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Alerts
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The Emergency Economic Stabilization Act of 2008
October 6, 2008
On Oct. 3, 2008, President Bush signed into law the Emergency Economic Stabilization Act of 2008 (the “Act”). Designed to promote liquidity in the financial markets and to minimize further economic deterioration in the United States, the Act authorizes the Secretary of the Department of Treasury (“Treasury” or the “Secretary”) to establish a troubled asset relief program (“TARP”) to purchase “troubled assets” from any “financial institution,” as those terms are defined in the Act. The following is a summary of some of the key provisions of the Act, including summaries of asset manager selection procedures and interim conflict of interest guidelines issued by Treasury on Oct. 6, 2008.
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