NAA Submits Letter to Neel Kashkari, Interim Asst. Treasury Secretary Encouraging Use of Professional Auctioneers in Implementing TARP

NAA Submits Letter to Neel Kashkari, Interim Asst. Treasury Secretary Encouraging Use of Professional Auctioneers in Implementing TARP

The NAA submitted a letter to Neel Kashkari, Interim Assistant Secretary of the Treasury, encouraging the use of professional auctioneers in the liquidation of assets purchased through Troubled Assets Relief Program (TARP).  Congress recently passed legislation providing $700 billion for the federal government to purchase mortgage-securities from troubled lending institutions. Mr. Kashakari is charged with managing the Office of Financial Stability and TARP under the U.S. Department of the Treasury.

The federal government frequently utilizes professional auctioneers to liquidate government owned assets. The live auction industry played an active and important role in Resolution Trust Corporation auctions of the late 1980s and early 1990s, by aiding the government in the prompt disposal of assets owned by the government.

Click here to view letter sent by NAA President Randy Wells