The Treasury Department said on Wednesday it will send proposals to Congress this week that would let it seize troubled non-bank financial firms, one day after Treasury Secretary Timothy Geithner called for expanded powers in order to avoid possible future bailouts.
Treasury Secretary Timothy Geithner said on Wednesday the U.S. dollar is still the world's reserve currency and will remain so for a long time, though he also expressed openess to expanded use of an IMF currency basket.
Treasury Secretary Timothy Geithner on Wednesday said he is quite open to China's suggestion of moving toward a currency system linked to the International Monetary Fund's Strategic Drawing Rights.
Treasury Secretary Timothy Geithner on Wednesday said he will soon outline proposals for new, tougher requirements on major financial firms to protect the financial system and new rules to prevent financial fraud and abuse against consumers and investors.
President Barack Obama said on Tuesday he was seeing signs of progress in his drive to lead the United States out of economic crisis as he sought to reassure recession-weary Americans he was on the right track.
Ronald Reagan was known as the great communicator. George W. Bush was the self-styled decider. President Barack Obama could easily be called the salesman-in-chief.
U.S. President Barack Obama and his top two economic officials on Tuesday dismissed suggestions by emerging economic powers that the world move away from using the dollar as the world's main reserve currency.
The Obama administration on Tuesday mounted a full-scale push for government authority to shut down troubled institutions like insurer AIG to avoid the need for future bailouts.
The Obama administration on Tuesday mounted a full-scale push for government authority to shut down troubled institutions like insurer AIG to avoid the need for future bailouts.
The Obama administration on Tuesday mounted a full-scale push for government authority to shut down troubled institutions like insurer AIG to avoid the need for future bailouts.
The Obama administration on Tuesday mounted a full-scale push for government authority to shut down troubled institutions like insurer AIG to avoid the need for future bailouts.
The top two U.S. financial officials told lawmakers angry over bonus payments to AIG executives that the government needs authority to shut down troubled institutions like the giant insurer to avoid future bailouts.
Corrects the bailout figure in paragraph 5 to $180 billion
U.S. President Barack Obama called for bold, comprehensive and coordinated action to end a global economic downturn on Tuesday as he prepared for an evening news conference to explain his recovery strategy to a recession-weary public.
Seeking to avoid another financial crisis similar to the potential failure of AIG last September, leaders of the U.S. Treasury and Federal Reserve urged lawmakers to give them additional authority to supervise the financial system, including the ability to close out struggling non-bank financial institutions.
U.S. Treasury Secretary Timothy Geithner on Tuesday joined the Federal Reserve in calling for authority to wind down failing non-bank financial firms that threaten the financial system.
Wall Street was poised for a lower open on Tuesday the day after markets surged, as investors assessed a raft of recent moves to shore up the struggling economy and soft oil prices weighed on energy shares.
U.S. Treasury Secretary Timothy Geithner will face tough questions from lawmakers on Tuesday as he spells out the basics of the Obama administration's plans to reshape financial regulation at a high-profile congressional hearing.
Stock index futures pointed to a lower open on Tuesday the day after markets surged, as investors assessed a raft of recent moves to shore up the struggling economy, while lower oil prices weighed on energy shares.
Facing anger over corporate bonuses and skepticism about his massive budget, President Barack Obama holds a news conference on Tuesday to explain his economic strategy to a recession-weary public.
U.S. Treasury Secretary Timothy Geithner will face tough questions from lawmakers on Tuesday as he spells out the basics of the Obama administration's plans to reshape financial regulation at a high-profile congressional hearing.
Despite the recent wave of unconventional moves to help stabilize the U.S. economy, the Federal Reserve must maintain its independence and focus on the stability of the economy as a whole, rather than specific sectors or types of institutions, the Fed and the U.S. Treasury said in an unusual joint statement on Monday.
