US Treasury Releases Second Report To Congress On Rescue Plan
Of DOW JONES NEWSWIRES
WASHINGTON -(Dow Jones)- The U.S. Treasury Department has released its second report to Congress updating lawmakers on the status of its implementation of the financial rescue program.
The so-called "tranche report" states that the U.S. Treasury has so far committed $158.8 billion to its capital purchase program. Through Nov. 14, the department has signed agreements with 30 financial institutions.
The report indicated that the Treasury is still exploring ways to use remaining funds from the rescue program.
"Treasury has three critical priorities," the report said. "We will continue to reinforce the stability of the financial system so that banks and other institutions are able to support economic recovery and growth.
"We are also exploring ways to support markets for securitizing credit outside the banking system."
The report added that the department's third priority will be to use the remaining funds to reduce the risk of foreclosure.
The financial market rescue law requires the Treasury to provide key congressional committees regular written reports about its rescue programs, including descriptions of all transactions made during the reporting period.
The current report showing a total commitment of $158.5 billion doesn't include a $40 billion purchase of preferred shares of American International Group (AIG) that was announced on Nov. 10, because the transaction wasn't completed in time to make the department's second tranche report.
The Treasury will submit a third tranche report when its commitment level to the rescue plan reaches $200 billion.
-By Sarah N. Lynch, Dow Jones Newswires; 202-862-6634; sarah.lynch@dowjones.com
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(END) Dow Jones Newswires
November 24, 2008 17:50 ET (22:50 GMT)
Publié le 24 novembre 2008 Copyright © 2008 Dowjones
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