U.S. Treasury - Press Releases - All
All Press Releases
- Treasury Releases Term Sheet for Automotive Plan
To view or print the PDF content on this page, download the free Adobe® Acrobat® Reader®.
December 19, 2008
HP-1333Treasury Releases Term Sheet for Automotive Plan
Washington- The U.S. Treasury Department today released the term sheet and appendices for the Administration's plan for stabilizing the automotive industry.
-30-
REPORTS
- Chrysler Term Sheet and Appendix
- General Motors Term Sheet and Appendix
- Paulson Statement on Stabilizing the Automotive Industry
December 19, 2008
HP-1332Secretary Paulson Statement on Stabilizing the Automotive Industry
Washington- Today, we have acted to support General Motors and Chrysler, with the requirement that they move quickly to develop and adopt acceptable plans for long term viability. This step will prevent significant disruption to our economy, while putting the companies on a path to the significant restructuring necessary to achieve long-term viability. At the same time, we are including loan provisions to protect the taxpayers to the maximum extent possible.
Treasury will make these loans using authority provided for the Troubled Asset Relief Program. While the purpose of this program and the enabling legislation is to stabilize our financial sector, the authority allows us to take this action. Absent Congressional action, no other authorities existed to stave off a disorderly bankruptcy of one or more auto companies.
As a result of this decision, Treasury effectively has allocated the first $350 billion from the TARP. The actual disbursement of this amount is subject to approval of bank capital applications, many of which remain with the regulators and will not reach Treasury for review until early next year. Disbursement is also subject to finalizing the structure for the Federal Reserve-Treasury consumer credit program (TALF). In the very short-term, the allocated but not yet disbursed TARP balances, in conjunction with the powers of the Federal Reserve and the FDIC, give me confidence that we have the necessary resources to address a significant financial market event. It is clear, however, that Congress will need to release the remainder of the TARP to support financial market stability. I will discuss that process with the congressional leadership and the President-elect's transition team in the near future.
-30-
- Treasury Department Public Engagements Schedule
December 19, 2008
PublicSchedulePublic Schedule
FOR DECEMBER 20, 2008 – JANUARY 2, 2009
THERE ARE CURRENTLY NO PUBLIC ENGAGEMENTS SCHEDULED FOR THIS PERIOD
- U.S. International Reserve Position
December 17, 2008
2008-12-17-17-2-47-1881U.S. International Reserve Position
The Treasury Department today released U.S. reserve assets data for the latest week. As indicated in this table, U.S. reserve assets totaled $76,428 million as of the end of that week, compared to $74,292 million as of the end of the prior week.
I. Official reserve assets and other foreign currency assets (approximate market value, in US millions)
December 12, 2008
A. Official reserve assets (in US millions unless otherwise specified) 1
Euro
Yen
Total
(1) Foreign currency reserves (in convertible foreign currencies)
76,428
(a) Securities
9,046
14,112
23,158
of which: issuer headquartered in reporting country but located abroad
0
(b) total currency and deposits with:
(i) other national central banks, BIS and IMF
10,633
6,943
17,576
ii) banks headquartered in the reporting country
0
of which: located abroad
0