Economic Recovery Task Force

On Tuesday, February 10, 2009, U.S. Treasury Secretary, Timothy Geithner, unveiled a new plan (“Plan”) designed to address the U.S. credit crisis and restore stability to the nation’s financial system. While many details are still to be released, the Plan will deliver as much as $2 trillion to the U.S. financial markets through the following four key elements: (more…)

Congress is moving closer to adopting a comprehensive legislative package designed to “bailout” financial institutions and stabilize the economy: the Emergency Economic Stabilization Act of 2008.  We are closely monitoring negotiations between Congress and the White House, and we are analyzing the draft legislation.  This email provides an overview of the newest draft bill, highlighting provisions that have been under discussion since Treasury unveiled its proposal last week. (more…)

We are closely monitoring and evaluating developments related to the financial institution “bailout” legislation being debated on Capitol Hill. In addition to the high-profile hearings conducted over the last two days, Senate and House leadership have been involved in constant negotiations, most of which are out of the public eye, trying to craft a legislative proposal that will be acceptable to constituents and the Administration. Signals from leadership and the Administration suggest that passing legislation is a must and in the best interest of the United States. We expect this to be the theme of the President’s address to the nation tonight at 9:00 P.M. ET, the success of which may influence the direction of the negotiations. As we have done with respect to the congressional hearings, we will closely monitor the President’s comments and provide an analysis if appropriate. Today, the congressional debate over the legislation focused on several key points. (more…)