ARTICLE · 19 NOVEMBER 2008

Government Contracts Alert - Fall 2008

Fried Frank Harris Shriver & Jacobson

Explore more from Fried Frank Harris Shriver & Jacobson

On October 3, 2008, the President signed the Emergency Economic Stabilization Act of 2008, which among other things seeks to remove troubled mortgage and mortgage-related assets from the books of a broad range of financial institutions by transferring them to the US Treasury.

United StatesGovernment, Public Sector

James McCullough

Steven Alerding

Michael Anstett

Joel Feidelman

William Speros

William Taft

Recent Developments

Emergency Economic Stabilization Act: On October 3, 2008, the President signed the Emergency Economic Stabilization Act of 2008, which among other things seeks to remove troubled mortgage and mortgage-related assets from the books of a broad range of financial institutions by transferring them to the US Treasury. The Treasury is authorized to hire contractors to assist it in carrying out the Act, and to waive specific provisions of the Federal Acquisition Regulation (FAR) if it determines that urgent and compelling circumstances make compliance with such provisions contrary to the public interest. For a discussion of the Act, including contractor considerations, see "Emergency Economic Stabilization Act Offers Opportunities for Sellers, Contractors, and Purchasers," Fried Frank 21^st Century Money, Banking & Commerce Alert No. 08-10-06. In addition, the Treasury recently announced procedures for the selection of private entities to assist it

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