It has been nearly five years since the government launched the Troubled Asset Relief Program (TARP) during the nation’s worst financial crisis since the Great Depression. Today TARP remains one of the most talked about but least understood programs from the financial crisis.
On September 30th the Economic Studies program at Brookings reviewed and discussed TARP’s legacy with Treasury Assistant Secretary for Financial Stability, Timothy Massad, who oversees TARP. Assistant Secretary Massad, who joined Treasury in May of 2009, provided an update on the program’s wind down, its projected cost, and what it has achieved for the taxpayers five years after it was launched. Mr. Massad also discussed some of the lessons learned in terms of the role of government during a financial crisis. Ted Gayer, vice president and director of Economic Studies, introduced Massad and Brookings Fellow Douglas Elliott moderated a question-and-answer session following the speech.