EveryJoe » Treasury Department http://www.everyjoe.com Sports News - Tech Reviews - Entertainment - Life Tips for EveryJoe Wed, 25 Nov 2009 05:27:23 +0000 http://wordpress.org/?v=2.8.4 en hourly 1 Treasury to Divert Funds from Fed http://www.everyjoe.com/articles/treasury-to-divert-funds-from-fed/ http://www.everyjoe.com/articles/treasury-to-divert-funds-from-fed/#comments Wed, 16 Sep 2009 21:02:50 +0000 Mark Ellis http://www.bizzia.com/?p=39087 Post from: EveryJoe

Treasury to Divert Funds from Fed

]]> The Treasury Department has decided to move a significant amount of funds from the Federal Reserve to other locations throughout the duration of the financial crisis. This move allows the Federal Reserve to freely loan funds to the market without having to impact the federal funds rate, which has important significance to banks and other lenders.
 
Right now, Treasury holds $200 billion in a Supplementary Financing Account with the Fed, but it plans to cut that amount to $15 billion over time. Analysts think that this move comes as part of the Treasury’s attempt to avoid hitting the federal debt ceiling, an event that would halt federal spending.
 
The Treasury has encouraged lawmakers to raise the federal debt ceiling, but no legislative action has yet been taken and the ceiling is expected to be reached by mid-October. Until Congress acts, the Treasury Department will have to take drastic action to avoid hitting the ceiling so soon, with the movement of funds from the Fed serving as one of these actions.

Image: Flickr

Image: Flickr

Post from: EveryJoe

Treasury to Divert Funds from Fed

]]> http://www.everyjoe.com/articles/treasury-to-divert-funds-from-fed/feed/ 0 Three Nominated for Treasury http://www.everyjoe.com/articles/three-nominated-for-treasury/ http://www.everyjoe.com/articles/three-nominated-for-treasury/#comments Sun, 08 Mar 2009 18:17:16 +0000 Stephen Kersey http://www.bizzia.com/?p=14375 Post from: EveryJoe

Three Nominated for Treasury

]]> On Sunday, The White House announced three nominees for senior posts at the Treasury Department. Just days ago, two other contenders withdrew their names claiming concern that the team wasn’t being assembled quickly enough during the financial crisis.

Timothy Geithner - Image: Newscom

Timothy Geithner - Image: Newscom

Two months into the Obama presidency, only Treasury Secretary Timothy Geithner is in place in the Treasury.

The three new nominees are:

  • David Cohen – assistant Treasury secretary for terrorist financing
  • Alan Krueger – assistant secretary for economic policy
  • Kim Wallace – assistant secretary for legislative affairs

“Out of crisis arises opportunity,” President Obama said in a statement.

“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.”

Source: Wire Reports

Post from: EveryJoe

Three Nominated for Treasury

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