US Department of the Treasury
Reserve currencies and solving the new Triffin dilemma
Ousmène Jacques Mandeng argues that the dominance of official investors in the markets they invest in has limited their ability to liquidate their reserves during the crisis
Reactions to Tarp 2
Initial reaction on the new financial industry bailout plans announced on Tuesday, suggest that investors and observers are underwhelmed by the lack of details available at this stage and fear that the measures will continue to fall short of the…
Geithner unveils sweeping Tarp overhaul
Timothy Geithner, the secretary of the US Treasury, has announced plans to take up to $500 billion in bad assets off the books of struggling banks and expand the Federal Reserve's programme to support asset-backed securities to $1 trillion from the…
Fed still has weapons - Yellen
Janet Yellen, the president of the Federal Reserve Bank of San Francisco, says the Fed still has weapons left in its arsenal to address a "severely depressed" economy.
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…