Timothy Geithner

November 18, 2009 -- Today's Small Business Financing Forum marks another step in the Obama Administration's commitment to ensuring small businesses can play a crucial role in leading job growth and recovery. As they search for the best ideas and strategies to bring to the President, Treasury Secretary Tim Geithner and Small Business Administrator Karen Mills will build on the measures the Obama Administration has already taken to help small businesses expand through increased access to credit and new tax cuts as part of the American Recovery and Reinvestment Act.

Obama Administration's Actions to Support Small Business

I. Improving Access to Credit    » read more »

New Markets Tax Credit Program Includes $1.5 Billion Awarded Under the Recovery Act

October 30, 2009 -- CHICAGO-- As part of the Obama Administration's efforts to revive local economies, Treasury Secretary Tim Geithner today visited a job training center in Chicago benefiting from private sector investments made through the New Markets Tax Credit (NMTC) program. As part of his visit, Geithner announced $5 billion in NMTC awards, including $1.5 billion made possible through the American Recovery and Reinvestment Act (Recovery Act), for more than 90 organizations in communities around the country.    » read more »

October 29, 2009 -- WASHINGTON, DC – Treasury Secretary Tim Geithner and HUD Secretary Shaun Donovan called on Congress to approve three important measures to improve housing and the housing market for Americans: extension of the First Time Homebuyers Tax Credit for a limited period, extension of higher loan limits for home mortgages, and secure funding for the Housing Trust Fund.    » read more »

Geithner, Chu Hold Roundtable Discussion with Energy Companies on Expanding Development of Clean, Domestic Sources of Energy

September 22, 2009 -- WASHINGTON– This morning, Treasury Secretary Tim Geithner and Energy Secretary Steven Chu hosted a group of clean energy developers and manufacturers at the White House to discuss how the American Recovery and Reinvestment Act (Recovery Act) is creating jobs and helping expand the development of clean, renewable domestic energy.

At the meeting, Secretaries Geithner and Chu announced $550 million in new awards through the Recovery Act’s 1603 program, bringing the total to more than $1 billion awarded to date to companies committed to investing in domestic renewable energy production.    » read more »

September 17, 2009 -- WASHINGTON – This morning, Treasury Secretary Tim Geithner hosted Attorney General Eric Holder, Housing and Urban Development (HUD) Secretary Shaun Donovan, Federal Trade Commission (FTC) Chairman Jon Leibowitz, Financial Crimes Enforcement Network (FinCEN) Director Jim Freis and attorneys general from 12 states to discuss emerging trends and proactive strategies to combat fraud against consumers in the housing markets as well as best practices to bolster coordination across state and federal agencies.

This meeting follows up on an announcement by the Obama Administration in April of a multi-agency crackdown on foreclosure rescue scams and loan modification fraud designed to protect homeowners from predatory financial practices.    » read more »

Initial Round of Cash Assistance for Wind, Solar Projects in Eight States Will Create Jobs, Increase Development

September 1, 2009 -- WASHINGTON– Marking a major milestone in the effort to spur private sector investments in clean energy and create new jobs for America’s workers, Treasury Secretary Tim Geithner and Energy Secretary Steven Chu today announced $502 million in the first round of awards from an American Recovery and Reinvestment Act (Recovery Act) program that provides cash assistance to energy production companies in place of earned tax credits.

The new funding creates additional upfront capital, enabling companies to create jobs and begin construction that may have been stalled until now.    » read more »

June 17, 2009 -- WASHINGTON, D.C. – Assistant Senate Majority Leader Dick Durbin (D-IL) released the following statement today after the Obama Administration announced a plan for comprehensive financial regulatory reform:

“For the past two years, we have been dealing with the worst financial crisis since the Great Depression. The current crisis has many causes, but perhaps the most significant, was the breakdown of our financial regulatory system which left consumers and our markets unprotected.”    » read more »

June 9, 2009 -- WASHINGTON – The U.S. Department of the Treasury announced today that 10 of the largest U.S. financial institutions participating in the Capital Purchase Program (CPP) have met the requirements for repayment established by the primary federal banking supervisors. Following consultation with the primary banking supervisor of each institution, Treasury has notified the institutions that they are now eligible to complete the repayment process. If these firms choose to do so, Treasury will receive $68 billion in repayment proceeds.    » read more »

May 29, 2009 -- Washington – Treasury Secretary Timothy F. Geithner today announced the designation of Richard L. (Dick) Gregg to serve as Acting Fiscal Assistant Secretary. Gregg will assume the post on Monday while Kenneth E. Carfine, the current Fiscal Assistant Secretary, is on extended medical leave.

