Emergency Economic Stabilization Act


U.S. law that was drafted and ratified during the financial crisis in 2008. The act allows for the Department of Treasury to make available up to $700 billion to purchase "bad" assets and/or make available more capital to the economy by way of banks. This law was intended to prevent the economy from spiraling into a destructive recessionary state by freeing up more capital in the credit markets. It also created the Troubled Assets Relief Program (TARP) and the Office of Financial Stability to manage the TARP Program.
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emergency credit emergency fund