Addressing the Economic Crisis
With the economy in its worst crisis since the Great Depression, Congress has authorized $700 billion under the Emergency Economic Stabilization Act of 2008 (EESA) to stabilize financial institutions and to prop up U.S. auto manufacturers. Congress has now agreed upon an additional $787 billion to fund the American Recovery and Reinvestment Tax Act of 2009 (ARRTA), which is designed to provide general economic stimulus nationwide. Many businesses, in the Financial sector and beyond, will have critical interests in this legislation and the economic activity it can generate. Additional tax and regulatory reform legislation is expected to follow in the coming months.
How Q&B Can Help You
Quarles & Brady is ready to offer clients practical information and immediate assistance as Congress passes and President Obama signs ARRTA. To address the various facets of the economic crisis, the Firm has formed three task forces. Although they are interrelated, each has its own unique mission and objectives.
The Stimulus Legislation & Opportunities Task Force specifically focuses on how to help clients benefit from the American Recovery and Reinvestment Tax Act of 2009 by providing clients with a go-to resource on the impending economic stimulus legislation.
The immediate objectives of this task force are as follows:
- Identifying current and new infrastructure projects in Arizona, Florida, Illinois and Wisconsin, which we can quickly evaluate and match with our clients and prospective clients, helping them to number among the vanguard of the American economic recovery.
- Staying on top of changing developments in the new legislation, which will be communicated to clients and prospective clients as well as attorneys within the Firm.
- Educating and informing on how best to leverage emerging opportunities associated with infrastructure-rebuilding projects resulting from the stimulus legislation.
For more information on how our Stimulus Legislation & Opportunities Task Force can help you, please contact Charles W. Herf at (602) 230-5581 or
charlie.herf@quarles.com, or your Quarles & Brady attorney.
The Financial Services Task Force is a cross-practice group effort focusing on the emergency economic stabilization legislation, including the Troubled Asset Relief Program (TARP) under EESA, to help our clients in the financial sector. Its mission is to demonstrate the Firm's financial legal expertise, to educate clients on the continuous changes in EESA and ARRTA, and to advise them on and subsequent tax and regulatory reform legislation.
The objectives of this task force are:
- Monitoring all economic recovery legislation and related items and keeping tabs on the economic recovery proposed legislation, along with the Stimulus Legislation & Opportunities Task Force (see above).
- Tracking what will be a number of reforms to the regulation of banks, brokers, insurers, public companies and so forth.
- Generating information through this Web site and publishing helpful client updates, to keep our clients informed of legal developments as well as who has developed expertise in areas of repetitive questions.
- Providing information on how to react to economic issues.
For more information on how our Financial Services Task Force can help you, please contact James D. Friedman at (414) 277-5735 or
jim.friedman@quarles.com, or your Quarles & Brady attorney.
The Lender Liability Task Force is a cross-practice group whose mission is to advise financial institution clients on how to avoid and defend lender liability claims anywhere in the country. This task force has developed a significant understanding of lender liability law, coordinating across the firm and among practice groups to teach clients about the avoidance and defense of these types of claims. Working in concert with the other task forces, this team will apply the analysis of EESA and ARRTA to the representation of clients in need of a fully informed legal team.
The objectives of this task force are:
- Educating clients through a series of legal updates on lender liability issues on this Web site.
- Working with clients to anticipate and avoid liability claims as well as to assert their rights with respect to lending agreements.
- Helping clients to examine their documents and improve upon them where necessary.
For more information on how our Lender Liability Task Force can help you, please contact Don P. Martin at (602) 229-5700 or
don.martin@quarles.com, or your Quarles & Brady attorney.