Troubled Asset Relief Program (or TARP) is a federal program that is part of the Emergency Economic Stabilization Act of 2008. It was created by the Treasury fund to help stop the financial crisis of 2007-2008. TARP gives the U.S. Treasury buying power of $700 billion to buy mortgage backed securities in order to create liquidity and un-seize money markets.
$250 billion was immediately released and the President must approve the next $100 billion. Only Congress can release the last $350 billion.