts_to_impeach_George_W._Bush" title="Efforts to impeach George W. Bush">Impeachment efforts</a></li> <li><a href="https://en.wikisource.org/wiki/Author:George_W._Bush/Executive_orders" class="extiw" title="wikisource:Author:George W. Bush/Executive orders">Executive orders</a></li> <li><a href="https://en.wikisource.org/wiki/Author:George_W._Bush/Presidential_Proclamations" class="extiw" title="wikisource:Author:George W. Bush/Presidential Proclamations">Presidential proclamations</a> <ul><li><a href="/wiki/Death_and_state_funeral_of_Ronald_Reagan" title="Death and state funeral of Ronald Reagan">State funeral of Ronald Reagan</a></li> <li><a href="/wiki/Death_and_state_funeral_of_Gerald_Ford" title="Death and state funeral of Gerald Ford">State funeral of Gerald Ford</a></li></ul></li> <li><a href="/wiki/Presidential_transition_of_Barack_Obama" title="Presidential transition of Barack Obama">Obama transition</a></li></ul> </div></td><td class="noviewer navbox-image" rowspan="8" style="width:1px;padding:0 0 0 2px"><div><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/George-W-Bush.jpeg/100px-George-W-Bush.jpeg" decoding="async" width="100" height="132" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/George-W-Bush.jpeg/150px-George-W-Bush.jpeg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d4/George-W-Bush.jpeg/200px-George-W-Bush.jpeg 2x" data-file-width="2267" data-file-height="3000" /> <a href="/wiki/File:Seal_of_the_President_of_the_United_States.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/36/Seal_of_the_President_of_the_United_States.svg/100px-Seal_of_the_President_of_the_United_States.svg.png" decoding="async" width="100" height="100" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/36/Seal_of_the_President_of_the_United_States.svg/150px-Seal_of_the_President_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/36/Seal_of_the_President_of_the_United_States.svg/200px-Seal_of_the_President_of_the_United_States.svg.png 2x" data-file-width="2424" data-file-height="2425" /></a></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Life and legacy</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/George_W._Bush_Childhood_Home" class="mw-redirect" title="George W. Bush Childhood Home">Childhood home</a></li> <li><a href="/wiki/Early_life_of_George_W._Bush" title="Early life of George W. Bush">Early life and career</a></li> <li><a href="/wiki/George_W._Bush_Presidential_Center" title="George W. Bush Presidential Center">Presidential library</a></li> <li><a href="/wiki/Presidential_portraits_of_George_W._and_Laura_Bush" title="Presidential portraits of George W. and Laura Bush">Presidential portrait</a></li> <li><a href="/wiki/George_W._Bush_military_service_controversy" title="George W. Bush military service controversy">Military service controversy</a> <ul><li><a href="/wiki/Killian_documents_controversy" title="Killian documents controversy">Killian documents controversy</a></li> <li><a href="/wiki/Killian_documents_authenticity_issues" title="Killian documents authenticity issues">authenticity issues</a></li></ul></li> <li><a href="/wiki/Professional_life_of_George_W._Bush" title="Professional life of George W. Bush">Professional life</a></li> <li><a href="/wiki/Governorship_of_George_W._Bush" title="Governorship of George W. Bush">Governorship of Texas</a></li> <li><a href="/wiki/Prairie_Chapel_Ranch" title="Prairie Chapel Ranch">Prairie Chapel Ranch</a></li> <li><a href="/wiki/Walker%27s_Point_Estate" title="Walker's Point Estate">Walker's Point Estate</a></li> <li><a href="/wiki/Clinton_Bush_Haiti_Fund" title="Clinton Bush Haiti Fund">Clinton Bush Haiti Fund</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Speeches</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/February_2001_George_W._Bush_speech_to_a_joint_session_of_Congress" title="February 