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ARTICLE · 22 OCTOBER 2008

Emergency Economic Stabilization Act Of 2008

Morrison Foerster
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On October 3rd, the President signed into law the Emergency Economic Stabilization Act of 2008 (Act), which authorized the Treasury Secretary (Treasury) to establish the Troubled Assets Relief Program (TARP).

United StatesFinance and Banking
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On October 3rd, the President signed into law the Emergency Economic Stabilization Act of 2008 (Act), which authorized the Treasury Secretary (Treasury) to establish the Troubled Assets Relief Program (TARP). The Act gives broad authority to Treasury to purchase, manage, modify, sell and insure the troubled mortgage related assets that triggered the current economic crisis as well as other "troubled assets." EESA includes additional provisions directed at bolstering the economy, including:

  • Assistance to homeowner provisions requiring each of the FDIC, the conservator of Fannie Mae and Freddie Mac and the Federal Reserve Board (Federal Reserve), in their capacity as direct or indirect property owners, to maximize assistance to homeowners

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