The Office of Financial Stability (OFS) was created within the U.S. Department of the Treasury in October of 2008 following the passage of the Emergency Economic Stabilization Act of 2008 (EESA). The mandate of OFS is to implement the Troubled Asset Relief Program (TARP) to help stabilize the U.S. financial system and promote economic recovery, following the 2008 financial crisis.
OFS is led by an Assistant Secretary for Financial Stability, who is appointed by the President and confirmed by the U.S. Senate.
With the government's authority to make new commitments under TARP having expired in 2010, OFS is now carefully managing the wind down of TARP and the effort to recover taxpayers' outstanding investments. OFS is also continuing to implement initiatives under TARP to help struggling homeowners avoid foreclosure.
U.S. Department of the Treasury
Office of Financial Stability
Deputy Assistant Secretary
Mark McArdle is the Deputy Assistant Secretary for Financial Stability at the U.S. Department of the Treasury. In his role, he leads the Office of Financial Stability (OFS), which oversees the Troubled Asset Relief Program (TARP), including its remaining investment and homeownership preservation programs, and advises the department on housing finance reform matters.
McArdle held previous roles at OFS including Chief of the Homeownership Preservation Office and Director of the Hardest Hit Fund. McArdle has played a key role in policy development for the Home Affordable Modification Program (HAMP), and oversaw the creation of the Hardest Hit Fund, which provides funding to state housing finance agencies for foreclosure prevention efforts.
McArdle began his career as the fair lending test coordinator for the Chicago Lawyers' Committee for Civil Rights, and since then has worked in nonprofits and government in Chicago, New York and Washington, DC. As a policy analyst with the Government Accountability Office (GAO), he worked on issues related to housing, welfare reform, and economic development. While Director of Research for a large homeless services provider in New Yprk City (BRC), he oversaw the performance management process for 23 programs providing housing and other services to homeless clients. Immediately before coming to Treasury, he was the Senior Research Analyst with the National Urban League, focusing on economic and housing policy.