Economic Recovery Task Force

On June 10, 2009, the U.S. Department of the Treasury (“Treasury”), issued long awaited guidance in the form of an interim rule (“Interim Rule”) implementing Section 111 of the Emergency Economic Stabilization Act of 2008 (“EESA”), as amended by the American Recovery and Reinvestment Act of 2009 (“ARRA”).  Since the passage of the ARRA on February 17, 2009, there has been confusion as to the application of the executive compensation and corporate governance standards applicable to an entity receiving financial assistance (“TARP recipient”) under the Troubled Asset Relief Program (“TARP”).  In an attempt to eliminate this confusion, the Interim Rule consolidates all of the executive compensation and corporate governance related provisions applicable to TARP recipients and supersedes all prior guidance on the subject. (more…)

On May 18, 2009, the two federal agencies that will distribute $7.2 billion to support broadband projects under the American Recovery and Reinvestment Act (ARRA) reported to Congress on their progress in implementing the new stimulus law. The reports provide detailed information on the allocation, timing and procedures for distribution of the new federal funding for broadband development. (more…)

The American Reinvestment and Recovery Act (ARRA) appropriated $6 billion to the U.S. Department of Energy’s (DOE) Title XVII Loan Guarantee Program to support loan guarantees of up to $60 billion for renewable energy and electric power transmission projects.  Potential applicants for these loan guarantees include companies involved in alternative energy production (such as solar, wind and hydropower projects), leading-edge biofuel projects, and projects designed to upgrade electric power transmission.  Interested companies would do well to revisit the opportunities available through the Program and the latest appropriation, as well as the many requirements established under the Program’s final administrative rule. (more…)

On March 26, 2009, Secretary of the Treasury Timothy Geithner appeared in front of the Committee on Financial Services of the U.S. House of Representatives to introduce his proposal for comprehensive financial regulatory reform. In his testimony Secretary Geithner made it clear that he’s not looking for modest repairs—he’s looking for “new rules of the game”. The proposed regulatory reform, which is still in the early stages of development and will require Congressional approval, reflects a range of complex and consequential policy choices that directly impact private investment funds and their advisers.  (more…)

The economic stimulus bill passed by Congress on February 12, 2009 includes whistleblower protections for employees of private contractors and state and local governments who disclose fraud or mismanagement regarding the use of stimulus funds.  Protected conduct includes disclosures to a person of supervisory authority over the employee when the employee reasonably suspects and reports mismanagement or waste of stimulus funds.  This whistleblower provision is known as the McCaskill Amendment. (more…)

On February 17, 2009, President Obama signed the American Recovery and Reinvestment Act. While the Act’s goals are primarily to create jobs and restore economic growth, it also contains a number of important COBRA revisions that will apply to every employer that is subject to COBRA, effective immediately.  (more…)