"Under these difficult personal circumstances and at a time of great challenge in our economy, we are fortunate to have Dick Gregg return to Treasury," said Secretary Geithner. "Prior to his retirement, Dick had served Treasury with great distinction for 36 years. Dick is well recognized for his leadership, his transformation of organizations and programs, his commitment to open communication, and a team approach," added Secretary Geithner.    » read more »

Awards Announced Under New Markets Tax Credit Program

May 27, 2009 -- BOSTON– Just 100 days since the President signed into law the American Recovery and Reinvestment Act (Recovery Act), Treasury Secretary Tim Geithner today announced $1.5 billion in New Markets Tax Credit (NMTC) awards for 32 organizations throughout the country.

With resources made possible through the Recovery Act, the NMTC Program injects private-sector capital investment into communities around the country to create jobs, stimulate economic growth, and jumpstart the lending necessary for financial stability. The awardees announced today are planning investments in renewable energy projects, charter schools, health care facilities, manufacturing companies and retail centers.    » read more »

May 27, 2009 -- Washington, D.C. -- Senator John D. (Jay) Rockefeller IV fought to include the New Markets Tax Credit Program in the American Recovery and Reinvestment Act (ARRA) and issued the following statement after Treasury Secretary Timothy Geithner today announced the additional $1.5 billion in funding:

“I applaud Secretary Geithner and the Obama Administration for delivering additional funding for the New Markets Tax Credit Program. I worked to create this program in 2000 and fought to include additional funding in the Recovery Act in 2009. For our economy to truly improve we need to focus on creating jobs in the areas hit hardest by the economic downturn, and the $1.5 billion in the New Markets Tax Credit Program will go a long way toward achieving that.”    » read more »

May 22, 2009 -- Washington, DC – U.S. Senators Benjamin L. Cardin and Barbara A. Mikulski (Both MD), sent a joint letter to Treasury Secretary Timothy Geithner today urging him to obtain more detailed information from Chrysler and General Motors on their recent decision to abruptly close hundreds of local dealerships nationwide.

“Our constituents are rightly concerned about this latest economic threat to their communities, which is why I want to understand the reason General Motors and Chrysler took such quick action to cut off dealerships that cost them little or no money to maintain,” said Senator Cardin “The end-goal is clear: restore the viability of the U.S. auto industry. But how will this dramatic action help them to survive?”    » read more »

Letter to Secretary Geithner Urges Help for Region’s Banks to Fill Demand Left by Closure of New Frontier Bank

May 19, 2009 -- Washington, DC – U.S. Senators Mark Udall and Michael Bennet and Congresswoman Betsy Markey are seeking help for Northern Colorado farmers and small business owners affected by the closure of New Frontier Bank through the Treasury Department’s Troubled Asset Relief Program (TARP).    » read more »

Call for comprehensive plan for communities impacted by GM and Chrysler restructuring

May 19, 2009 -- Washington, D.C. -- Senator John D. (Jay) Rockefeller IV and Senator Robert Byrd last week called for a comprehensive plan to assist communities, dealers, employees, and consumers affected by GM and Chrysler restructuring, urging the Secretary of the Treasury to keep as many dealerships open as possible.

In a letter to Treasury Secretary Timothy Geithner, Senators Byrd and Rockefeller wrote:    » read more »

May 15, 2009 -- WASHINGTON – Today, General Motors initiated the dealer consolidation plan it laid out in its interim plan on April 27, 2009.

GM’s announcement is part of the company’s larger effort to restructure to achieve financial viability. The Task Force is continuing to work with GM and all its stakeholders and will stand behind GM during this process to ensure that it emerges as a more competitive, viable business in the long-term. As was the case with Chrysler’s dealer consolidation plan, the Task Force was not involved in deciding which dealers, or how many dealers, were part of GM’s announcement today.    » read more »