TARP, TALF, TGLP … Help!!! Ever since Congress passed the Emergency Economic Stabilization Act on October 3, 2008, the Secretary of the Treasury, the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve have been working at a feverish pace to come up with solutions to the unprecedented crisis in the financial markets. These efforts have resulted in an overwhelming number of new plans and programs — each with its own acronym. As a result, professionals in the banking and financial services industry have a whole new language to learn. This article aims to provide a glossary for this new language, to help make sense of the most commonly used terms and show how they relate to each other.
Rather than list all terms alphabetically, this glossary first defines the statutes and statutory terms, then groups alphabetically the programs sponsored by the U.S. Treasury (“the Treasury”), by the FDIC and by the Federal Reserve (through the Federal Reserve Bank of New York, or FRBNY).
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