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Acronyms are everywhere in Washington. Here's a cheat-sheet to help decipher them
In Washington, you know you've arrived if you have an acronym. President Barack Obama has POTUS (President of the United States). The justices have SCOTUS (Supreme Court of the United States). With the expiration of the $700 billion Troubled Asset Relief Program, government-speak is losing some doozies—SIGTARP and FINSOB, anyone? Do not despair—the financial overhaul law that Congress passed and Obama signed in July has brought forth a whole new lexicon. Below, what's in and what's out.
In...
DFA
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
CFPB
Consumer Financial Protection Bureau, new agency to police consumer lending
FSOC
Financial Stability Oversight Council, new council of regulators to monitor systemic risk
OFR
Office of Financial Research, new Treasury Dept. office for collecting market data
OMWI
Office of Minority and Women Inclusion, new units financial agencies must create to promote diversity
SEF
Swap Execution Facility, a derivatives trading venue
MSP
Major Swap Participant, large users of derivatives that will get extra scrutiny
FIO
Federal Insurance Office, new Treasury Dept. unit monitoring insurers
CFI
Complex Financial Institutions Office, new Federal Deposit Insurance Corp. unit to liquidate troubled too-big-to-fail firms
OCR
Office of Credit Ratings, new Securities and Exchange Commission office to oversee credit-rating companies
Out...
EESA
Emergency Economic Stabilization Act, the 2008 financial rescue law
TARP
Troubled Asset Relief Program, the $700 billion bank bailout within EESA
PPIP
Public-Private Investment Program, Treasury program to buy and sell troubled assets jointly with private financiers
CPP
Capital Purchase Program, cash infusions for banks
TIP
Targeted Investment Program, cash for extra-troubled firms such as Citigroup (C)
TLGP
Temporary Liquidity Guarantee Program, FDIC guarantee of banks' debt
TALF
Term Asset-Backed Securities Loan Facility, Federal Reserve program subsidizing investor purchases of consumer and business loans
HAMP
Home Affordable Modification Program, Treasury program to help struggling homeowners
SIGTARP
Special Inspector General for the Troubled Asset Relief Program, an independent monitor overseeing TARP
FINSOB
Financial Stability Oversight Board, the panel of regulators monitoring the bailout
COP
Congressional Oversight Panel, another bailout monitor, this one reporting to Congress
OTS
Office of Thrift Supervision, the savings and loan regulatory agency that the new law eliminates