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Contents of the Treasury Notes blog, from www.treasury.gov.
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18 июня 2011, 17:12

IT Reform at the Department of the Treasury

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In the six months since the Obama Administration released its 25 Point Implementation Plan to Reform Federal IT Management in December 2010, the Treasury Department has been an early adopter of several initiatives that support the Plan’s goals of achieving operational efficiency and managing large-scale IT programs more effectively, while better serving the public and saving taxpayer money. Implementing these reforms in both our existing IT Infrastructure and our new projects will continue to inform our IT Strategy. A major component of IT Reform is a shift toward cloud-based systems, and we’re proud to report that Treasury is leading the way in this area, as the first Cabinet-Level agency to host fully its website in a public cloud. We recently moved Treasury.gov, FinancialStability.gov, MakingHomeAffordable.gov, MyMoney.gov, TIGTA.gov, and irsoversightboard.treasury.gov to a cloud-based hosting system. We are truly thinking and executing “Cloud First” in standing up the new Consumer Financial Protection Bureau (CFPB) where the use of the cloud is the preferred hosting approach for all CFPB IT infrastructure and application/data investments.  As we use the cloud to increase efficiency, our need for data centers decreases, which is another goal of the IT Reform Plan. As a result, we have recently closed one data center, with three more scheduled to be closed by the end of 2011. And going forward, we will continue to search for opportunities to consolidate redundant data centers. In the last two months, we have held two productive TechStat sessions, where we review IT investments by the Department for new or upgraded technology. During the first, we identified several management issues with the implementation of a major new manufacturing support system for one of our bureaus and identified investment governance, project management, and change control processes as key areas to strengthen. By taking action in these areas, the project is well on its way to success. The second TechStat was productive in a different way. After analyzing a proposed FOIA system purchased for one of our bureaus, we determined that the best course of action was to terminate the project and integrate its functions into an existing investment. Going forward, we will continue to use the TechStat process to review and make improvements to our IT investments with the goal of improving the level of service to the American people while lowering cost. IT at Treasury is dynamic, and I look forward to taking advantage of today’s changing conditions to push forward with reforms and improvements to better manage our IT. I especially look forward to working with my fellow CIOs and sharing best practices to streamline changes and find innovative new ways to create a more efficient IT Infrastructure across the government. As we take the next steps in the reform process, the collaborative spirit that has been fostered by the 25 Point Plan will serve as a platform for sharing the ideas that will shape the future of federal IT. Robyn East is the Deputy Assistant Secretary for Information Systems and Chief Information Officer at the Department of the Treasury

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18 июня 2011, 17:12

Winning the Future: On the Ground in Chicago with Small Business Owners

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In his State of the Union address, President Obama laid out a vision for America to win the future by out-innovating, out-educating, and out-building our competitors. At a meeting with small business owners in Cleveland on that initiative, President Obama charged members of his Administration to travel across the country and speak directly with business leaders on the ground in local communities – to hear how we can help them succeed, so that they can help America succeed. On Wednesday, as part of that outreach effort, I held a roundtable with small business owners in Chicago. That followed meetings I had with business leaders in New Jersey and New York over the last two months. The Women’s Business Development Center of Chicago, which hosted yesterday’s event, is one of the largest and oldest women’s business assistance programs in the country. This year, they will celebrate their 25th anniversary. The center continues to grow each day, and, to date, they have served approximately 65,000 women small business owners, focusing on companies at every stage in the growth cycle. Their organization has also served as a national model, helping six states establish their own business centers. WBDC Chief Operating Officer Emilia Dimenco, WBDC Co-Founder & Co-President Hedy M. Ratner, Illinois District Director U.S. SBA Judith Roussel, and Treasurer of the United States Rosie Rios. [Photo Credit: WBDC] Yesterday, I had a chance to hear from 20 small business owners, listening to their views and concerns. I was encouraged to hear that many of them are ready to take the next step to grow their business. Some, however, are struggling to access the capital they need to expand their operations. We’re working to address that issue through the State Small Business Credit Initiative, Small Business Lending Fund (SBLF), and other critical programs included in the Small Business Jobs Act. With the necessary access to capital and resources available, these businesses will continue to seek growth opportunities to hire more Americans. Many of these companies are true success stories for entrepreneurs all around the country. For example, Michele Hoskins, Founder of Michele’s Foods, started out by testing a syrup recipe in her grandmother’s basement and now her products are sold in more than 10,000 retail outlets. Then there is Marsha Serlin, CEO of United Scrap Metal, who started by collecting scrap metal in an alley. She grew her business of recycling that scrap metal to a business worth $200 million. I was inspired that these women had the courage and fortitude to invest in their businesses. Entrepreneurs like them across our country are leading this recovery by turning their good ideas into good paying jobs for Americans. And we want to do everything we can to ensure they have the support they need to do just that. Working in partnership with the private sector with programs like the SSBCI, SBLF, and others across the Administration, we’ll continue to strengthen this recovery, grow our economy, and put more Americans back to work. Rosie Rios is the Treasurer of the United States

