The U.S. government has tapped $3.1 trillion to date in efforts to resolve the current financial crisis, roughly 29% of the $10.7 trillion it has at its disposal, according to research published Monday by Keefe, Bruyette & Woods.
The largest portion of available funds -- $1.8 trillion -- is in the commercial paper funding facility, which was set up by the
to provide short-term funding to banks. The Fed has provided about $250 billion in such funding so far, the report states.
The $700 billion Troubled Asset Relief Program, which has invested huge sums in
Bank of America
, is probably the best-known and most controversial government program. That is because the investments are in preferred equity, which is presumed to have a greater likelihood of becoming worthless.
The less-notorious lending programs have provided an important backstop to relatively healthier institutions, including
These programs include a $1.45 trillion program to buy mortgage-related debt from government sponsored entities
and the Term Asset-Backed Lending Facility (TALF), a program recently expanded to $1 trillion (with $100 billion coming from TARP). The TALF is intended to guarantee pools of consumer-related debt such as credit cards and auto loans.