4.8 FEDERAL REFORM In October 2008 President George Bush signed the Emergency Economic Stabilization Act 2008,creating a$700billion Troubled Assets Relief Program(TARP)to purchase failing bank assets. The declared purpose of the Act was to “immediately provide authority and facilities that the Secretary of the Treasury can use to restore liquidity and stability to the financial system of the United States”.23 Over 50 banks received funds as part of the TARP bailout.24 This was followed in July 2010 by the Dodd-Frank Wall Street Reform and Consumer Protection Act signed into law by President Obama. The stated aim of the legislation is: “To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end ‘too big to fail’, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services and for other purposes”.25 Its proponents describe the objectives of the Act as restoring public confidence in the financial system, preventing another financial crisis and allowing any future asset bubble to be detected and deflated before another financial crisis ensues.