Выбор редакции
18 июня 2011, 17:12

Winning the Future: On the Ground in Chicago with Small Business Owners

  • 0

In his State of the Union address, President Obama laid out a vision for America to win the future by out-innovating, out-educating, and out-building our competitors. At a meeting with small business owners in Cleveland on that initiative, President Obama charged members of his Administration to travel across the country and speak directly with business leaders on the ground in local communities – to hear how we can help them succeed, so that they can help America succeed. On Wednesday, as part of that outreach effort, I held a roundtable with small business owners in Chicago. That followed meetings I had with business leaders in New Jersey and New York over the last two months. The Women’s Business Development Center of Chicago, which hosted yesterday’s event, is one of the largest and oldest women’s business assistance programs in the country. This year, they will celebrate their 25th anniversary. The center continues to grow each day, and, to date, they have served approximately 65,000 women small business owners, focusing on companies at every stage in the growth cycle. Their organization has also served as a national model, helping six states establish their own business centers. WBDC Chief Operating Officer Emilia Dimenco, WBDC Co-Founder & Co-President Hedy M. Ratner, Illinois District Director U.S. SBA Judith Roussel, and Treasurer of the United States Rosie Rios. [Photo Credit: WBDC] Yesterday, I had a chance to hear from 20 small business owners, listening to their views and concerns. I was encouraged to hear that many of them are ready to take the next step to grow their business. Some, however, are struggling to access the capital they need to expand their operations. We’re working to address that issue through the State Small Business Credit Initiative, Small Business Lending Fund (SBLF), and other critical programs included in the Small Business Jobs Act. With the necessary access to capital and resources available, these businesses will continue to seek growth opportunities to hire more Americans. Many of these companies are true success stories for entrepreneurs all around the country. For example, Michele Hoskins, Founder of Michele’s Foods, started out by testing a syrup recipe in her grandmother’s basement and now her products are sold in more than 10,000 retail outlets. Then there is Marsha Serlin, CEO of United Scrap Metal, who started by collecting scrap metal in an alley. She grew her business of recycling that scrap metal to a business worth $200 million. I was inspired that these women had the courage and fortitude to invest in their businesses. Entrepreneurs like them across our country are leading this recovery by turning their good ideas into good paying jobs for Americans. And we want to do everything we can to ensure they have the support they need to do just that. Working in partnership with the private sector with programs like the SSBCI, SBLF, and others across the Administration, we’ll continue to strengthen this recovery, grow our economy, and put more Americans back to work. Rosie Rios is the Treasurer of the United States

