The Troubled Assets Relief Program (TARP) is part of the law known as the Emergency Economic Stabilization Act of 2008, or Public Law 110-343. TARP is a fund that is set aside so that the U.S. government can buy troubled assets, such as subprime mortgage-backed securities, from financial institutions.

On June 9, 2009, U.S. Treasury Secretary Timothy Geithner said 10 U.S. banks would pay back the $68 billion in bailout money from the TARP program. Geithner said the money would then be used to help other troubled banks recuperate from the recession.Guardian Unlimited: US Banks to repay...

On May 14, 2009, the U.S. Treasury reportedly approved the accessing of TARP money to insurance companies. It has not been reported how much the insurance sector will have available to them. However, the Hartford, Prudential, Lincoln National and Principal Financial Group will receive some of the TARP money.24/7 Wall Street: TARP Approved For Insurance Money... (May 14, 2009)

While insurers have seen losses on investments, a partial rebound in some sectors has helped their conditions, and it may be that Hartford and Lincoln may be the only two to take the government's offer.CNN: 2nd UPDATE: After A Long Wait, Some Insurers Reject TARP Funds (May 15, 2009)

On January 15, 2009, the U.S. Senate voted 52-42 against a measure that would have stopped the $350 billion second half of the $700 billion bailout from being released. The vote to stop the money's release failed after House lawmakers passed an amendment to impose conditions on how the money is spent. Negotiations to release the second half of the TARP funds were ongoing between the the Bush Administration and Barack Obama's Transition Team beginning on January 10, 2009.Politico.com: Obama can't grease release of cash (January 12, 2009) Bank of America began talks to obtain more of the $350 billion remaining funds.Reuters: Bank of America in talks for more U.S. bailout funds (January 14, 2009)MarketWatch: Senate clears path for $350 billion bailout... (January 15, 2009)

On February 10, 2009, U.S. Treasury Secretary Timothy Geithner laid out a new strategy for TARP 2—the distribution of the remaining $350 billion in TARP funds. Geithner said the plan was aimed at jumpstarting the credit industry, among other things. Geithner said the Federal Reserve would partner with private capital for a program that he said could "ultimately provide up to one trillion in financing capacity."FOX News: Geithner: Bailout Trust To Have Up To $1 Trillion In Funds CNNMoney.com: $1 trillion bid to boost lending (February 10, 2009)

The week after President Barack Obama assumed office, he said that large bonuses given out by Wall Street firms during the economic were "shameful" and "irresponsible." Senator Christopher Dodd said that he would be "demanding that the Treasury Department figures out some way to get the money back" from those companies who had received bailout funds and then meted out executive bonuses.Bloomberg: Obama Calls Wall Street Bonuses in Crisis ‘Shameful’ (January 29, 2009)

On December 17, 2008, John Sununu was appointed by Senate Republican leader Mitch McConnell to participate in the TARP oversight panel. The panel consists of five members appointed by congress to oversee the health of the U.S. markets as well as any additional reform measures.Briefing Room: Sununu Named to Bailout Oversight Panel (December 17, 2008)