Overview

In response to an unprecedented global economic downturn, Congress is taking historic measures to help rebuild financial markets and stimulate the economy. In October 2008, President Bush signed into law the Emergency Economic Stabilization Act of 2008 (EESA), a measure principally designed to allow the U.S. Treasury and other government agencies to take action to restore liquidity and stability to the U.S. financial system. In February 2009, President Obama signed into law the $787 billion American Recovery and Reinvestment Act (ARRA/Stimulus Act), aimed at creating or saving 3.5 million jobs, improving the nation’s infrastructure, promoting energy efficiencies, helping struggling states and workers, and generally turning the economy toward growth.

Time will tell how these measures will impact the economy, but in his first major address to a joint session of Congress in Washington, President Barrack Obama stated, “While our economy may be weakened and our confidence shaken, though we are living through difficult and uncertain times, tonight I want every American to know this: we will rebuild, we will recover. And the United States of America will emerge stronger than before...”

Services

The EESA, Stimulus Act, and additional subsequent reform legislation include a mix of government spending and tax cuts that touch a broad array of the nation’s industries and services, and Fredrikson & Byron’s Economic Stimulus Task Force is working with clients to evaluate and identify components of the Acts that provide opportunities. “Our clients look to us to provide practical advice that grounded in an understanding of the company and its goals, and our guidance to clients on this legislation is no different.” said Mary Ranum, the lead attorney on the task force. “We are here to help clients evaluate this legislation from their perspective.”
For more information, please contact Karen Grandstrand, Mary Ranum, or your Fredrikson & Byron attorney.

Articles

Congress and the President Betting Big on Biofuels; posted March 20, 2009

American Recovery and Reinvestment Act Provides Billions for Biomass; posted March 20, 2009

Life Sciences and the Stimulus Act - Part I: Promotion of Health Information Technology; posted March 5, 2009

Life Sciences and the Stimulus Act - Part II: Changes to HIPAA Privacy and Security Standards;
posted March 5, 2009

American Recovery and Reinvestment Act of 2009 - Wind Energy Provisions;
posted February 23, 2009

The Stimulus Package and Other Federal Efforts to Promote Economic Growth: A Real Estate Perspective; posted February 20, 2009

The American Recovery and Reinvestment Act Becomes Law;
posted February 17, 2009

American Recovery and Reinvestment Act of 2009 Creates New COBRA Rules for Employers; posted February 2009

The Economic Crisis and Antitrust
Is Antitrust Relevant to the Financial Crisis?
Is Antitrust Relevant When Businesses are “Too Big to Fail?;
posted January 2009

Treasury Publishes Capital Purchase Program Term Sheet for S Corporations; posted January 16, 2009

A View of EESA Through Income Tax Glasses; posted December 1, 2008

Final Rule for FDIC’s Temporary Liquidity Guarantee Program: Important Changes; posted November 26, 2008

Financial Institutions Consider Participation in the Temporary Liquidity Guarantee Program; posted November 21, 2008

Financial Institutions Weigh Benefits and Costs of Participating in the Capital Purchase Program; posted November 21, 2008

Changes in Federal Policy on Prosecuting Corporations; posted October 31, 2008

The Emergency Economic Stabilization Act: A Real Estate Perspective; posted October 27, 2008

Update of Measures Taken to Create Financial Stability; posted October 13, 2008

PTC Gets Extended; posted October 7, 2008

President Bush Signs the Emergency Economic Stabilization Act of 2008; posted October 3, 2008

Navigating a Reduction in Force; Employee Relations Law Journal, Autumn 2008

News

Karen Grandstrand was quoted in the October 31, 2008 Pioneer Press article, “Smaller banks want in on Treasury’s bailout action,” by Nicole Garrison-Sprenger.

Karen Grandstrand was quoted and pictured in the October 24, 2008 Business Journal article, “Financial crisis, impact of bailout complicating bank budgeting,” by Jennifer Niemela.

Dan Yarano commented in the October 4, 2008 Pioneer Press article on the one-year extension of the production tax credit for developing wind energy included in the $700 billion Emergency Economic Stabilization Act signed by President Bush on October 3: “Bailout gives boost to wind,” by Leslie Brooks Suzukamo. Among other important extensions, the Wind Facility Production Tax Credit was extended, in its current form, from January 1, 2009 to January 1, 2010.

Karen Grandstrand provided comment on the impact of the approved financial bailout bill on bank mergers in the October 3, 2008 MinnPost article, “Six days: behind the scenes in the Wells Fargo-Wachovia deal,” by Dan Haugen.