Good afternoon. Thank you for the opportunity to provide an update on the current state of the U.S. economy, our implementation of the financial rescue package and strategies for use of the remaining TARP funds.
Today we continue to work through a severe financial crisis. While we are making progress, the journey ahead will continue to be a difficult one. But I have confidence that we are pursuing the right strategy to stabilize the financial system and support the flow of credit into our economy. The new authorities Congress provided in October dramatically expanded the tools available to the federal government to address the needs of our system. As I and my fellow regulators stated clearly at the time, we now have a set of tools - new authorities in addition to our existing ones- that we can deploy in creative combinations ...
Iâd Like an âSâ Please
Although I fully recognize that yesterdayâs warm and fuzzy session was sponsored by the governmentâs latest acronym, I will have to admit that I am less than enamored with the name. Think about it; when Hank Paulson announced the Troubled Asset Relief Program, the name âTARPâ made perfect sense. At that time, the plan was to round up $700 Billion of those nasty mortgage-backed securities and hide them under âthe TARPâ in order to keep the bad assets away from the good assets on bank and brokerage firm balance sheets. Then once the government tied down the corners and the loose ends â boom, everything was supposed to be fine.
And while I also recognize that the TARP isnât exactly being used as it was originally intended, you have to give the powers-that-be some credit for coming up with not only what was a decent ...
WASHINGTON, Nov. 25 /PRNewswire-USNewswire/ -- After repeated efforts by Sen. John Kerry, Chairman of the Senate Committee on Small Business and Entrepreneurship, Ranking Member Sen. Olympia Snowe and Sen. Charles Schumer, a senior member of the Senate Committee on Banking, to raise awareness of the problems facing small firms, the Department of Treasury's announcement today signals acknowledgement from the administration that federal help is needed. In several letters to the administration, Sens. Kerry, Snowe and Schumer urged more aid for entrepreneurs, including most recently a letter to Treasury ...
Treasury Department announces new initiative under the Troubled Asset Relief Program (TARP) WASHINGTON, Nov. 25 /PRNewswire-USNewswire/ -- Addressing a key request from the National Automobile Dealers Association (NADA), the U.S. Treasury Department announced today a new program to increase the availability of auto loans. "This is great news for consumers and auto dealers alike," said NADA Chairman Annette Sykora. "These steps will go a long way in helping to restore the consumer confidence that we need to return our country to economic stability. Dealers will ...
WASHINGTON--(BUSINESS WIRE)-- A plan by the Treasury and the Federal Reserve to improve market conditions for asset-backed securities - including those composed of SBA-backed small business loans - should be welcome news to credit-hungry small businesses across the country, said U.S. Small Business Administration Acting Administrator Sandy K. Baruah. The plan, announced today by Treasury Secretary Henry Paulson, establishes the Term Asset-Backed Securities Loan Facility, or TALF, to breathe new life into a secondary market that essentially ground to a halt in October. The TALF would make loans to investors who purchase ...
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Secretary Henry Paulson Remarks on Consumer ABS Lending Facility
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David Moenning's Daily State of the Markets: 11/24
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Henry M. Paulson, Jr. at The Ronald Reagan Presidential Library
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House Aide Says Democrats Won't Pass Senate-Negotiated Bill; Paulson Warns Against Hasty Regulatory Response to Financial Mess -Reuters
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Wainwright Bank & Trust Company Receives Preliminary Approval for $22 Million Investment From U.S. Treasury
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M&T Bank Corporation Announces Participation in Treasury Capital Purchase Program
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Kerry, Snowe, Schumer Push Sec. Paulson to Purchase Small Business Loans Immediately
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Chairman of the Congressional Urban Caucus Supports Mayors in Pursuit
of Bailout Funds
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Wall Street Journal CEO Council Identifies Priorities for New Administration
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John Paulson's Hedge Fund Steps Up And Buys Mortgage Assets
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U.S. Preventive Medicine(R) CEO Participating in Inaugural Wall Street Journal CEO Council Meeting
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Investor Advocates Urge Greater Shareholder Empowerment to Fill Regulatory Gaps, as Congress Hears From Treas. Sec. Paulson & Fed Chair Bernanke
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David Moenning's Daily State of the Markets: 11/18
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Paulson Testimony Before House Committee on Financial Services
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Wall Street Journal CEO Council to Convene Global Business Leaders in Unprecedented Discussion of Issues Facing Incoming Obama Administration
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Nara Bancorp Receives Preliminary Approval for $67 Million Investment from U.S. Treasury
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Automotive News: The Cost of GM's Death
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Top 10 News Items 11/10-11/14: Fed Announces New AIG Bailout, Gov't Abandons Buying Troubled Assets, China Plans $586B Stimulus Package
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Further Update From Paulson On CNBC
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Paulson Says TARP Has Stabilized Financial System
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Freddie Mac Releases Third Quarter 2008 Financial Results
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Paulson Tells BLOOMBERG TV-TARP Money Not for Automakers
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RJ & Makay's Billion Dollar Video Targets Merrill Lynch, B of A, Wachovia & AG Edwards Brokers
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Paulson Confirms Bailout Shift From Buying Troubled Assets To Injecting Liquidity
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Remarks by Secretary Henry M. Paulson, Jr. on Financial Rescue Package and Economic Update
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Treasury Secretary Hank Paulson abandons plan to purchase troubled mortgage assets - Bloomberg
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Fannie and Freddie Will be Important in Economic Recovery, Lockhart Tells Realtors(R)
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Realtors(R) Rally For Real Estate Progress In Legislative, Public Policy Arenas
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Seyfarth Shaw Announces Establishment of Covered Bonds Team
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The Bank Holdings Announces Participation in the Capital Purchase Program
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The Bank Holdings Announces Third Quarter Results
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No Economic Recovery Without Housing Stabilization, Say REALTORS(R)
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Survey: Effects of Financial Crisis Broaden as CFOs Report Plans to Cut Spending
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Chubb Letter to Treasury Secretary Paulson Opposes Property & Casualty Insurers' Participation in Capital Purchase Program
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Pelosi, Reid Call on Paulson to Strengthen Golden Parachute Restrictions on Financial Institutions Receiving Taxpayer Funds
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Travelers Does Not Seek Federal Financial Assistance
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Marshall & Ilsley Corporation Selected to Participate in U.S. Treasury Capital Purchase Program
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Avalara Executive Among Accounting Industry's Most Influential People
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Old National Bancorp Selected to Participate in the Treasury Capital Purchase Program
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Home Foreclosure - What Will It Do to Your Tax Bill?
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Pelosi Statement on Paulson's Remarks on the Credit Crunch and Home Foreclosures
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Statement by Secretary Henry M. Paulson, Jr. on Capital Purchase Program
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Pelosi Calls on Paulson to Send Clear Message to Financial Institutions About Relieving Credit Crunch
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Paulson To Hedge Funds "No Soup For You"
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Stocks Rally Into the Close Despite Economic Sluggishness
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Economic Sluggishness Shows Its Face, Stocks Weaker
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WeSeed's Jennifer Openshaw Lists the "Top 10 Signs We're in a Bear Market"
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National Urban League's President and CEO Marc H. Morial to Testify Before Senate Banking Committee on Current Economic Crisis
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National Urban League's President and CEO Marc H. Morial to Testify Before Senate Banking Committee on Current Economic Crisis
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David Moenning's Daily State of the Markets: 10/14
