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Governmental Relations

Emergency Economic Stabilization Actions

Update on Monday, October 13th by Interim Assistant Secretary for Financial Stability, Neel Kashkari, on the Treasury Department's progress implementing the Troubled Asset Relief Program (TARP).

Treasury Department announcement that Ennis Knupp and Associates will serve as its investment adviser for the implementation of the TARP authorized under the Emergency Economic Stabilization Act. Treasury hired the Chicago-based firm Saturday and the firm began work immediately to help the Department administer the complex portfolio of troubled assets the Department will purchase.

Remarks by Assistant Secretary for International Affairs, Clay Lowery, at the annual IMF and World Bank Meetings. Noting this weekend's meetings of the G7 and G20 Finance Ministers, the International Monetary and Financial Committee and the World Bank Development Committee, he reiterated that "we must all act decisively, individually and collectively, according to our needs, to secure stability and growth for the world," and warned against the temptation to resort to isolationism in the face of the current turmoil, further emphasizing that "we all benefit from free, open, competitive and soundly regulated financial markets."

FDIC today also announced that it has launched a dedicated Web site to communicate information on the Program. The site can be accessed at www.fdic.gov/tlgp. Future conference calls will be announced at that site. The site will also feature an archive of all the conference calls, including today's call and two conference calls conducted on Tuesday, October 14. An extensive Q&A will also be available. The Q&A document will be updated periodically based on questions received from bankers and others

Neighborhood Stabilization Program