On October 14, 2008, the Treasury Department announced details of its planned equity investments in financial institutions, known as the Capital Purchase Program. The CPP was created as part of Treasury's Troubled Asset Relief Program, which was authorized by the Emergency Economic Stabilization Act of 2008.
Since the program's inception, ABA has worked aggressively to ensure all types of healthy banks, whether publicly held or privately owned, have the opportunity to participate in the program and to correct the public misperception that CPP funds are a "bailout" for troubled institutions.
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