Bank bailouts

The Troubled Assets Relief Program (TARP) redistributed $700 billion of taxpayer funds to banks and financial institutions that were about to go bankrupt when the housing bubble burst in 2008. At the time, these institutions were considered to be “too big to fail.” This catastrophe would have led our nation and the world into a deep economic depression had we not agreed to a bailout. TARP was passed with hardly any debate, little oversight, and was virtually a giveaway to our financial services sector. Many families lost their homes, retirement savings and the ability to pay for their children’s college educations. Opponents charged that TARP let banks evade responsibility for their reckless gambles. No bank executives were charged with the crimes that brought the world to the brink. Advocates say we are still vulnerable from unscrupulous actions by our financial sector that could lead to another economic meltdown.

Proposed Legislation: Reintroducing S.1005 - Ending Too Big to Jail Act (116th Congress 2019-2020)
Prospective Sponsor: Sen. Elizabeth Warren (MA)

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Poll Opening Date
May 22, 2023
Poll Closing Date
May 28, 2023

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