Выбор редакции
18 июня 2011, 17:12

March 11 and the Days After in Japan

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The March 11 earthquake turned out to be the largest ever recorded in Japan, but when it first struck at 2:46 pm, it felt much like milder earthquakes often experienced in a seismically active country. The U.S. Embassy, like other buildings in Tokyo, began to sway gently. But instead of fading away, the swaying intensified and lasted for several minutes. In my office, I watched windows and drawers swing open, cabinets tumble to the floor, and a five-foot crack open in the drywall. After evacuating, I noticed that the old Japanese stone lantern in front of the Embassy had collapsed into several pieces. Shortly after that, the full extent of the tragedy became clear. A member of the Japanese military, at the Embassy for a meeting, was standing next to me with a television-capable cell phone. Together we watched the first horrifying images of the tsunami engulfing towns along the northeastern coast, leaving about 24,000 people confirmed dead or missing. The subsequent crisis at the Fukushima Dai-Ichi Nuclear Power Plant would soon complete Japan's "triple disaster." After confirming my family and staff were safe, my professional attention as Treasury’s Attaché in Japan turned to the impact on financial markets and the broader economy. In assessing the macroeconomic impact of the triple disaster, many analysts first looked to the Kobe earthquake of 1995. However, it quickly became clear that the impact of this disaster would be deeper and longer lasting. This is not just due to the primary effects of the earthquake and tsunami, as devastating as they were, but also to the secondary effects of supply chain disruptions, actual and potential power shortages, and a rapid decline in consumer confidence. Last week, Assistant Secretary Charles Collyns visited Japan to better assess the implications of the disaster for the Japanese and global economies. We met with Japanese public and private officials in both Tokyo and Sendai, and visited the heavily tsunami-damaged towns of Ishinomaki and Onagawa. The area between Sendai and Onagawa represents the most industrialized coastline hit by the tsunami, and the Ishinomaki port and paper factory provided a vivid picture of the extent of the damage. Right to Left: Assistant Secretary for International Finance Charles Collyns, Director of East Asian Nations Christopher Winship, and Treasury Financial Attaché Robert Kaproth, in Onagawa, Japan. We came away from the visit shaken by the complete devastation in the coastal areas hit by the tsunami, but also encouraged by signs of resilience, from kids walking to school to older folks walking their pets and the commitment of the workers engaged in repair and reconstruction. We were also impressed at the speed with which the recovery is beginning to take shape, as government relief efforts continue, as transportation infrastructure and supply chains are re-established, and as industry shows resilience and flexibility in dealing with shortages. While the immediate impact of the disaster was quite severe, we see the basis for a sharp, V-shaped recovery in activity over the summer. And once reconstruction spending gets underway, Japan should see a period of quite strong growth. Of course, full recovery will be a long-term effort, but we have every confidence in the strength and resourcefulness of the Japanese people. The Department of the Treasury maintains a small number of Financial Attachés located in countries of key macroeconomic and financial importance, including Japan. Robert Kaproth is Treasury’s Attaché in Tokyo.

Выбор редакции
18 июня 2011, 17:12

New on the Treasury Website: The TARP Tracker

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In September 2008, the economy was on the brink of a catastrophic collapse. A broad-based financial panic threatened the jobs and savings of millions of ordinary Americans. Congress responded by enacting the Troubled Asset Relief Program (TARP) to help break the back of the crisis. At that time, however, many doubted whether TARP would work. And whether Treasury would recover the taxpayer funds committed through the program. Today, it’s clear that because the Federal government responded with overwhelming speed and force to put out the financial fire through TARP and other emergency financial stability programs, we’re in a much stronger position today than anyone expected. We still have much work to do to repair the damage done by this crisis. Unemployment is still unacceptably high and many are still suffering. But our financial system is much stronger, the cost of borrowing has declined dramatically, and our economy is recovering. We’ve also been able to wind down TARP and exit our investments at a much faster pace than many had anticipated. The Dodd-Frank Wall Street Reform and Consumer Protection Act reduced the maximum authorization for the program from $700 billion to $475 billion. To date, we’ve recovered more than 75 percent of the total funds disbursed through TARP. In fact, the overall cost of the government’s financial stability initiatives is expected to be much lower than in past crises. We’ve still got more work ahead of us to wind down TARP. And starting today, we’re unveiling a new feature on our website to help taxpayers follow along – in real time – as we continue exiting our investments and recovering TARP dollars. It’s called the TARP Tracker. The TARP Tracker and the related Daily TARP Update show where all the TARP dollars went – how much was invested in banks, other financial institutions, the American auto industry, and the credit markets. And you can see how much has come back. We’ll update the TARP Tracker and Daily TARP Update each day with details on our progress toward recovering taxpayer funds and winding down those investments. (The Daily TARP Update also shows the funds committed to foreclosure prevention programs, which, unlike our investment programs, were not intended to be recovered.) Of course, the goal of TARP wasn’t to make a profit. And for those still suffering from the aftershocks of the crisis, the fact that the cost of TARP will be far less than many expected isn’t much comfort. But TARP was successful in what it was designed to do – which was to help stop the panic and stabilize the system. And the fact that we’ve made significant progress toward winding down the program and getting taxpayer money back is certainly a positive development. As we continue taking the necessary steps to exit our remaining investments, we invite you to follow along with Treasury’s TARP Tracker and chart our progress. Timothy Massad is Acting Assistant Secretary for Financial Stability

