Client Alert

Update: Treasury Issues Initial Guidance on Contracting Procedures for the Hiring of Asset Managers Under the Emergency Economic Stabilization Act

October 06, 2008

Lawrence D. Kaplan

The United States Department of the Treasury (Treasury) issued guidance on Monday, October 6, 2008, implementing the Emergency Economic Stabilization Act of 2008 (EESA) with respect to the engagement of private sector firms to act as asset managers under EESA. Many parties have expressed an interest in being designated an asset manager under EESA, and the guidance describes an initial attempt to set forth the procedures Treasury will use to solicit and evaluate private-sector offers, including steps to be taken to mitigate potential conflicts of interest.

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