On October 3, Congress passed and the president signed House Resolution 1424 (Emergency Economic Stabilization Act of 2008, Energy Improvement and Extension Act of 2008, and Tax Extenders and Alternative Minimum Tax Relief Act of 2008), which authorized the Treasury secretary to establish a Troubled Assets Relief Program (tarp) that would loan money to banks and invest in collateralized debt obligations and other securities. The $700-billion tarp has garnered most of the headlines, but the legislation also extended tax credits for renewable energy projects, appliance and building energy efficiency improvements, and plug-in hybrid electric vehicles.
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