A New York law firm will help implement the $700bn emergency package

The US Treasury Department has hired legal advisors for the implementation of the $700bn bail-out package to purchase distressed assets from the nation’s banks.

New York City based law firm, Simpson, Thacher and Bartlett will begin work to help the Department with the Emergency Economic Stabilisation Act.

The Treasury solicited offers from six firms under compelling urgency to quickly establish the Troubled Asset Relief Program. Two firms made offers.

The contract will last for six months.