10.10.2008 SUMMARY: Emergency Economic Stabilization Act of 2008
10.10.2008EMERGENCY ECONOMIC STABILIZATION ACT OF 2008
ALLOWING THE TREASURY TO BUY MORTGAGE-RELATED ASSETS TO ADDRESS FINANCIAL INSTABILITY
The “Emergency Economic Stabilization Act of 2008” (“EESA”), passed by the Senate on Wednesday, October 1, 2008, and by the House on Friday, October 3, 2008, and signed by the President that same day, provides authority to the Secretary of the Treasury (the “Secretary”) to restore liquidity and stability to the United States financial system. In addition to the bailout provisions, the legislation contains supplemental provisions not directly related to the financial bailout package, which extend and expand existing tax credits and deferrals for individuals and businesses, and establish incentives to encourage the use of renewable and alternative energy. Below, we have highlighted certain key bailout provisions of EESA, and have summarized the supplemental provisions.
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