News release: “The Financial Stability Oversight Board (Oversight Board on May 13, 2010) issued its latest quarterly report to Congress on the Emergency Economic Stabilization Act (EESA), covering the period from January 1 to March 31. The report highlights the activities of the Oversight Board during the first quarter. It also presents the Oversight Board’s evaluation of the effects thus far of the policies and programs implemented by Treasury under the Troubled Asset Relief Program (TARP). In addition, the report describes the programs, policies, administrative actions, and financial commitments of the Treasury Department under the TARP during the last quarter. In the report, the Oversight Board indicates its belief that the accumulated effects of Treasury’s actions under TARP contributed significantly to continuing recovery in many financial markets during the first quarter, although credit volumes continued to exhibit weakness both for nonfinancial businesses and households. Further, the Oversight Board says the actions taken by Treasury under TARP, together with those taken by the Federal Reserve, the Department of Housing and Urban Development, and the Federal Housing Finance Agency, continued to aid the housing market and mortgage borrowers during the quarter. Still, housing market conditions remained difficult.”