U.S. Treasury Secretary Timothy Geithner said on Wednesday the Obama administration was making headway in calming financial markets and would have a program to cleanse toxic assets from banks' balance sheets up and running by July.
Treasury Secretary Timothy Geithner said on Wednesday the Obama administration was making headway in settling financial markets and said a program to cleanse so-called toxic assets from banks' balance sheets will start operating over the next six weeks.
The Obama administration is studying a long-discussed proposal to create a U.S. agency that would protect consumers who buy financial products, possibly as part of a major package of reforms, congressional aides said on Tuesday.
A high-level panel of experts that has been helping to shape President Barack Obama's response to the economic crisis will step into the public view on Wednesday at a meeting to discuss energy issues and job creation.
Neal S. Wolin was confirmed as the Deputy Secretary of the U.S. Department of the Treasury by the United States by Senate late Monday.
Goldman Sachs Group Inc, Morgan Stanley and other banks have applied to repay billions of dollars they borrowed under the U.S. government's Troubled Asset Relief Program, sources familiar with the situation said on Monday.
Asian shares climbed to their highest level in seven months on Tuesday on fresh hopes the global recession is easing, and oil hovered at six-month peaks as supply concerns helped buoy up prices.
Asian shares climbed to their highest level in seven months on Tuesday on fresh hopes the global recession is easing, while oil hovered at six-month peaks as supply concerns helped buoy prices.
Geithner says markets mending but jobs at risk
Treasury Secretary Timothy Geithner on Monday opposed the federal government placing limits on the compensation of top executives of banks that have received relief from the government.
U.S. Treasury Secretary Timothy Geithner said on Monday that borrowing costs were falling as credit markets gradually thaw, but warned a painful period lies ahead for American consumers.
Treasury Secretary Timothy Geithner said on Monday the U.S. economy was beginning to stabilize, but cautioned that consumers will still feel the pain of the current downturn for some time.
The Obama administration on Thursday tweaked its housing rescue plan by increasing incentives for mortgage lenders to slash the payments for homeowners in the worst-hit markets.
The Obama administration moved on Wednesday to exert more control over the shadowy over-the-counter derivatives market, now closely linked to the global credit crisis.
Documents made public on Wednesday confirm former U.S. Treasury Secretary Henry Paulson gave nine major banks no choice but to allow the government to take equity stakes in them as the Bush administration moved to address turmoil in the financial industry.
The U.S. Treasury Department on Thursday announced changes to encourage mortgage lenders to slash loan payments in the worst-hit markets and use so-called short sales to extract troubled home owners from unaffordable mortgages.
Corrects fifth paragraph to losses instead of lawsuits
Documents made public on Wednesday confirm former U.S. Treasury Secretary Henry Paulson gave nine major banks no choice but to allow the government to take equity stakes in them as the Bush administration moved to address turmoil in the financial industry.
Documents made public on Wednesday confirm former U.S. Treasury Secretary Henry Paulson gave nine major banks no choice but to allow the government to take equity stakes in them as the Bush administration moved to address turmoil in the financial industry.
The Obama administration moved on Wednesday to exert more control over the shadowy over-the-counter derivatives market, now closely linked to the global credit crisis.
The Obama administration plans to regulate sophisticated financial instruments linked to last year's market turmoil by requiring standardized over-the-counter derivatives to be cleared through central clearinghouses, two congressional staff workers told Reuters on Wednesday.
The Obama administration moved on Wednesday to shed more light on the over-the-counter derivatives market, a once-booming shadow banking system that is now closely linked to the global credit crisis.
