Treasury Dept.

At event on the Pine Ridge Indian Reservation, CDFI Fund Director Gambrell announces awards for Native Community Development financial institutions

July 1, 2009 -- KYLE, SD – As part of the Obama Administration's continued investment in economic development in communities around the country through the Recovery Act, Treasury's Community Development Financial Institutions (CDFI) Fund Director Donna J. Gambrell today announced $8 million in financial assistance awards for 10 CDFIs committed to serving economically distressed Native American, Alaska Native, and Native Hawaiian communities across the nation.    » read more »

June 22, 2009 -- WASHINGTON – As part of the Obama Administration's effort to create jobs and ease pressures on the housing market, the U.S. Department of the Treasury today announced $268 million in American Recovery and Reinvestment Act (Recovery Act) funding to spur the development of affordable housing units in Indiana, Missouri, Tennessee, and Washington D.C.

"Today's announcement of housing funds demonstrates how President Obama's Recovery Act is putting our nation on the path to economic stability, one community at a time," said Treasury Deputy Secretary Neal Wolin. "This initiative will help spur construction and development, create much needed jobs, and increase the availability of affordable housing for families around the country."    » read more »

June 19, 2009 -- WASHINGTON--As part of the Obama Administration's aggressive efforts to enforce U.S. tax laws and reduce offshore tax evasion, the U.S. Department of the Treasury today announced the conclusion of negotiations with Switzerland to amend the U.S.-Switzerland income tax treaty to provide for increased tax information exchange. Official signing of the protocol is expected in the next few months.

"This Administration is committed to reducing off shore tax evasion to help ensure that all U.S. taxpayers are playing by the same rules," said Treasury Secretary Tim Geithner. "This treaty will increase our ability to enforce our tax laws and will help bring an end to an era of offshore accounts and investments being used for tax evasion."    » read more »

Funding to Create Jobs and Stimulate Economic Growth in Ohio

June 19, 2009 -- WASHINGTON, D.C. – U.S. Senator Sherrod Brown (D-OH) announced $1,056,592,000 in recovery zone bonds to increase financing available to communities across Ohio. The federal funds will be distributed through the U.S. Department of Treasury and were made available through the American Recovery and Reinvestment Act of 2009.    » read more »

NEW YORK, June 17, 2009 — The Bank of New York Mellon Corporation (NYSE: BK) today repurchased the 3 million shares of its preferred stock issued to the U.S. Treasury last October as part of the TARP Capital Purchase Program. The company has paid the Treasury $3,036,250,000, which reflects the liquidation value of the preferred stock and $36.25 million of accrued but unpaid dividends.

Related to this repurchase, the company will record an after-tax charge of approximately $197 million in the second quarter of 2009, representing the difference between the amortized cost of the preferred stock and the repurchase price.    » read more »

Jun 17 2009 - New York -- Today Morgan Stanley (NYSE: MS) was pleased to pay back the $10 billion in TARP money to the U.S. Treasury.

Morgan Stanley and its employees appreciate the support of the U.S. government, Congress and the Administration during this challenging period.

We also welcome and support the regulatory reforms proposed by the Obama Administration as we continue to work with the Administration and Congress to ensure safety and soundness in the banking system and the strength and stability of our overall financial system.

Source: Morgan Stanley

New York, NY June 17, 2009 -- The Goldman Sachs Group, Inc. (NYSE: GS) today announced that it has repurchased from the United States Department of the Treasury the 10,000,000 shares of the Company’s Fixed Rate Cumulative Perpetual Preferred Stock, Series H, that were issued to the Treasury pursuant to the U.S. Treasury’s TARP Capital Purchase Program.

The aggregate purchase price paid by Goldman Sachs to the U.S. Treasury for the Preferred Stock (including accrued dividends) was approximately $10.04 billion.

The repurchase includes a one-time preferred dividend of approximately $425 million which will be reflected in our second quarter results.

This is expected to reduce reported diluted EPS for the quarter by approximately $0.77 per share.    » read more »

June 17, 2009 -- Washington, DC – U.S. Senator Tim Johnson (D-SD) applauded President Obama’s efforts to give regulators more teeth as he proposes the largest regulatory overhaul since the Great Depression. President Obama, his economic team and the Treasury Department today announced its proposal for financial regulatory reform to address the lack of regulatory oversight demonstrated at the start of the current economic crisis.

