Notice is a historical project of the Committee for a Responsible Federal Budget, which tracked the money spent by the 2009 stimulus bill. This site is not regularly updated.

Credit Protection For Fed TALF Loan Programs

November 25, 2008
Policy Area: 
Economic Target: 
Action Type: 
Maximum Amount: 
$30.00 billion
Amount Spent: 
$4.30 billion
Deficit Impact: 
$0.22 billion

Originally up to $100 billion of credit protection from the Treasury's Troubled Asset Relief Program to the Federal Reserve for its Term Asset Backed Securities Loan Facility, which provides up to $1 trillion in liquidity to financial institutions that provide small business loans and consumer lending such as auto loans, student loans and credit cards.

On April 2nd, the Wall Street Journal reported that Treasury had stated that its maximum committment was reduced to $55 billion. The Congressional Oversight Panel's Six-Month TARP Report also cites $55 billion as the program's maximum committment.

In a letter released on April 20, 2009, Secretary Geithner released a letter stating that TALF's "projected allocation" would be $80 billion dollars: $20 billion of this amount would support the original asset classes announced at the program's inception, $35 billion would support the expanded class of assets announced on March 19, 2009, and $25 billion would go to the purchase of legacy securities within the Public-Private Investment Program.

On July 19th, 2010, Treasury, the Federal Reserve Bank of New York, and TALF amended the original agreement to reduce the maximum loan amount to $4.3 billion.


 Maximum amount indicates maximum as reported by the Special Inspector General for TARP in the quarterly report to Congress in January 2010 ( However, the report noted that this number may be subject to change if TALF reaches $200 billion. Amount spent as of 4/27/2011 (

Deficit impact is derived from CBO's subsidy rate for the $4.3 billion in currently committed funds for the Term Asset-Backed Securities Loan Facility (5%), as listed in CBO's January 2010 baseline.
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