William Perdue


The recent financial crisis is the worst the United States has faced since the Great Depression. As the crisis gradually evolved from a mere housing bubble into a severe recession, the government's response evolved as, well, culminating in the well-known Troubled Asset Relief Program (TARP). Established by the Emergency Economic Stabilization Act (EESA), this unprecedented program authorized the Secretary of the Treasury to purchase up to $70o billion in assets and securities from financial institutions in order to stabilize the nation's financial markets. But however necessary it may have been to avert a crisis, EESA's extremely broad delegation of authority, vague statutory commands, and weak provisions on judicial review raised the possibility of unaccountable administrative governance on a massive scale.

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