2001 George W. Bush speech to a joint session of Congress">Joint session of Congress</a> (Feb 2001)</li> <li><a href="/wiki/Remarks_at_the_Islamic_Center_of_Washington" title="Remarks at the Islamic Center of Washington">Remarks at the Islamic Center of Washington</a> (2001)</li> <li><a href="/wiki/September_2001_George_W._Bush_speech_to_a_joint_session_of_Congress" title="September 2001 George W. Bush speech to a joint session of Congress">Joint session of Congress (September 11 attacks)</a> (2001)</li> <li><a href="/wiki/Mission_Accomplished_speech" title="Mission Accomplished speech">Mission Accomplished</a> (2003)</li> <li><a href="/wiki/State_of_the_Union" title="State of the Union">State of the Union addresses</a> <ul><li><a href="/wiki/2002_State_of_the_Union_Address" title="2002 State of the Union Address">2002</a> (<a href="/wiki/Axis_of_evil" title="Axis of evil">"Axis of evil"</a>)</li> <li><a href="/wiki/2003_State_of_the_Union_Address" title="2003 State of the Union Address">2003</a></li> <li><a href="/wiki/2004_State_of_the_Union_Address" title="2004 State of the Union Address">2004</a></li> <li><a href="/wiki/2005_State_of_the_Union_Address" title="2005 State of the Union Address">2005</a></li> <li><a href="/wiki/2006_State_of_the_Union_Address" title="2006 State of the Union Address">2006</a></li> <li><a href="/wiki/2007_State_of_the_Union_Address" title="2007 State of the Union Address">2007</a></li> <li><a href="/wiki/2008_State_of_the_Union_Address" title="2008 State of the Union Address">2008</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Electoral_history_of_George_W._Bush" title="Electoral history of George W. Bush">Elections</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">U.S. House</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1978_United_States_House_of_Representatives_elections" title="1978 United States House of Representatives elections">1978</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Gubernatorial</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1994_Texas_gubernatorial_election" title="1994 Texas gubernatorial election">1994</a></li> <li><a href="/wiki/1998_Texas_gubernatorial_election" title="1998 Texas gubernatorial election">1998</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Presidential</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/George_W._Bush_2000_presidential_campaign" title="George W. Bush 2000 presidential campaign">2000 campaign</a> <ul><li><a href="/wiki/2000_Republican_Party_presidential_primaries" title="2000 Republican Party presidential primaries">primaries</a></li> <li><a href="/wiki/2000_Republican_Party_vice_presidential_candidate_selection" title="2000 Republican Party vice presidential candidate selection">running mate selection</a></li> <li><a href="/wiki/2000_Republican_National_Convention" title="2000 Republican National Convention">convention</a></li> <li><a href="/wiki/2000_United_States_presidential_debates" title="2000 United States presidential debates">debates</a></li> <li><a href="/wiki/2000_United_States_presidential_election" title="2000 United States presidential election">election</a> <ul><li><a href="/wiki/Bush_v._Gore" title="Bush v. Gore">Bush v. Gore</a></li></ul></li></ul></li> <li><a href="/wiki/George_W._Bush_2004_presidential_campaign" title="George W. Bush 2004 presidential campaign">2004 campaign</a> <ul><li><a href="/wiki/2004_Republican_Party_presidential_primaries" title="2004 Republican Party presidential primaries">primaries</a></li> <li><a href="/wiki/2004_Republican_National_Convention" title="2004 Republican National Convention">convention</a></li> <li><a href="/wiki/2004_United_States_presidential_debates" title="2004 United States presidential debates">debates</a></li> <li><a href="/wiki/2004_United_States_presidential_election" title="2004 