Treasury Dept.

Recovery Act Program Provides $11 Billion to Build Schools, Create Jobs Across the Country

March 17, 2009 -- Washington — The U.S. Department of Treasury and the Department of Education today announced $11 billion in allocation authority to issue qualified school construction bonds under the American Recovery and Reinvestment Act of 2009 (Recovery Act). Qualified school construction bonds can be used to finance the construction, rehabilitation or repair of a public school facility or for the acquisition of land where a school will be built.    » read more »

Sen. Stabenow, Colleagues Announce Bipartisan Legislation to Stop Countries Like China from Cheating and Costing Michigan Jobs

March 16, 2010 -- WASHINGTON -- U.S. Senator Debbie Stabenow (D-MI) today announced bipartisan legislation to penalize countries like China that undervalue their currency to artificially discount their foreign products. This form of cheating creates an unfair advantage over U.S. products, costing us jobs.

The Currency Exchange Rate Oversight Reform Act will require the U.S. Departments of Treasury and Commerce to take action to support American businesses and workers. The legislation includes provisions from Senator Stabenow’s Currency Reform for Fair Trade Act, which she introduced last year.    » read more »

In Letter to Treasury Sec. Timothy Geithner, Brown Urges that China be Designated a Currency Manipulator in Semiannual Report

March 11, 2010 -- WASHINGTON, D.C. - With today's release of new trade deficit figures showing an $18.3 billion increase last month in our trade deficit with China, U.S. Sen. Sherrod Brown (D-OH) today wrote to U.S. Treasury Secretary Timothy Geithner urging him to designate China as a currency manipulator. Brown argued that the artificial devaluation of the Chinese currency has damaged the American manufacturing industry.    » read more »

Build America Bonds Provide Nearly $78 Billion Nationally to Date; Report Details Cumulative, State by State Bond Issuances

March 4, 2010 -- WASHINGTON – The Treasury Department today released its monthly comprehensive update on issuances of the Build America Bonds program, including state-by-state data. The Build America Bonds program is a financing tool created by the American Recovery and Reinvestment Act to allow state and local governments to obtain much-needed funding, at lower borrowing costs, for new capital projects such as construction of schools and hospitals, development of transportation infrastructure, and water and sewer upgrades.    » read more »

"Use Wall Street bailout money to pay down national debt"

February 24, 2010 -- (WASHINGTON, D.C.) -- Senator Jon Tester is calling on Congress to send repaid and unused money from the bailout of Wall Street to pay down the national debt.

Tester is urging his colleagues on the Senate Budget Committee to include the bipartisan Pay it Back Act as it prepares next year’s budget.

Tester is a cosponsor of the Pay it Back Act, which would:

* Capture repaid Wall Street bailout funds and applies those funds for deficit reduction.
* Require returned investments from the sale of Fannie Mae and Freddie Mac stock or securities to be used for deficit reduction.
* Reduce the national debt limit dollar-for-dollar as the bailout money is returned.    » read more »

Bipartisan ‘Pay It Back’ Plan Would Ensure Returned Bank, Housing Emergency Spending Is Used to Pay Down Debt, Not Fund Further Spending

February 24, 2010 -- Washington, DC - With the U.S. Senate expected to take up the Budget for the upcoming fiscal year in the next few weeks, Senators Michael Bennet (D-CO), Bob Corker (R-TN) and Jon Tester (D-MT) are telling Senate budget leaders to ensure funds repaid by beneficiaries of taxpayer-funded emergency spending are used to pay down the debt, not fund further deficit spending.    » read more »

FY2011 Request: $13.935 billion; FY2010 Enacted: $13.554 billion

The Department of the Treasury is a leader in the President’s efforts to promote the economic prosperity and financial security of the United States. Treasury operations are critical to the core functions of government, including collecting more than $2.3 trillion in revenue and disbursing more than $2.3 trillion in payments, managing Federal finances, and protecting the financial system from threats. Treasury also plays a key role in modernizing the American financial regulatory framework and ensuring effective, transparent administration of programs designed to strengthen the economy.