As we all know, federal regulators were forced to make decisions with few good options last year based on the belief that weakened financial firms were so big and so interconnected that their failure would devastate the world economy.    » read more »

June 17, 2009 -- WASHINGTON, D.C. – Assistant Senate Majority Leader Dick Durbin (D-IL) released the following statement today after the Obama Administration announced a plan for comprehensive financial regulatory reform:

“For the past two years, we have been dealing with the worst financial crisis since the Great Depression. The current crisis has many causes, but perhaps the most significant, was the breakdown of our financial regulatory system which left consumers and our markets unprotected.”    » read more »

June 17, 2009 -- WASHINGTON – In an effort to protect the interests of taxpayers, U.S. Senators Bob Corker (R-TN) and Mark Warner (D-VA), both members of the Senate Banking Committee, today introduced legislation with the ultimate goal of removing the federal government’s control of TARP (Troubled Asset Relief Program) assisted institutions. The bill provides for a responsible exit strategy from government ownership of TARP-recipient companies, which by this fall, will include AIG, Citigroup, and General Motors.    » read more »

New York, June 17, 2009 -- JPMorgan Chase & Co. (NYSE: JPM) announced today that it repaid in full the $25 billion preferred stock investment it accepted through the Troubled Asset Relief Program (TARP).

In addition to this principal amount, JPMorgan Chase has paid the U. S. Treasury an aggregate of $795,138,889 in dividends on the preferred stock, including dividends that had accrued through the redemption date.

The company will also notify the U.S. Treasury today of its intent to repurchase the 10-year warrant issued to the Treasury in connection with the preferred investment.

Source: JPMorgan Chase

Gregg: Repayment Of Tarp Funds Show Program Worked; Money Will Now Pay Down Debt

June 10, 2009 --
Washington -- U.S. Senator Judd Gregg (R-NH) today commented on the announcement by the U.S. Department of Treasury that 10 banks would soon be repaying $68 billion in Troubled Asset Relief Program (TARP) funds, assistance that was allocated under the Emergency Economic Stabilization Act (EESA) of 2008 to help stabilize the troubled financial markets and banking system

Senator Gregg, one of the key negotiators EESA, stated, “The announcement by Treasury that certain banks will soon be repaying $68 billion in TARP funds is a positive sign that the program worked exactly as intended, and that recovery has been faster than expected.    » read more »

Citi Announces Public Share Exchange Launch, Definitive Agreement with U.S. Government

June 10, 2009 -- New York – Citi has finalized a definitive agreement with the U.S. Government and will now launch its exchange offers for publicly held convertible and non-convertible preferred and trust preferred securities. Under the agreement, the Government will exchange a portion of its preferred securities with an aggregate liquidation value of up to $25 billion for interim securities and warrants and its remaining preferred securities for trust preferred securities. The public exchange offers are currently scheduled to expire on July 24, 2009, subject to extension by Citi.    » read more »

Says first round of TARP worked to stabilize the financial system

June 9, 2009 -- WASHINGTON, D.C. - Senator Bob Bennett (R-Utah) today applauded the announcement that 10 major financial institutions have met all of the requirements to fully repay the U.S. Treasury $68 billion, including five percent interest or $6.2 billion, which was borrowed from the taxpayers through the first part of the Emergency Economic Stabilization Act.    » read more »

New York, NY June 9, 2009 - The Goldman Sachs Group, Inc. (NYSE: GS) announced today that it has received permission to repurchase from the United States Department of the Treasury the 10,000,000 shares of the Company’s Fixed Rate Cumulative Perpetual Preferred Stock, Series H that were issued to the U.S. Treasury pursuant to the U.S. Treasury’s Troubled Asset Relief Program (TARP) Capital Purchase Plan.

The repurchase amount, together with accrued dividends, will be paid at a time determined by the U.S. Treasury.

Lloyd C. Blankfein, Chairman and Chief Executive Officer of The Goldman Sachs Group, Inc. said, “We are grateful for the government’s extraordinary efforts and are pleased to be able to return to the U.S. Treasury the funds that were invested in Goldman Sachs.”    » read more »