Выбор редакции
18 июня 2011, 17:12

March 11 and the Days After in Japan

  • 0

The March 11 earthquake turned out to be the largest ever recorded in Japan, but when it first struck at 2:46 pm, it felt much like milder earthquakes often experienced in a seismically active country. The U.S. Embassy, like other buildings in Tokyo, began to sway gently. But instead of fading away, the swaying intensified and lasted for several minutes. In my office, I watched windows and drawers swing open, cabinets tumble to the floor, and a five-foot crack open in the drywall. After evacuating, I noticed that the old Japanese stone lantern in front of the Embassy had collapsed into several pieces. Shortly after that, the full extent of the tragedy became clear. A member of the Japanese military, at the Embassy for a meeting, was standing next to me with a television-capable cell phone. Together we watched the first horrifying images of the tsunami engulfing towns along the northeastern coast, leaving about 24,000 people confirmed dead or missing. The subsequent crisis at the Fukushima Dai-Ichi Nuclear Power Plant would soon complete Japan's "triple disaster." After confirming my family and staff were safe, my professional attention as Treasury’s Attaché in Japan turned to the impact on financial markets and the broader economy. In assessing the macroeconomic impact of the triple disaster, many analysts first looked to the Kobe earthquake of 1995. However, it quickly became clear that the impact of this disaster would be deeper and longer lasting. This is not just due to the primary effects of the earthquake and tsunami, as devastating as they were, but also to the secondary effects of supply chain disruptions, actual and potential power shortages, and a rapid decline in consumer confidence. Last week, Assistant Secretary Charles Collyns visited Japan to better assess the implications of the disaster for the Japanese and global economies. We met with Japanese public and private officials in both Tokyo and Sendai, and visited the heavily tsunami-damaged towns of Ishinomaki and Onagawa. The area between Sendai and Onagawa represents the most industrialized coastline hit by the tsunami, and the Ishinomaki port and paper factory provided a vivid picture of the extent of the damage. Right to Left: Assistant Secretary for International Finance Charles Collyns, Director of East Asian Nations Christopher Winship, and Treasury Financial Attaché Robert Kaproth, in Onagawa, Japan. We came away from the visit shaken by the complete devastation in the coastal areas hit by the tsunami, but also encouraged by signs of resilience, from kids walking to school to older folks walking their pets and the commitment of the workers engaged in repair and reconstruction. We were also impressed at the speed with which the recovery is beginning to take shape, as government relief efforts continue, as transportation infrastructure and supply chains are re-established, and as industry shows resilience and flexibility in dealing with shortages. While the immediate impact of the disaster was quite severe, we see the basis for a sharp, V-shaped recovery in activity over the summer. And once reconstruction spending gets underway, Japan should see a period of quite strong growth. Of course, full recovery will be a long-term effort, but we have every confidence in the strength and resourcefulness of the Japanese people. The Department of the Treasury maintains a small number of Financial Attachés located in countries of key macroeconomic and financial importance, including Japan. Robert Kaproth is Treasury’s Attaché in Tokyo.

