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Briefing

Regulation and Banks

Appears in: North America, Finance and Banking, Macroeconomy, United States, Banks, Current Financial Crisis, Systemic Risk, Vulnerabilities and Asset Bubbles

Critical Issues

Background:

Congressional Oversight Panel: "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. The Troubled Asset Relief Program (TARP) was the centerpiece of the federal government's multi-pronged response to the financial crisis. While it is impossible to disentangle TARP from other rescue efforts, it is clear the program played a critical role in renewing the flow of credit and preventing a more acute crisis. The Panel found that this overwhelming fiscal response, however, created an implicit guarantee for major financial institutions that distorts pricing for capital and encourages excessive risk-taking. Unwinding this guarantee poses a difficult long-term challenge." (December 2009)

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