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 Decade: 2000-2009
 Collection: Congressional Research Service Reports
Financial Turmoil: Comparing the Troubled Asset Relief Program to the Federal Reserve's Response

Financial Turmoil: Comparing the Troubled Asset Relief Program to the Federal Reserve's Response

Date: October 8, 2008
Creator: Labonte, Marc
Description: As financial conditions have deteriorated over the past year, the Federal Reserve (FeD) has greatly increased its lending to financial firms. It has also expanded the scope of eligible borrowers to include non-bank financial firms. Some have asked why these loans have not restored financial stability, and if the purchase of up to $700 billion of distressed assets through the recently enacted Troubled Asset Relief Program (TARP) might lead to a different result. Financial assistance to financial firms entails considerable risks to taxpayers. This report analyzes the risks and possible benefits of federally-assisted loans to banks and financial firms, especially in light of the financial crisis that came to a head in September 2008.
Contributing Partner: UNT Libraries Government Documents Department
Moldova: Background and U.S. Policy

Moldova: Background and U.S. Policy

Date: September 30, 2008
Creator: Woehrel, Steven
Description: This report provides information and analysis on Moldova, including its political and economic situation, foreign policy, and on U.S. policy toward Moldova.
Contributing Partner: UNT Libraries Government Documents Department
Financial Market Intervention

Financial Market Intervention

Date: September 29, 2008
Creator: Murphy, Edward V.
Description: Financial markets continue to experience significant disturbance and the banking sector remains fragile. Efforts to restore confidence have been met with mixed success thus far. After attempting to deal with troubled institutions on a case-by-case basis, Treasury has proposed a plan to purchase mortgage-related assets to alleviate stress in financial markets and in the banking system. This report provides answers to some frequently asked questions concerning the financial disruptions of September 2008 and the Troubled Asset Relief Program (TARP) in H.R. 3997.
Contributing Partner: UNT Libraries Government Documents Department
The U.S. Financial Crisis: Lessons from Chile

The U.S. Financial Crisis: Lessons from Chile

Date: September 29, 2008
Creator: Hornbeck, J. F.
Description: From 1981-1984, Chile experienced a banking crisis that in relative terms had a cost comparable in size to that perhaps facing the United States today. The Chilean Central Bank acted quickly and decisively in three ways to restore faith in the credit markets. It restructured firm and household loans, purchased nonperforming loans temporarily, and facilitated the sale or liquidation of insolvent financial institutions. These three measures increased liquidity in the credit markets and restored the balance sheets of the viable financial institutions. This report explores this incident in detail and in relation to the current financial situation in the U.S.
Contributing Partner: UNT Libraries Government Documents Department
The U.S. Financial Crisis: Lessons from Japan

The U.S. Financial Crisis: Lessons from Japan

Date: September 29, 2008
Creator: Nanto, Dick K.
Description: Japan's five bank bailout packages in the late 1990s may hold some lessons for the United States. Overcoming the crisis in Japan's banks took a combination of capital injections, new laws and regulations, stronger oversight, a reorganization of the banking sector, moderate economic recovery, and several years of banks working off their non-performing loans.
Contributing Partner: UNT Libraries Government Documents Department
The U.S. Financial Crisis: Lessons from Sweden

The U.S. Financial Crisis: Lessons from Sweden

Date: September 29, 2008
Creator: Jackson, James K.
Description: In the early 1990s, Sweden faced a large banking and exchange rate crisis which it eventually resolved. Four lessons that emerged from Sweden's experience are: 1) the resolution process must be transparent; 2) the resolution agency must be politically and financially independent; 3) market discipline must be maintained; and 4) there must be a plan to jump-start credit flows in the financial system. This report provides an overview of the Swedish banking crisis and an explanation of the measures Sweden used to restore its banking system to health.
Contributing Partner: UNT Libraries Government Documents Department
The Cost of Government Financial Interventions, Past and Present

The Cost of Government Financial Interventions, Past and Present

Date: September 23, 2008
Creator: Webel, Baird; Weiss, N. Eric & Labonte, Marc
Description: In response to ongoing financial turmoil that began in the subprime mortgage-backed securities market, the federal government has intervened with private corporations on a large scale and in an ad hoc manner three times from the beginning of 2008 through September 19, 2008. These interventions have prompted questions regarding the taxpayer costs and the sources of funding. The federal government may or may not end up seeing a positive fiscal contribution from the recent interventions. The results of previous government financial interventions are summarized in this report.
Contributing Partner: UNT Libraries Government Documents Department
Proposal to Allow Treasury to Buy Mortgage-Related Assets to Address Financial Instability

Proposal to Allow Treasury to Buy Mortgage-Related Assets to Address Financial Instability

Date: September 22, 2008
Creator: Murphy, Edward V. & Webel, Baird
Description: Financial markets underwent severe stress during the week of September 15 - 22, 2008. After Lehman Brothers declared bankruptcy and AIG received a bridge loan from the Federal Reserve, policymakers reassessed their case-by-case approach to resolving financial problems. Secretary of the Treasury Paulson announced a plan to allow Treasury to purchase mortgage-related assets from U.S. financial institutions. The announced intent of the plan is to unclog financial markets, increase the health of the banking sector, and reduce ongoing risks to the economy. This report discusses a draft of the proposal as it stood on September 21, 2008, and analyzes frequently asked questions.
Contributing Partner: UNT Libraries Government Documents Department
H.R. 6076: Home Retention and Economic Stabilization Act of 2008

H.R. 6076: Home Retention and Economic Stabilization Act of 2008

Date: August 29, 2008
Creator: Murphy, Edward Vincent
Description: The Home Retention and Economic Stabilization Act of 2008 would defer foreclosure for eligible mortgage borrowers for up to 270 days. If passed, the bill would give extra time to some borrowers and lenders to consider alternatives to foreclosure, including traditional loss mitigation and participation in the new Federal Housing Administration (FHA) program for refinancing troubled loans. Some policymakers believe that a moratorium on foreclosures could help stabilize housing markets and alleviate problems from the subprime financial turmoil. This report explores this issue in detail and analyzes the individual aspects of the relevant legislation.
Contributing Partner: UNT Libraries Government Documents Department
China's Economy and the Beijing Olympics

China's Economy and the Beijing Olympics

Date: August 6, 2008
Creator: Martin, Michael F.
Description: China hosted the 2008 Olympic Summer Games from August 8 to 24, 2008. This report outlines the expected short- and long-term benefits to China's economy, as well as how the Games could possibly enhance China's international image. The report also explores China's current economic conditions and the relative experiences of past host cities.
Contributing Partner: UNT Libraries Government Documents Department