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Daily Archives: June 22, 2010

Congressional Oversight Panel hearing with Treasury Secretary Timothy Geithner

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COP Hearing with Treasury Secretary Timothy Geithner, June 22, 2010

  • Testimony by Tim Geitner: “Our economy is still going through an incredibly difficult period. Millions of Americans are still looking for work and are suffering from the damage of a deep recession. The impact of this crisis will be lasting. But the actions the government took have helped stabilize the financial system and restore economic growth. Many of these actions were unpopular. However, they were essential. And they have put our economy in a much stronger position to confront the challenges that lie ahead. Financial policies have lowered borrowing costs for homeowners, consumers, businesses, and state and local governments. They have supported small and community banks that have expanded lending to small businesses during the recession. They continue to help responsible, but at-risk Americans hold onto their homes and to repair essential channels of new credit. TARP has been critical to this progress, and it has helped restore financial stability at a much lower cost than anticipated. We have already recovered more than half of total disbursements under the program. And TARP investments have generated $24 billion in additional revenue for
    taxpayers.”

  • Related postings on financial system

    • New GAO Reports: Army Working Capital Fund, Superfund, Federal Courthouse Construction

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    Army Working Capital Fund: Army Faces Challenges in Managing Working Capital Fund Cash Balance during Wartime Environment, GAO-10-480, June 22, 2010 Superfund: EPA’s Costs to Remediate Existing and Future Sites Will Likely Exceed Current Funding Levels, GAO-10-857T, June 22, 2010 Federal Courthouse Construction: Better Planning, Oversight, and Courtroom Sharing Needed to Address Future Costs, GAO-10-417,… Continue Reading

    Census Bureau Releases 2009 City Population Estimates

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    News release: “The U.S. Census Bureau today released July 1, 2009, population estimates for each of the nation’s incorporated places, including cities, boroughs and villages and minor civil divisions, such as towns and townships. The new estimates are not 2010 Census population counts. They are, however, the last estimates to use 2000 Census results as… Continue Reading

    Barney Frank Announces House Offer on Prudential Regulation

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    News release: “House Financial Services Chairman Frank, on behalf of the House conferees, released the House offer on the titles listed below. The issues will be subject to debate when the House-Senate Conference Committee convenes in room SD-106, Dirksen Senate Office Building, at 1:00 p.m. tomorrow. Title VI of base text: Improvements to Regulation of… Continue Reading

    14th Annual World Wealth Report 2010

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    World Wealth Report 2010 “The world’s population of high net worth individuals (HNWIs) grew 17.1% to 10.0 million in 2009, returning to levels last seen in 2007 despite the contraction in world gross domestic product (GDP). Global HNWI wealth similarly recovered, rising 18.9% to US$39.0 trillion, with HNWI wealth in Asia-Pacific and Latin America actually… Continue Reading

    White House Releases 2010 Joint Strategic Plan on Intellectual Property Enforcement

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    2010 Joint Strategic Plan on Intellectual Property Enforcement (June 2010): “Enforcement of intellectual property rights is a critical and efficient tool we can use, as a government, to strengthen the economy, support jobs and promote exports. Intellectual property supports jobs across all industries, and in particular where there is a high degree of creativity, research… Continue Reading

    The Wall Street Reform Bill: June 22, 2010 Conference Update

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    News release: “Today House and Senate conferees again met on the bill to bring accountability to Wall Street. The bill creates a new consumer financial protection watchdog, ends too big to fail bailouts, sets up an early warning system to predict and prevent the next crisis, and brings transparency and accountability to exotic instruments such… Continue Reading

    In re: Deepwater Horizon Cases Allotted to Section J – Judge Barbier

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    Follow up to postings on the Gulf Coast oil spill – United States District Court, Eastern District of Louisiana: “Over 30 cases relating to the Deepwater Horizon Explosion and Oil Spill have been assigned to Judge Carl Barbier, Section J. The Deepwater Horizon incident has led to claims for the death of 11 individuals, numerous… Continue Reading

    Economic Concensus: Economic Advisory Committee of the American Bankers Association

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    News release: “The economy is on a moderate but solid recovery path and sustainable private sector job growth has returned this year, according to [a concensus] the Economic Advisory Committee of the American Bankers Association…The committee unanimously noted that a double-dip recession in the U.S. is very unlikely. More than 500,000 private industry jobs were… Continue Reading