In 2008, in response to the Wall Street crash and the ensuing financial crisis, Congress enacted the Emergency Economic Stabilization Act, which included the Troubled Asset Relief Program (TARP) that allocated $700 billion to purchase distressed assets and stabilize financial institutions. Additionally, the Federal Reserve, under President George W. Bush's administration, implemented emergency measures, including lowering interest rates and providing liquidity to banks. These actions aimed to restore confidence in the financial system and prevent a deeper economic collapse.
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