Take Two: Treasury Announces the Financial Stability Plan

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On February 10, 2009, Treasury Secretary Geithner released an outline of his Financial Stability Plan, a sixpronged approach to “help restart the flow of credit, clean up and strengthen our banks, and provide critical aid for homeowners and for small businesses” with “new, higher standards for transparency and accountability.” Secretary Geithner’s only mention of the much maligned TARP was a passing reference to the “current program” being replaced.

The Financial Stability Plan is intended to be executed in a cohesive fashion by the U.S. Treasury Department (Treasury), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (Federal Reserve) and other government agencies. To enhance transparency, all aspects of the plan are to be disclosed through a new website at www.financialstability.gov.

Please see our coverage of the current financial crisis, including actions and programs of Treasury, the FDIC and the Federal Reserve at Financial Crisis Legal Updates and News.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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