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Treasury’s financial regulatory reform initiative and related proposals

USA - April 24 2009 On March 26, 2009 the U.S. Department of the Treasury (“Treasury”) outlined its framework for financial regulatory reform in a release (the “Treasury release”) and through Secretary of Treasury Geithner’s testimony before the U.S. House of Representatives Committee on Financial Services.

Giselle M. Barth, Madeleine J. Dowling, David E.Teitelbaum, Anthony J. Ribaudo

Treasury releases information on Public-Private Investment Program

USA - March 25 2009 On March 23, 2009, the Department of the Treasury released more information regarding its new Public-Private Investment Program, or "PPIP.

David E.Teitelbaum, Edward J. Fine, Joseph C.T. Kelly, George J. Petrow

FDIC announces interim rule to extend its Temporary Liquidity Guarantee Program

USA - March 19 2009 On March 17, 2009, the Federal Deposit Insurance Corporation ("FDIC") issued an interim rule (the "Interim Rule") which extends its Temporary Liquidity Guarantee Program ("TLGP") from June 30, 2009 to October 31, 2009 for all insured depository institutions participating in the debt guarantee program of the TLGP ("IDIs") and other participating entities; however, other participating entities that have not issued senior unsecured debt guaranteed by the FDIC under the TLGP ("TLGP debt") before April 1, 2009 are required to submit an application to and obtain approval from the FDIC to participate in the extended TLGP.

Giselle M. Barth, David E.Teitelbaum, Norman D. Slonaker

Term Asset-Backed Securities Loan Facility update

USA - March 5 2009 On March 3, 2009, the Federal Reserve Board released the final terms and conditions applicable to the initial loan subscription, including loan rates and collateral haircuts, relating to its previously announced Term Asset-Backed Securities Loan Facility (TALF).

R.J. Carlson, Mark J. Kowal, Paul R. Wysocki

FDIC announces interim rule to expand TLGP to include certain issuances of mandatory convertible debt

USA - March 2 2009 On February 27, 2009, the Federal Deposit Insurance Corporation ("FDIC") issued an interim rule (the "Interim Rule") to extend the Temporary Liquidity Guarantee Program ("TLGP") to include issuances of certain mandatory convertible debt.

Giselle M. Barth, Norman D. Slonaker