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Summary and Analysis of the Troubled Asset Relief Program
The United States is in the midst of the worst financial crisis since the Great Depression. The credit markets are barely functioning, numerous financial institutions are failing, and real estate values are plummeting. What started as a breakdown of the credit markets has spread throughout the entire economy. In an attempt to strike at the heart of the current credit crisis, the Emergency Economic Stabilization Act of 2008 (the “Act”) establishing the Troubled Asset Relief Program (the “Program”) was enacted on Oct. 3, 2008 in an effort to “restore liquidity and stability to the financial system of the United States.” (Act at '2(1)). This article cuts to the substance of the Program, examining the provisions dealing with the actual purchase, management, and sale of troubled assets, with an eye toward the financial community.
Program Overview
Under the Program, the Secretary of the Treasury (the “Secretary”), acting through a newly created Office of Financial Stability, is authorized to purchase “troubled assets” from “any financial institution.” (Act at '101(a)). Alternatively, the Program permits the Secretary to guaranty troubled assets. (Act at '102). In establishing and running the Program, the Secretary is permitted to designate “financial agents of the Federal Government” and form vehicles “to purchase, hold and sell financial assets and issue obligations.” (Act at '101(c)(3) and (4)). The Act gives the Secretary significant authority and discretion to be exercised in a manner to protect the value of personal investments, minimize foreclosures, boost the economy, maximize the return on investments, and provide accountability to the public. (Act at '2).
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