Treasury Dept.

Income Data Provided by IRS Will be Used by USDA to Validate Payment Eligibility

WASHINGTON, March 19, 2009 - In response to the discovery of nearly $50 million in payments to ineligible farmers, Agriculture Secretary Tom Vilsack today announced that the U.S. Department of Agriculture (USDA) and Internal Revenue Service (IRS) have begun efforts to ensure that high-income individuals and entities who request USDA payments meet income limits set forth in the 2008 Farm Bill.    » read more »

March 19, 2009 -- WASHINGTON, DC – The U.S. Department of the Treasury today announced a new program to help stabilize the auto supply base and restore credit flows in a critical sector of the American economy. As the President's Task Force on the Auto Industry continues to review restructuring plans submitted by General Motors and Chrysler, Treasury announced an Auto Supplier Support Program that will provide up to $5 billion in financing, giving suppliers the confidence they need to continue shipping parts, pay their employees and continue their operations.    » read more »

March 19, 2009 -- LANSING - Michigan Governor Jennifer M. Granholm issued the following statement on the Obama administration's announcement today that up to $5 billion will be provided to support ailing auto suppliers:    » read more »

2009-03-19 -- "This U.S. Treasury program recognizes how critical the domestic supply chain is in keeping America's auto industry running.

GM appreciates the Treasury and President's Task Force on Autos taking quick action that will improve suppliers ability to access much needed liquidity during these very difficult economic times.

This action can help reduce the risk of vehicle production disruptions that would occur if auto suppliers were unable to produce due to lack of access to working capital liquidity."

Source: GM

Emphasizes Recovery Efforts Already Taken by SBA to Expand Access to Capital for Small Businesses

March 16, 2009 -- WASHINGTON, DC – Today, as part of an effort Treasury Secretary Geithner first outlined in introducing the Financial Stability Plan (FSP) in February, President Obama and Secretary Geithner will announce plans to take immediate action to help ensure that credit gets flowing again to entrepreneurs and business owners.    » read more »

March 16, 2009 -- "The Obama Administration firmly believes that economic recovery will be driven in large part by America's small businesses, which have generated about 70 percent of net new jobs annually over the past decade. But as the flow of credit has dried up during this recession, small business owners who were prudent and responsible have been set back by the behavior of others in our financial system who were not.    » read more »

March 11, 2009 -- Washington D.C. -- NEIL M. BAROFSKY, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), announced today, in coordination with the Inspector General for the Board of Governors of the Federal Reserve System (FRB-OIG), the formation of a broad, multi-agency task force designed to deter, detect and investigate instances of fraud in the soon-to-be-launched Term Asset-Backed Securities Loan Facility (TALF) program.    » read more »

March 8, 2009 -- WASHINGTON Today, President Obama announced his intent to nominate the following individuals for key posts at the Treasury Department: David S. Cohen, Assistant Secretary of Treasury, Terrorist Financing; Alan B. Krueger, Assistant Secretary of Treasury, Economic Policy; and Kim N. Wallace, Assistant Secretary of Treasury, Legislative Affairs. Each of the nominees is currently serving as a Counselor to the Secretary of Treasury.

President Obama said, "Out of crisis arises opportunity. With the leadership of these accomplished individuals and our whole economic team, I am absolutely confident that we will turn around this economy and seize this opportunity to secure a more prosperous future."    » read more »

NEW YORK--Mar. 5, 2009-- American International Group, Inc. (AIG) today announced that on March 4, 2009, it issued 100,000 shares of Series C Perpetual, Convertible, Participating Preferred Stock to the AIG Credit Facility Trust, a trust established for the sole benefit of the United States Treasury. This issuance results in a change of control of AIG, as the Series C Preferred Stock holds approximately 77.9 percent of the aggregate voting power of the AIG common stock, treating the Series C Preferred Stock as converted.    » read more »

Nation’s Top Mortgage Servicer Says Program Expands Solutions for Borrowers

March 4, 2009 -- CALABASAS, Calif. – Bank of America, the nation’s largest mortgage servicer, announced that it will participate in the Making Home Affordable Plan based on program guidelines released today by the U.S. Department of the Treasury, extending new foreclosure prevention and refinancing options to eligible customers nationwide. While the company becomes operationally ready, Bank of America will extend its foreclosure sale moratorium for borrowers that potentially qualify for the program.    » read more »

With Detailed Program Requirements, Servicers Can Now Begin `Making Home Affordable' Loan Modifications; Extensive Borrower Outreach Efforts Underway

March 4, 2009 -- Washington, DC – The Obama Administration today announced new U.S. Department of the Treasury guidelines to enable servicers to begin modifications of eligible mortgages under the Administration's Homeowner Affordability and Stability Plan – announced by President Barack Obama just two weeks ago.    » read more »

New Measures Will Reduce Debt Owed to Government, Strengthen Capital Base, Allow Time to Execute Restructuring Plan under Better Market Conditions; Emphasis on Reducing Risk Through Increased Transparency

NEW YORK--Mar. 2, 2009-- American International Group, Inc. (AIG) today announced a broad set of actions, taken in cooperation with the U.S. Department of the Treasury (U.S. Treasury) and the Federal Reserve, to improve AIG’s capital structure, protect and enhance the value of its key businesses, and position these franchises for the future as more independently run, transparent companies.    » read more »

AIG Positioning AIA as an Independent Operation; Move Part of AIG Restructuring Plan with Support of U.S. Treasury and the Federal Reserve

NEW YORK--Mar. 2, 2009-- American International Group, Inc. (AIG) and American International Assurance Company, Ltd. (AIA) today announced a broad set of actions, taken in cooperation with the U.S. Department of the Treasury (U.S. Treasury) and the Federal Reserve, to improve AIG’s capital structure, protect and enhance the value of its key businesses, and position these franchises for the future as more independently run, transparent companies.    » read more »

March 3, 2009 -- To view the White Paper, Terms and Conditions, and Frequently Asked Questions, visit www.FinancialStability.gov.

In carrying out the Financial Stability Plan, the Department of the Treasury and the Federal Reserve Board are announcing the launch of the Term Asset-Backed Securities Loan Facility (TALF), a component of the Consumer and Business Lending Initiative (CBLI). The TALF has the potential to generate up to $1 trillion of lending for businesses and households.    » read more »

March 2, 2009 -- Washington, DC – The U.S. Treasury Department and the Federal Reserve Board today announced a restructuring of the government's assistance to AIG in order to stabilize this systemically important company in a manner that best protects the US taxpayer. Specifically, the government's restructuring is designed to enhance the company's capital and liquidity in order to facilitate the orderly completion of the company's global divestiture program.

The company continues to face significant challenges, driven by the rapid deterioration in certain financial markets in the last two months of the year and continued turbulence in the markets generally. The additional resources will help stabilize the company, and in doing so help to stabilize the financial system.    » read more »