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Interim Final Rule on TARP Standards for Compensation and Corporate Governance
June 26, 2009 Read the memo
On June 10, 2009, the U.S. Treasury Department issued much-anticipated guidance on compensation and corporate governance standards applicable to entities receiving financial assistance under the Troubled Assets Relief Program ("TARP"). The guidance is set forth in an interim final rule promulgated by the Treasury (the "Interim Final Rule") as required by the Emergency Economic Stabilization Act of 2008 ("EESA"), as amended by the American Recovery and Reinvestment Act of 2009 ("ARRA"). The Interim Final Rule provides guidance necessary to implement the restrictions imposed by ARRA in addition to establishing several new standards for compensation practices pursuant to authority granted under ARRA.