Articles Tagged with ''Council on Foreign Relations''

G-20 Outlines Coordinated Plan on Impaired Assets

Treasury secretary Tim Geithner on Saturday commended the Group of Twenty (G-20) global financial advisers for supporting the U.S. movement for increased emergency International Monetary Fund resources and expanded G-20 membership. The road to stabilizing the global economy still has a long way to go, according to Geithner, and global finance regulators must now turn their attention to stabilizing financial institutions and reforming the way globally significant banks do business. "Risk does not respect national borders," he said at the G-20 meeting in Horsham, England.
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Geithner Sees Latest Treasury Nominee Withdraw

Facing growing criticism that thin senior ranks at the U.S. Treasury are hurting the department's ability to manage a growing financial crisis, the latest nominee for deputy Treasury secretary withdrew his name from consideration for the post according to a report Friday morning in the Washington Post.
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Countdown to Financial Stimulus

President Barack Obama is poised to sign the $787 billion financial stimulus package Tuesday afternoon in Denver, Colo. The package includes more than $7 billion for a high-speed internet expansion project to connect rural areas with faster communication and increased business potential. It also includes expanded unemployment benefits and funds for a first-time home buyer tax credit. Congress has claimed from early versions of the package that every $1 invested will bring a $10 return in economic growth.
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Geithner Rallies G7 Support of Rescue Plan, Wall Street Upset

Treasury Secretary Timothy Geithner on Friday attended the G7 Finance Minsters and Central Bank Governors meeting in Rome, where he assured the group of leaders the United States is moving swiftly to revive the economy by way of its $787 billion economic stimulus package and bank stabilization plan -- the details of which are expected to be presented soon. Geithner urged other countries to take bold actions as well.
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Frank and OTS Urge Foreclosure Moratoriums

A key member of Congress and one federal regulator Wednesday urged financial institutions to enact foreclosure moratoriums, until lawmakers hash out the details of a "comprehensive" plan to address the housing crisis, which is currently in the works. "I would ask all of you now to please make sure that we have a moratorium in effect," Frank said at a hearing before the Senate Budget Committee Wednesday, where the CEOs of eight major banks were drilled as to their usage of government aid.
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Multifaceted Financial Stability Plan Unveiled

Treasury Secretary Geithner unveiled details of a "comprehensive" financial stability plan Tuesday morning, admitting the strategy "will cost money, involve risk and take time." "We will have to try things we've never tried before," he said. "We will make mistakes. We will go through periods in which things get worse and progress is uneven or interrupted."
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Dudley Named New York Fed President

The New York Federal Reserve announced Tuesday it selected William C. Dudley as its new president and CEO. Dudley, 56, will succeed Timothy Geithner, who was sworn in as the new Treasury secretary late Monday.
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Geithner Implements Rules to Limit Lobbyist Influence on TARP

Hours after his confirmation, Treasury Department secretary Timothy Geithner got to work, imposing regulations to limit lobbyist influence in the distribution of funds through the Troubled Asset Relief Program. The Senate voted 60 to 34 late Monday in favor of confirming Geithner for the position of Treasury secretary.
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Geithner Champions TARP Disclosure

The Senate Finance Committee approved Timothy Giethner's nomination for Treasury secretary Thursday in a 18-5 vote, sending it to to the full Senate for final clearance -- but not without pinging him on a number of hot-button issues, including the transparency of the Troubled Asset Relief Program, which Geithner fervently urged would be implemented under the Obama administration.
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Geithner Nomination Cleared for Approval

Timothy Geithner, President Obama's pick for Treasury secretary, was cleared by a Senate panel mid-Thursday. The nomination is headed for a Senate vote, where approval is expected despite Geithner's now-infamous tax flubs.
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