Events over the past few days: The US House of Representatives on Friday voted yes to the Emergency Economic Stabilization Act (EESA) already approved by the Senate (for further details see Flash Comment - USA: Senate votes yes to revised plan, House to vote again on Friday and Flash Comment - USA: Deal struck but uncertainty has risen) including the Treasury’s Troubled Assets Relief Program (TARP), which can finally be put to work. The EESA gives the Treasury a maximum of 45 days to set up guidelines for TARP procedures, but we believe the Treasury will be ready to buy assets before the end of the 45 day limit.