Expand Tools for Economic and Community Development    » read more »

Treasury Budget Focused on Building New Foundation for Economic Growth, Reform of the Financial System; Projected TARP Costs Down $224 Billion from August Mid-Session Review

February 1, 2010 -- WASHINGTON – As a part of the Administration's commitment to making tough choices and streamlining programs that work in order to lay the foundation for long-term economic growth, Treasury Secretary Tim Geithner today highlighted key components of the President's FY 2011 Budget intended to continue our nation down the path to economic prosperity.    » read more »

Administration Updates Documentation Collection Process and Releases Guidance to Expedite Permanent Modifications

January 28, 2010 -- WASHINGTON – As part of the Administration's ongoing housing market stabilization plan, the U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released updated guidance for servicers participating in the Administration's mortgage modification program. This guidance refines the documentation requirements in order to expedite conversions of current trial modifications to permanent ones.    » read more »

January 20, 2010 -- The US Department of the Treasury today released a TARP Warrant Disposition Report. This report provides an overview of the warrants received by Treasury under the Capital Purchase Program (CPP) of the Troubled Asset Relief Program (TARP) as of December 31, 2009 and an explanation of the warrant disposition process and the results achieved on behalf of taxpayers.

The Emergency Economic Stabilization Act of 2008 (EESA) requires that Treasury receive warrants in connection with the purchase of troubled assets.

A major part of the TARP was the CPP. It was created in October 2008 to stabilize the financial system by providing capital to viable banks of all sizes nationwide. Under this program, Treasury invested $205 billion in 707 banks.    » read more »

Measure would have barred Treasury from releasing further funds

January 21, 2010 -- U.S. Senator Mark Begich today joined Republicans and Democrats in an effort to end the Troubled Asset Relief Program (TARP). Begich voted for an amendment from Sen. John Thune (R - South Dakota) that would have barred the Treasury Department from releasing any remaining funds from the $700 billion bailout of banks, automakers and financial firms formulated under the Bush Administration.

The amendment to a bill that would raise the debt ceiling to $14.3 trillion required 60 votes to pass. It failed by a vote of 53 to 45. Begich was one of 12 Democrats who supported the amendment, which would have mandated all returned TARP funds be used to lower the national debt.    » read more »

More Than 850,000 Homeowners Now with Median Payment Reductions Exceeding $500; More Than 110,000 Permanent Modifications Approved to Date; Aggressive Administration Campaign Significantly Accelerates Conversion Rate; December Push Doubles Number of Permanent Modifications Over Life of Program

January 15, 2010 -- WASHINGTON - The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released an update on the Administration's aggressive nationwide campaign to help borrowers in the trial phase of their modified mortgages convert to permanent modifications under the Home Affordable Modification Program (HAMP).    » read more »

Financial Crisis Responsibility Fee

January 14, 2010 -- Today, the President announced his intention to propose a Financial Crisis Responsibility Fee that would require the largest and most highly levered Wall Street firms to pay back taxpayers for the extraordinary assistance provided so that the TARP program does not add to the deficit. The fee the President is proposing would:    » read more »

Build America Bonds Provide $64 Billion Nationally to Date; Chicago Using $518 Million for School Construction and Renovation, Saving Taxpayers $130 Million According to a Chicago Public Schools Estimate

January 6, 2010 -- CHICAGO – As part of the Obama Administration's efforts to highlight the local impact of economic stimulus programs, U.S. Treasurer Rosie Rios and Chicago Mayor Richard Daley today visited a public school construction site in Chicago supported by the Build America Bonds program. In conjunction with this event, Treasury also issued updated state-by-state data showing that the Build America Bonds program has provided $64 billion in low-cost borrowing to date for state and local governments across the country.    » read more »

Administration Officials Promote Enhanced Financial Capability Among America’s Youth

December 15, 2009 -- WASHINGTON – Embarking on a new partnership between the agencies, U.S. Department of the Treasury Secretary Tim Geithner and Department of Education Secretary Arne Duncan met today with students, educators and community leaders to promote strengthened financial capability among the nation's youth.

They outlined the first step in this effort, the National Financial Capability Challenge, a national award program that aims to encourage financial education in schools across the country and recognize high-performing teachers, students, and schools.    » read more »