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Professors Cassell and Hoffmann observe that the public debate to date over the Troubled Asset Relief Program (TARP) has focused primarily on the policy issues involved, with significantly less attention paid to operational issues. Their report focuses on the challenges the federal government now faces in implementing a series of financial relief programs. To gain insight into how the federal government might act upon these operational challenges, they took an historical look at how the federal government responded to previous financial crises.
Cassell and Hoffmann present case studies of the Home Owners' Loan Corporation (created in 1933) and the Resolution Trust Corporation (created in 1989). They found clear lessons to be learned from government?s experience with both of these organizations. This report analyzes the strengths and shortfalls of these two organizations in order to inform future discussions about what operational capacities the federal government will need to succeed with its current fiscal crisis resolution responsibilities. Read/download individual chapters from this report: