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.
Acting Assistant Secretary for Financial Stability
Timothy J. Bowler is the Acting Assistant Secretary for Financial Stability at the U.S. Department of the Treasury. In his role, he is responsible for overseeing the implementation and wind down of the Troubled Asset Relief Program (TARP) and maximizing the return for taxpayers from the various investment programs that were launched under TARP. At the same time, he is overseeing the continued implementation of TARP’s homeowner assistance programs to prevent avoidable foreclosures. His responsibilities also include ensuring that Treasury continues to operate every TARP program with the highest standards of transparency and accountability.
Before becoming Acting Assistant Secretary, Tim was Treasury’s Deputy Assistant Secretary for the Office of Capital Markets. In that role, Tim was responsible for developing capital markets policy and providing markets advice to the Treasury and the broader administration.
Prior to joining US Treasury, Tim worked at Goldman Sachs where he was a managing director in their Financial Institutions Group. Before joining Goldman Sachs, Tim worked at JPMorgan in various capital markets and risk management roles.
Tim is a graduate of the College of William and Mary, class of 1995.