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Redefining TARP: A Critical Phase For Bailout

Law360 (February 11, 2009, 12:00 AM EST) -- On the eve of Barack Obama’s inauguration as president, the U.S. government was confronted with the daunting task of attempting to formulate and implement a revised strategy for administering the bailout funds provided for under the Troubled Asset Relief Program (TARP), pursuant to Section 101 of the Emergency Economic Stabilization Act of 2008 (“EESA” or the “Act”) effective Oct. 3, 2008.

In January, Congress voted to approve then President-elect Obama’s administration’s application of the balance ($350 billion) of the $700 billion bailout funds, and upon election...
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