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December 17, 2008
HP-1331
Treasury Hires Legal Firm Under the Emergency Economic Stabilization Act
Washington- The U.S. Treasury Department today announced that Thacher, Proffitt & Wood, LLP will assist the Department with its investments in the Federal Reserve's Term Asset Backed Securities Loan Facility authorized under the Emergency Economic Stabilization Act. Treasury awarded the contract for legal services on Wednesday, December 10.
The firm will help the Department with investments in any entities for the purpose of purchasing asset-backed securities from a lending facility, such as the Federal Reserve facility announced on November 25. The procured services could include the negotiation and drafting of relevant documents, such as investment agreements, debt agreements, security agreements or other documentation necessary to implement such investments under the Troubled Asset Relief Program.
The agreement with the firm is effective until June 9, 2009. Treasury issued a request for proposals to seven firms on November 26. The Department received three proposals in response. The total cost for the firm's services is not expected to exceed approximately $500,000. More information on these contracts will be posted at https://www.fpds.gov/ (Federal Procurement Data System).
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