U.S. Congress: TARP program has not reached its goals

Program for the release of their troubled assets (TARP - Troubled Asset Relief Program) has provided crucial support to financial markets during the fall of confidence in the U.S. economy, but it was much less effective in achieving other goals such as promoting economic growth, increase retirement savings and support residential real estate market, according to the report of the Commission for Supervision of the U.S. Congress (Congressional Oversight Panel).

"The change in strategy from the TARP to acquire assets at a capital injection, as well as the deployment of many unrelated to each other programs, along with poor information support for the argument taken action led to the ambiguous attitude of the population to the program and undermined its credibility" - the report says.

"Among the population remains negative attitude to the program due to the fact that the support of major U.S. banks are taxpayer funds, and this negativity is only strengthened amid continuing economic problems", - believes the agency.

Supervisory Commission of the U.S. Congress also believed that the unpopularity of the program may mean that in future the government will probably refuse such measures. "Thus, the most important consequence of the TARP was the loss of government capacity to counter the financial crisis" - the document says.

TARP program totaling $ 700 billion was adopted in October 2008, shortly after the bankruptcy of investment bank Lehman Brothers. The objective of the program was to prevent the collapse of the U.S. financial system. The program, which began operation in 2008, originally was to be completed at the end of 2009, however, the government approved its extension until October 3, 2010.