The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu The leading online blog in the fields of corporate governance and financial regulation. Fri, 08 May 2026 11:32:19 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.8 https://corpgov.law.harvard.edu/wp-content/uploads/2024/02/cropped-photography-4-e1706898544564-1-32x32.png Taking Stock: What Has the Troubled Asset Relief Program Achieved? – The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu 32 32 Taking Stock: What Has the Troubled Asset Relief Program Achieved? https://corpgov.law.harvard.edu/2010/01/02/taking-stock-what-has-the-troubled-asset-relief-program-achieved/?utm_source=rss&utm_medium=rss&utm_campaign=taking-stock-what-has-the-troubled-asset-relief-program-achieved https://corpgov.law.harvard.edu/2010/01/02/taking-stock-what-has-the-troubled-asset-relief-program-achieved/#comments Sat, 02 Jan 2010 16:20:32 +0000 http://blogs.law.harvard.edu/corpgov/?p=6196?d=20100102112032EST
Editor’s Note: Elizabeth Warren is the Leo Gottlieb Professor of Law at Harvard Law School, and the Chair of the Congressional Oversight Panel established in 2008 to review the current state of financial markets and the regulatory system. This post is based on a recent report of the Panel. The complete report is available here.

The financial crisis that gripped the United States last fall was unprecedented in type and magnitude. It began with an asset bubble in housing, expanded into the subprime mortgage crisis, escalated into a severe freeze-up of the interbank lending market, and culminated in intervention by the United States and other industrialized countries to rescue their banking systems.

The centerpiece of the federal government’s response to the financial crisis was the Emergency Economic Stabilization Act of 2008 (EESA), which authorized the Treasury Secretary to establish the $700 billion Troubled Asset Relief Program (TARP) and created the Congressional Oversight Panel to oversee the TARP. In a recent report, Taking Stock: What Has the Troubled Asset Relief Program Achieved? (available here), issued at the end of the first full year of TARP’s existence, the Panel is taking stock of the TARP’s progress: reviewing what the TARP has accomplished to date, and exploring where it has fallen short.

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