Treasury Dept.

‘Greenbook’ Details Efforts to Build Prosperity, Increase Fairness of Tax Code

May 11, 2009 -- WASHINGTON – As part of the Administration's effort to develop a budget that invests in our nation's future, the U.S. Treasury Department today released the General Explanations of the Administration's Fiscal Year 2010 Revenue Proposals (Greenbook) to provide details of plans to cut taxes for small businesses and middle class families and close unfair corporate tax loopholes.    » read more »

Grants Will Increase Jobs, Provide Boost to Local Housing Economies

May 4, 2009 -- WASHINGTON – As part of an innovative partnership aimed at job creation and easing the pressures on the housing market, the Department of the Treasury and Department of Housing and Urban Development (HUD) today jointly announced programs that will provide billions of dollars in recovery funds to spur the development of thousands of affordable housing units in states around the country.

Funded through the American Recovery and Reinvestment Act (The Recovery Act), the programs together will provide approximately $5 billion for states to finance the acquisition and construction of affordable housing for working families.    » read more »

May 4, 2009 -- There is no higher economic priority for President Obama than creating new, well-paying jobs in the United States. Yet today, our tax code actually provides a competitive advantage to companies that invest and create jobs overseas compared to those that invest and create those same jobs in the U.S. In addition, our tax system is rife with opportunities to evade and avoid taxes through offshore tax havens:

* In 2004, the most recent year for which data is available, U.S. multinational corporations paid about $16 billion of U.S. tax on approximately $700 billion of foreign active earnings – an effective U.S. tax rate of about 2.3%.
* A January 2009 GAO report found that of the 100 largest U.S. corporations, 83 have subsidiaries in tax havens.    » read more »

Common stock plus accrued interest in cash offered for $27 billion of outstanding public debt; Successful exchange to result in at least $44 billion reduction in total liabilities from bondholders, U.S. Treasury and VEBA

2009-04-27 -- DETROIT - General Motors announced today that it is commencing public exchange offers for $27 billion of its unsecured public notes. The exchange offers are a vital component of GM's overall restructuring plan to achieve and sustain long-term viability and the successful consummation of the exchange offers will allow GM to restructure out of bankruptcy court.    » read more »

2009-04-24 -- GM confirmed today that it will draw an additional $2 billion in U.S. Treasury loans to maintain adequate liquidity as the company undergoes an aggressive restructuring. As indicated in GM's February 17 viability report to the U.S. Treasury, the additional funding will be consistent with projected incremental draws that GM could need in the 2nd Quarter of 2009.

Today's loan draw will bring the total U.S. Treasury funding received to date to $15.4 billion. We appreciate President Obama's and his Administration's ongoing support of GM and the domestic U.S. auto industry as we undertake the difficult but necessary actions to reinvent our company.    » read more »

April 18, 2009 -- The global credit crisis is having a significant and harmful impact on the availability of finance for micro and small businesses that provide a majority of the jobs in the Hemisphere. This is one of the factors jeopardizing recent hard won gains in reducing poverty. While the region has a wealth of microfinance institutions, these lenders are now confronting a serious shortage of private finance from both international and local sources.    » read more »

April 17, 2009 -- WASHINGTON – Today, President Barack Obama announced his intent to nominate the following individuals to key posts at the Department of the Treasury: Herbert M. Allison, Jr., Assistant Secretary for Financial Stability, who will also have the title Counselor to the Secretary and be an advisor on policy matters; and William J. Wilkins, Chief Counsel for the Internal Revenue Service and an Assistant General Counsel in the Department of the Treasury.    » read more »

WASHINGTON, DC, April 8, 2009 -- The U.S. Department of the Treasury released the following statement today from spokesperson Jenni Engebretsen on the launch by Chrysler LLC and General Motors Corporation of Auto Supplier Support Programs. The programs launched today are open to any receivable created with respect to goods shipped after March 19, 2009 made on qualifying commercial terms. Suppliers interested in participating in the program should contact Chrysler and GM.    » read more »

Civil Enforcement Cases, State Enforcement Actions, Alert to Financial Institutions Among New Efforts to Protect American Homeowners Seeking Relief

WASHINGTON, DC, April 6, 2009 -- As homeowners and communities throughout the country continue to face devastating consequences from the deep contraction in the economy and the housing market, the Obama Administration today announced a new coordinated effort across federal and state government and the private sector to target mortgage loan modification fraud and foreclosure rescue scams that threaten to hurt American homeowners and prevent them from getting the help they need during these challenging times.    » read more »

Washington, DC, March 31, 2009 -- The U.S. Treasury Department today announced an extension of its temporary Money Market Funds Guarantee Program through September 18, 2009, in order to support ongoing stability in financial markets. The Program was scheduled to end on April 30, 2009.

As a result of this extension, the temporary guarantee program will continue to provide coverage to shareholders up to the amount held in participating money market funds as of the close of business on September 19, 2008. All money market funds that currently participate in the Program and meet the extension requirements under the Guarantee Agreements are eligible to continue to participate in the Program. Funds that are not currently participating in the Program are not eligible to participate.    » read more »

Provides new Rules of the Road, focuses first on containing systemic risk

March 26, 2009 -- The crisis of the past 18 months has exposed critical gaps and weaknesses in our financial regulatory system. As risks built up, internal risk management systems, rating agencies and regulators simply did not understand or address critical behaviors until they had already resulted in catastrophic losses. These failures have caused a dramatic loss of confidence in our financial institutions and have contributed to severe recession.    » read more »

March 25, 2009 -- Treasury Secretary Timothy Geithner on Monday called for new legislation granting additional tools to address systemically significant financial institutions that fall outside of the existing resolution regime under the FDIC. A draft bill will be sent to Congress this week and several key features are highlighted below.

The legislative proposal would fill a significant void in the current financial services regulatory structure and is one piece of a comprehensive regulatory reform strategy that will mitigate systemic risk, enhance consumer and investor protection, while eliminating gaps in the regulatory structure.

Why We Need Resolution Authority:    » read more »

Treasury Fills Three of Four Most Senior Treasury Posts

March 23, 2009 -- WASHINGTON -- President Barack Obama today announced his intent to nominate Neal S. Wolin to be Deputy Secretary of the Treasury and Lael Brainard to be Under Secretary of the Treasury for International Affairs. In addition, the President announced that Stuart A. Levey, the current Under Secretary for Terrorism and Financial Intelligence, will remain in that position. The appointments announced today fill three of the four most senior Senate-confirmed Treasury Department positions beneath Secretary Geithner.    » read more »

March 23, 2009 -- The Financial Stability Plan – Progress So Far: Over the past six weeks, the Treasury Department has implemented a series of initiatives as part of its Financial Stability Plan that – alongside the American Recovery and Reinvestment Act – lay the foundations for economic recovery:    » read more »

Features Self Assessment Tools, Calculators to Help Borrowers Determine Eligibility, Payment Reductions under Administration's Refinancing and Loan Modification Program

March 19, 2009 -- Washington, DC-- The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today launched a new website for consumers seeking information about the Obama Administration's Making Home Affordable loan modification and refinancing program. MakingHomeAffordable.gov offers features including interactive self-assessment tools that will empower borrowers to determine if they're eligible to participate and calculate the monthly mortgage payment reductions they could stand to realize under the Making Home Affordable program.    » read more »