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…)