US Department of the Treasury
Dudley takes helm at NY Fed, Geithner sworn in
William Dudley, the executive vice president of the markets group at the New York Federal Reserve, is to succeed Tim Geithner as president of the central bank after Geithner was sworn in as US Treasury secretary on Monday.
BoA rescued as Congress grants $350bn for Tarp
Washington has granted Bank of America, the United States's third-largest lender, up to $138 billion in federal aid on signs that a batch of assets taken onto the lender's balance sheet following its buyout of failed investment bank Merrill Lynch could…
Anti-Fed senator behind Geithner nomination block
Jim Bunning, a Republican politician who last year labelled the Federal Reserve "a leading cause of the mess we're in", is one of two senators attempting to block Tim Geithner becoming Treasury Secretary on Friday.
Eichengreen: ideology slowed response to crisis
Ideology delayed US officials in taking necessary steps after the credit crisis erupted, says Barry Eichengreen, a financial historian based at the University of California, Berkeley, in a new paper.
Paulson wants more cash as Tarp bails out Detroit
Hank Paulson, the US treasury secretary, has called for Congress to hand over the remainder of the $700 billion in taxpayer funds allocated to the Troubled Asset Relief Plan (Tarp). Paulson's pleas followed news that George W. Bush, the US president,…
How to unblock the credit markets
Cutting interest rates is increasingly ineffective. Central banks need to create market-making windows, argues Ronald McKinnon
Obama builds formidable team
Malan Rietveld looks at the new economic brains trust in America and the challenges it will face.
Obama builds formidable team
Malan Rietveld looks at the new economic brains trust in America and the challenges it will face
Paulson blames lack of time for Tarp u-turn
The US Treasury reneged on its earlier promise to buy banks' distressed assets because it ran out of time, Hank Paulson, the US treasury secretary told Congress on Tuesday.
We were powerless to save Lehman, says Paulson
The US Treasury and the Federal Reserve had to let Lehman Brothers fail because the now-defunct investment bank did not have enough good collateral on its books to guarantee a Fed loan, Hank Paulson, the US treasury secretary, has said.
US bailout to include "significant" equity stake
The US Treasury is likely to spend a very significant amount of the $700 billion at its disposal on recapitalising the US's battered banking sector, an official who will oversee the Troubled Asset Relief Plan (TARP) told an audience in London on Monday.
Paulson hints at possible bank recapitalisation
Hank Paulson, the US Treasury secretary, has indicated that America is likely to attempt to recapitalise its ailing banks.
Paulson plan is critical: Canada's Carney
Mark Carney, the governor of the Bank of Canada, has warned that the plan put forward by the US treasury secretary Hank Paulson to buy up to $700 billion in distressed assets is "critically important".
More banks will fail if we don't act: Paulson
Ben Bernanke, the chairman of the Federal Reserve, and Hank Paulson, the US Treasury secretary, have told lawmakers that a failure to rush through proposals for the purchase of up to $700 billion-worth of distressed assets would cripple the US economy.
A mix of the old and new for central banks
While leading central banks around the world on Monday took similar steps to those seen in recent months to inject liquidity into fear-ridden money markets, the American authorities' response to the latest shocks signals a distinct shift in policy.
Bear bust led to dollar-support plans - report
The financial authorities in Frankfurt, Washington and Tokyo considered joint action to stabilise the falling dollar, a leading Japanese business newspaper has reported.
Fed's Warsh: we would take covered bonds
Highly rated, high-quality covered bonds would generally fall within the range of collateral acceptable at the Federal Reserve's discount window, said Kevin Warsh, a governor at the Federal Reserve Board.
We must be able to let a Bear go bust: Paulson
Hank Paulson, the US Treasury Secretary, called on Wednesday for a regulatory system that can withstand the failure of a large and complex financial firm.
Canada to accept US Treasuries for the first time
The Bank of Canada will accept US Treasuries as collateral for the first time ever on Monday.
Treasury shake-up to grant Fed more power
The US Treasury has unveiled a series of recommendations for a major restructuring of financial services regulation, which will allot broad new powers to the Federal Reserve to attack systems risk, including the ability to send SWAT teams into any…
US Treasury warns SWF rules could cause backlash
David McCormick, the US Treasury's undersecretary for foreign affairs, has said that rules forcing sovereign wealth funds to be more transparent could backfire.
China's FX reserves past $1.2T
China's foreign reserves have risen past $1.2 trillion, a state news agency said Thursday 12 April, amid surging trade and plans to create a multibillion-dollar company to invest some of the stockpile.
Treasuries' safe-haven status faces growing threat
According to this article published Wednesday 17 May, long-term threats to the status of Treasury bonds as a safe haven are gathering even as global investors pour money into U.S. government debt.
NY Fed Staff Paper on Treasury securities
The U.S. Treasury announced in August 2005 that it is exploring whether to provide a backstop securities lending facility for U.S. Treasury securities. The New York Fed Staff Paper "Why is the U.S. Treasury contemplating becoming a lender of last resort…