Today, the Financial Stability Oversight Board (FSOB) published its sixth Quarterly Report to Congress, as required under Section 104 of the Emergency Economic Stabilization Act of 2008 (EESA). The report, covering January 1, 2010 through March 31, 2010, highlights, among other things, the recent developments concerning programs, policies and administrative actions taken, and financial commitments entered into by Treasury under TARP during the quarterly period, as further presented in Treasury's Section 105 reports for the same time period. FSOB members include Treasury Secretary Timothy Geithner, Federal Reserve Chairman Ben Bernanke, FHFA Acting Director Edward DeMarco, SEC Chairman Mary Schapiro, and HUD Secretary Shaun Donovan.
The FSOB's report generally concludes that the cumulative effects of Treasury's actions under TARP contributed significantly to a continued recovery in financial markets during the quarter, although credit volumes "continued to exhibit weakness both for nonfinancial businesses and households." In addition, while housing conditions "remained difficult," the actions taken by Treasury under TARP, together with those taken by the Federal Reserve, the Department of Housing and Urban Development, and the Federal Housing Finance Agency, "continued to aid the housing market and mortgage borrowers during the quarter."