Treasury Dept.

At Middle Class Task Force Meeting, Vice President Biden Calls on the Council of Environmental Quality to Report Back in 90 Days on Ways to Expand Green Opportunities and Energy Savings for the Middle Class

May 26, 2009 -- Denver, Colorado - At today’s meeting of the White House Task Force on the Middle Class, Vice President Biden called on the Council for Environmental Quality to report back to the Task Force in 90 days with proposals that build on the foundation laid in the Recovery Act to expand green opportunities and energy savings for the middle class.

Such proposals could include, for example, expanding retrofitting of commercial buildings, making American homes more energy efficient, and developing better tools to help people find green jobs.    » read more »

May 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 more than $330 million in American Recovery and Reinvestment Act (Recovery Act) funding to spur the development of affordable housing units in Kansas, Michigan, Ohio, Wisconsin, and Puerto Rico. The Department of Housing and Urban Development (HUD) also announced $83 million for housing development in Ohio. The announcements come just three months after the Recovery Act was signed into law on February 17.    » read more »

May 22, 2009 -- Washington, DC – U.S. Senators Benjamin L. Cardin and Barbara A. Mikulski (Both MD), sent a joint letter to Treasury Secretary Timothy Geithner today urging him to obtain more detailed information from Chrysler and General Motors on their recent decision to abruptly close hundreds of local dealerships nationwide.

“Our constituents are rightly concerned about this latest economic threat to their communities, which is why I want to understand the reason General Motors and Chrysler took such quick action to cut off dealerships that cost them little or no money to maintain,” said Senator Cardin “The end-goal is clear: restore the viability of the U.S. auto industry. But how will this dramatic action help them to survive?”    » read more »

May 22, 2009 -- LANSING - Michigan Governor Jennifer M. Granholm today issued the following statement on GMAC:

"I am heartened by yesterday's U.S. Treasury announcement on GMAC. It is yet another strong signal that our government is willing to do whatever it takes to ensure the long-term viability of the U.S. auto industry.

"The announcement creates stability and certainty for both GM and Chrysler dealers and provides credit opportunities for people interested in buying new GM and Chrysler products.

"Coupled with yesterday's announcement by the UAW that it reached a tentative agreement with the Treasury Department and GM on contract and trust fund changes, this is positive news for the long-term viability of GM and Chrysler."

Source: Michigan Governor

May 18, 2009 -- WASHINGTON – The U.S. Department of the Treasury today released a letter from the Bretton Woods Committee, which includes the bipartisan support of five former secretaries of the Treasury, four former secretaries of State and America's leading foreign economic policy and national security experts to Speaker Pelosi and Majority Leader Reid expressing their support for the Administration's request for prompt enactment of additional funding for the International Monetary Fund (IMF), including the Obama Administration's request for the IMF's New Arrangements to Borrow (NAB).

Below is the U.S. Treasury Department's Fact Sheet on IMF Reforms and New Arrangements to Borrow.

FACT SHEET
IMF Reforms and New Arrangements to Borrow    » read more »

Letter to Secretary Geithner Urges Help for Region’s Banks to Fill Demand Left by Closure of New Frontier Bank

May 19, 2009 -- Washington, DC – U.S. Senators Mark Udall and Michael Bennet and Congresswoman Betsy Markey are seeking help for Northern Colorado farmers and small business owners affected by the closure of New Frontier Bank through the Treasury Department’s Troubled Asset Relief Program (TARP).    » read more »

Call for comprehensive plan for communities impacted by GM and Chrysler restructuring

May 19, 2009 -- Washington, D.C. -- Senator John D. (Jay) Rockefeller IV and Senator Robert Byrd last week called for a comprehensive plan to assist communities, dealers, employees, and consumers affected by GM and Chrysler restructuring, urging the Secretary of the Treasury to keep as many dealerships open as possible.

In a letter to Treasury Secretary Timothy Geithner, Senators Byrd and Rockefeller wrote:    » read more »

Brown Also Writes to CEOs of GM, Chrysler Asking for Economic Rationale of Dealership Closings

May 19, 2009 -- WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH) last week wrote to Treasury Secretary Timothy Geithner regarding reports that General Motors may begin to export vehicles from China to the U.S. in 2011. Brown asked Geithner to require GM to produce subcompact cars in the U.S. if it receives further government assistance.    » read more »

May 15, 2009 -- WASHINGTON, DC – Today, President Barack Obama announced his intent to nominate the following individuals for key posts at the Department of the Treasury: Rosa "Rosie" Gumatao Rios, United States Treasurer, and Daniel M. Tangherlini, Assistant Secretary for Management and Chief Financial Officer. Mr. Tangherlini will also serve as the Chief Performance Officer of the Treasury.

President Obama said, "I am grateful to have these two distinguished individuals joining my administration at this critical time for our nation. Under the leadership of Secretary Geithner, I am confident that they will serve the American people well as we work to right our economy and put our nation on a path to prosperity."    » read more »

May 15, 2009 -- WASHINGTON – Today, General Motors initiated the dealer consolidation plan it laid out in its interim plan on April 27, 2009.

GM’s announcement is part of the company’s larger effort to restructure to achieve financial viability. The Task Force is continuing to work with GM and all its stakeholders and will stand behind GM during this process to ensure that it emerges as a more competitive, viable business in the long-term. As was the case with Chrysler’s dealer consolidation plan, the Task Force was not involved in deciding which dealers, or how many dealers, were part of GM’s announcement today.    » read more »

May 15, 2009 -- WASHINGTON-- The U.S. Department of the Treasury today released results from its monthly bank lending survey for March with data from the top 21 recipients of government investments through the Capital Purchase Program (CPP).[1] Overall, balance sheets continued to contract. Outstanding loan balances at these banks slipped 1 percent in March. The survey also collects information on originations, which rose by 27 percent.    » read more »

May 14, 2009 -- WASHINGTON - Earlier today, Chrysler announced the specifics of its planned dealer consolidation. This announcement, which has been part of Chrysler’s plan for some time, is one of several steps the Company is taking to restructure to achieve financial viability.    » read more »

Just Over Two Months after Release of Program Guidelines, Homeowners Realizing Relief under Administration Plan Join Secretaries to Share Personal Stories

May 14, 2009 -- WASHINGTON - With the Making Home Affordable (MHA) program delivering much-needed relief to homeowners and to our economy just over two months after the release of program guidelines, Treasury Secretary Tim Geithner and Housing and Urban Development (HUD) Secretary Shaun Donovan today provided an update on the program's impact on stemming the housing crisis and keeping families in their homes and announced new options for homeowners facing foreclosure.    » read more »

San Francisco — May 14, 2009 -- Wells Fargo & Company (NYSE: WFC) today announced a total quarterly dividend of $312.5 million payable to the U.S. Treasury on its 25,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series D purchased from the Company as part of the department’s Capital Purchase Program (CPP).

The dividend of $12,500.00 per share is payable May 15, 2009. The U.S. Treasury is the only holder of record of the Series D preferred stock.    » read more »

Citi's TARP Capital Initiatives Total $44.75 Billion As of March 31; New U.S. Credit Commitments Totaled $120.1 Billion in First Quarter

May 12, 2009 -- NEW YORK – Citi (NYSE: C) announced today that it will lend up to $5 billion to state and local governments, municipal agencies, universities and non-profit hospitals to fund projects that will help create jobs and spur economic growth.

The municipal program and three other new primary lending initiatives approved by Citi in the first quarter of 2009 are supported by capital the U.S. Treasury invested in the company as part of the Troubled Asset Relief Program, or TARP.    » read more »