White House – Troubled Assets Relief Program Section 115 Plan to Exercise Authority, January 12, 2009: This report to the Congress is submitted in accordance with section 115 (a) (3) of the Emergency Economic Stabilization Act (Act) and serves to notify intent to exercise the authority provided by the Act. Section 115 provides that such authority shall be limited to $700 billion after the submission of this report, unless there is enacted, within 15 calendar days of transmission, a joint resolution described in Section 115 (c) of the Act…The Administration submits this report at the request of the President-elect, and believes that submission of this report at this time is consistent with the continued need to promote financial market stability. The timeline specified in Section 115 means that the outlay of funds will not occur within the remainder of this Administration. This Administration has no intention of allocating additional funds from the remaining $350 billion, and the Secretary plans to exercise his authority under EESA to ensure that such funds are available early in the incoming Administration. In that regard, we refer you to a letter from Dr. Lawrence Summers, dated 12 January 2009, for the plan of the incoming Administration. We have shared design and analysis of several foreclosure mitigation options with the transition team and anticipate the remaining funds will be used in part for a foreclosure mitigation program and for expansion of existing programs.”