The initial rejection of the Troubled Asset Relief Program caused the Dow Jones Industrial Average's largest single-day point loss at that time on September 29, 2008.
The U.S. House of Representatives rejected the Emergency Economic Stabilization Act, the legislation that would authorize the $700 billion TARP program. Markets interpreted the vote as increasing the danger of a prolonged credit crisis, and financial shares fell sharply.
The Dow dropped 777.68 points, then the largest point decline in its history. Congress later approved a revised version of the legislation, and President George W. Bush signed it on October 3, 2008.
The event is often confused with the collapse or rescue of individual institutions during 2008. Bear Stearns, Fannie Mae, and AIG were separate major episodes; the specific record-setting Dow point loss followed the House vote on the rescue legislation.