American Recovery and Reinvestment Act of 2009: Implications for Financial Institutions
On February 17, 2009, President Obama signed the history-making American Recovery and Reinvestment Act of 2009 (the “Act”). Designed to put the nation, and the world, on the road to economic recovery, the Act contains over one thousand pages of appropriations for existing and new programs. It also contains new requirements for utilizing these programs. Many sections of the Act require rulemaking and, in some cases, the establishment and staffing of new sub-agencies. Therefore, it may be some time before we know just how the programs will be implemented and the exact extent of the restrictions and requirements that may apply to them. In the meantime, what follows is a high-level summary of those sections of the Act that should be of the most interest to financial institutions. View full article (PDF).