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 the Assistant Secretary for Financial Stability, who is appointed by the President and confirmed by the U.S. Senate. Since September 2010, the office has been held by Assistant Secretary Timothy Massad, who is the third person to lead OFS since its creation in 2008.
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.
Assistant Secretary for Financial Stability
The United States Senate confirmed Timothy G. Massad on June 30, 2011, to serve as the Department of the Treasury's Assistant Secretary for Financial Stability. In this role, Massad 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 making sure that Treasury continues to operate every TARP program with the highest standards of transparency and accountability.
Massad joined the Treasury Department in May 2009 as the Chief Counsel for the Office of Financial Stability (OFS). He later also became the Chief Reporting Officer for OFS. He was named Acting Assistant Secretary for Financial Stability in 2010 before his Senate confirmation.
Prior to joining Treasury, Massad was a partner with the law firm of Cravath, Swaine & Moore, LLP in New York. He had a diverse corporate practice, with an emphasis on corporate finance, international transactions, and representation of some of the firm's corporate clients.
Massad left Cravath in December 2008 to assist the newly formed Congressional Oversight Panel (COP), one of the oversight agencies for TARP. He served as a special legal advisor to the COP for its first report on the TARP investments prior to joining Treasury.