TREASURY ORDER 103-08
Date: January 16, 2009
SUBJECT: Establishment of and Delegation of Authority for the Troubled Asset Relief Program and Related Functions pursuant to the Emergency Economic Stabilization Act of 2008
1) PURPOSE. By virtue of the authority vested in me as Secretary of the Treasury, including the authority in 31 USC 321(b), and the Emergency Economic Stabilization Act of 2008 (the Act), there is hereby established within the Department of the Treasury:
a) The Troubled Asset Relief Program (TARP) to purchase, and to make and fund commitments to purchase, troubled assets from any financial institution, on such terms and conditions as are determined by the Secretary, in accordance with this Act and the policies and procedures developed and published by the Secretary.
b) The Troubled Assets Guarantee Program to guarantee troubled assets originated or issued prior to March 14, 2008, including mortgage-backed securities.
2) OFFICE OF FINANCIAL STABILITY. There is hereby established for the purpose described above the Office of the Assistant Secretary for Financial Stability within the Office of the Under Secretary for Domestic Finance. The Office of Financial Stability shall be headed by the Assistant Secretary for Financial Stability, who will report to the Secretary and Deputy Secretary through the Under Secretary for Domestic Finance.
3) DELEGATIONS.
a) Except as otherwise delegated or reserved in this order, there is hereby delegated to the Assistant Secretary for Financial Stability the authority to perform the functions of the Secretary of the Treasury under Title I, sections 101 to 136 of the Act.
b) There is hereby delegated to the Assistant Secretary for Management and Chief Financial Officer the authorities concerning contracting procedures under section 107.
c) There is hereby delegated to the Fiscal Assistant Secretary the authorities concerning designating financial agents under section 101.
4) RESERVED AUTHORITIES. The following authorities under the Act are reserved to the Secretary or the Deputy Secretary except to the extent they have been or may be delegated under other specific or generally applicable Treasury Orders:
a) Authority to appoint an interim Assistant Secretary under section 101(a) (3) (A).
b) Authorities regarding the Financial Stability Oversight Board under section 104.
c) Authority on Exchange Stabilization Fund reimbursement under section 131.
d) Authorities concerning borrowing limits under section 136.
5) IMPLEMENTATION.
a) The Assistant Secretary for Financial Stability may delegate his or her authorities to other Treasury officials as necessary for the purpose of assisting in implementation of this order.
b) The Assistant Secretary for Financial Stability, in exercising the authority delegated by this order pursuant to sections 101 and 102 of the Act, shall consult with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Secretary of Housing and Urban Development and the Chairman of the National Credit Union Administration Board.
6) PARTIAL TERMINATION OF DELEGATION. Certain of the Secretary’s authorities under the Act are subject to statutory expiration dates. Delegations under this order that are based on such provisions of the statute will expire concurrently with the underlying statutory authority.
7) AUTHORITY. Emergency Economic Stabilization Act of 2008, Pub. L. 110-343.
8) OFFICE OF PRIMARY INTEREST. Office of the Assistant Secretary for Financial Stability, Office of the Under Secretary for Domestic Finance.
/S/
Henry M. Paulson, Jr.
Secretary of the Treasury