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.