What was the name of the U.S. emergency program created in 2008 to buy troubled financial assets?

The U.S. emergency program created in 2008 to buy troubled financial assets was the Troubled Asset Relief Program, commonly called TARP.

Congress authorized TARP through the Emergency Economic Stabilization Act in October 2008, during the global financial crisis. The program was intended to stabilize financial institutions and restore confidence in credit markets.

Although its original design focused on purchasing troubled mortgage-related assets, the Treasury also used TARP funds for capital injections into banks and support for parts of the automotive industry. This broader use is why the program is often associated with the U.S. financial rescue.

TARP was separate from the later 2009 economic stimulus law, the American Recovery and Reinvestment Act, which focused more directly on government spending and tax measures.