Economic Recovery Task Force

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…)

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…)

On February 17, 2009, President Obama signed into law the American Recovery and Reinvestment Act of 2009 (the “Act”), Title VII of which imposes new and more stringent limits on executive compensation for participants in the United Stated Department of Treasury (“Treasury”) Troubled Assets Relief Program (“TARP”) under the Emergency Economic Stabilization Act of 2008 (the “EESA”).  These new restrictions apply retroactively and prospectively, to existing and new participants in the TARP Capital Purchase Program, for so long as the TARP participant retains any obligation arising from the financial assistance it received under TARP (the “Restricted Period”). Once the TARP participant has redeemed its preferred stock from Treasury, the restrictions go away — importantly, the restrictions do not apply during any period for which the federal government only holds warrants to purchase common stock of a TARP participant. In addition, Title VII of the Act permits TARP participants, with the approval of the Secretary of the Treasury (the “Secretary”) and the applicable federal bank regulatory agency, to redeem its preferred stock at any time, notwithstanding the original restrictions on redemption set forth in the EESA. (more…)