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The Emergency Economic Stabilization Act created the Troubled Asset Relief Program to administer up to $700 billion. Several oversight mechanisms are established by the bill, including the Congressional Oversight Panel, the Special Inspector General for TARP (SIGTARP), the Financial Stability Oversight Board, and additional requirements for the Government Accountability Office (GAO) and the ...
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TARP allowed the United States Department of the Treasury to purchase or insure up to $700 billion of "troubled assets," defined as "(A) residential or commercial obligations will be bought, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes ...
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In December 2008, CIT became a bank holding company to receive $2.33 billion in funds from the Troubled Asset Relief Program (TARP). [19] On July 15, 2009, CIT's request for Federal Deposit Insurance Corporation loan guarantees was rejected. [20] [21] [22] [23]
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