United States presidential election">election</a></li></ul></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Public_image_of_George_W._Bush" title="Public image of George W. Bush">Public image</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bushism" title="Bushism">Bushisms</a></li> <li><a href="/wiki/List_of_nicknames_used_by_George_W._Bush" title="List of nicknames used by George W. Bush">Nicknames</a></li> <li><a href="/wiki/List_of_books_and_films_about_George_W._Bush" class="mw-redirect" title="List of books and films about George W. Bush">As the subject of books and films</a></li> <li><a href="/wiki/Fictionalized_portrayals_of_George_W._Bush" title="Fictionalized portrayals of George W. Bush">Fictionalized portrayals</a></li> <li><a href="/wiki/Miss_Me_Yet%3F" title="Miss Me Yet?">Miss Me Yet?</a></li> <li>"<a href="/wiki/Yo,_Blair" title="Yo, Blair">Yo, Blair</a>"</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Bibliography_of_George_W._Bush" title="Bibliography of George W. Bush">Books</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/A_Charge_to_Keep" title="A Charge to Keep">A Charge to Keep</a> (1999)</li> <li><a href="/wiki/Decision_Points" title="Decision Points">Decision Points</a> (2010)</li> <li><a href="/wiki/41:_A_Portrait_of_My_Father" title="41: A Portrait of My Father">41: A Portrait of My Father</a> (2014)</li> <li><a href="/wiki/Portraits_of_Courage" title="Portraits of Courage">Portraits of Courage</a> (2017)</li> <li><a href="/wiki/Out_of_Many,_One:_Portraits_of_America%27s_Immigrants" title="Out of Many, One: Portraits of America's Immigrants">Out of Many, One</a> (2021)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Popular culture</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Fahrenheit_9/11" title="Fahrenheit 9/11">Fahrenheit 9/11 (2004 documentary)</a></li> <li><a href="/wiki/W._(film)" title="W. (film)">W. (2008 film)</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Bush_family" title="Bush family">Family</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Laura_Bush" title="Laura Bush">Laura Bush</a> (wife)</li> <li><a href="/wiki/Barbara_Bush_(born_1981)" title="Barbara Bush (born 1981)">Barbara Pierce Bush</a> (daughter)</li> <li><a href="/wiki/Jenna_Bush_Hager" title="Jenna Bush Hager">Jenna Bush Hager</a> (daughter)</li> <li><a href="/wiki/George_H._W._Bush" title="George H. W. Bush">George H. W. Bush</a> (father</li> <li><a href="/wiki/Presidency_of_George_H._W._Bush" title="Presidency of George H. W. Bush">presidency</a>)</li> <li><a href="/wiki/Barbara_Bush" title="Barbara Bush">Barbara Bush</a> (mother)</li> <li><a href="/wiki/Pauline_Robinson_Bush" title="Pauline Robinson Bush">Robin Bush</a> (sister)</li> <li><a href="/wiki/Jeb_Bush" title="Jeb Bush">Jeb Bush</a> (brother)</li> <li><a href="/wiki/Neil_Bush" title="Neil Bush">Neil Bush</a> (brother)</li> <li><a href="/wiki/Marvin_Bush" title="Marvin Bush">Marvin Bush</a> (brother)</li> <li><a href="/wiki/Dorothy_Bush_Koch" title="Dorothy Bush Koch">Dorothy Bush Koch</a> (sister)</li> <li><a href="/wiki/Barney_(dog)" title="Barney (dog)">Barney</a> (dog)</li> <li><a href="/wiki/Miss_Beazley" title="Miss Beazley">Miss Beazley</a> (dog)</li> <li><a href="/wiki/India_(cat)" title="India (cat)">India</a> (cat)</li> <li><a href="/wiki/Spot_Fetcher" title="Spot Fetcher">Spot Fetcher</a> (dog)</li></ul> </div></td></tr><tr><td class="navbox-abovebelow hlist" colspan="3"><div> <ul><li><a href="/wiki/Bill_Clinton" title="Bill Clinton">← Bill Clinton</a></li> <li><a href="/wiki/Barack_Obama" title="Barack Obama">Barack Obama →</a></li></ul> <ul><li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /> <a href="/wiki/Category:George_W._Bush" title="Category:George W. 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