What is TARP and why is it important?
**TARP **stands for Toxic Asset Relief Program and (it is sometimes referred to as the Troubled Asset Relief Program) it is a Bill that was passed during the Bush Administration in 2008 that injected 700 billion dollars into financial institutions that were struggling. The financial institutions that received the money were mostly banks. The institutions whom accepted the money had to abide by certain rules and conditions. For example, Bank of America, Citigroup, AIG and others.
The Treasury Department's website has a lot of information on who received the money. TARP is important because it was taxpayer's money that was used, some of the banks that took the money abused it, and it is a part of bailing out America's financial market.