Выбор редакции
18 июня 2011, 17:12

New on the Treasury Website: The TARP Tracker

  • 0

In September 2008, the economy was on the brink of a catastrophic collapse. A broad-based financial panic threatened the jobs and savings of millions of ordinary Americans. Congress responded by enacting the Troubled Asset Relief Program (TARP) to help break the back of the crisis. At that time, however, many doubted whether TARP would work. And whether Treasury would recover the taxpayer funds committed through the program. Today, it’s clear that because the Federal government responded with overwhelming speed and force to put out the financial fire through TARP and other emergency financial stability programs, we’re in a much stronger position today than anyone expected. We still have much work to do to repair the damage done by this crisis. Unemployment is still unacceptably high and many are still suffering. But our financial system is much stronger, the cost of borrowing has declined dramatically, and our economy is recovering. We’ve also been able to wind down TARP and exit our investments at a much faster pace than many had anticipated. The Dodd-Frank Wall Street Reform and Consumer Protection Act reduced the maximum authorization for the program from $700 billion to $475 billion. To date, we’ve recovered more than 75 percent of the total funds disbursed through TARP. In fact, the overall cost of the government’s financial stability initiatives is expected to be much lower than in past crises. We’ve still got more work ahead of us to wind down TARP. And starting today, we’re unveiling a new feature on our website to help taxpayers follow along – in real time – as we continue exiting our investments and recovering TARP dollars. It’s called the TARP Tracker. The TARP Tracker and the related Daily TARP Update show where all the TARP dollars went – how much was invested in banks, other financial institutions, the American auto industry, and the credit markets. And you can see how much has come back. We’ll update the TARP Tracker and Daily TARP Update each day with details on our progress toward recovering taxpayer funds and winding down those investments. (The Daily TARP Update also shows the funds committed to foreclosure prevention programs, which, unlike our investment programs, were not intended to be recovered.) Of course, the goal of TARP wasn’t to make a profit. And for those still suffering from the aftershocks of the crisis, the fact that the cost of TARP will be far less than many expected isn’t much comfort. But TARP was successful in what it was designed to do – which was to help stop the panic and stabilize the system. And the fact that we’ve made significant progress toward winding down the program and getting taxpayer money back is certainly a positive development. As we continue taking the necessary steps to exit our remaining investments, we invite you to follow along with Treasury’s TARP Tracker and chart our progress. Timothy Massad is Acting Assistant Secretary for Financial Stability

Выбор редакции
18 июня 2011, 17:12

Strengthening Multilateral Efforts to Combat Illicit Financing in the Western Hemisphere

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The illicit finance activities of transnational criminal organizations (TCOs) and drug cartels in the Western Hemisphere are significant threats facing the U.S. and international financial systems today. Treasury is enhancing its work to counter this threat by broadening the scope of our strategic approach to better understand the financial networks of TCOs in an effort to bolster our current enforcement efforts aimed at denying significant foreign narcotics traffickers and their financial and support networks access to the U.S. financial system. Since this threat is global in nature, it demands a strong, coordinated multilateral response. For that reason, I led a Treasury delegation to Mexico last week to engage with our counterparts there and then co-led a joint U.S.-Mexico delegation to Guatemala and Panama to begin a regional dialogue on combating TCO financial networks. During two days of intensive consultations with officials in Mexico City, our two governments strengthened a commitment made by President Obama and Mexican President Calderón to enhance cooperation and collaboration on efforts to confront and dismantle the TCOs that threaten our nations. Specifically, the Treasury Department and the Secretaría de Hacienda y Crédito Público (Hacienda) further discussed how we will work together in the future to combat the illicit finance threat emanating from the TCOs. Joint US-Mexican delegation meets with Guatemalan Vice President Rafael Espada at the Casa Presidencial, Guatemala City, Guatemala. The joint U.S.-Mexico delegation then traveled to Guatemala City and Panama City— two areas particularly vulnerable to illicit financial activity—to engage their respective governments on these issues. Throughout the trip our discussions further reinforced that communication amongst our governments is vital if we are to be successful in combating the financial networks of TCOs operating in the region. As a result of this trip, Treasury and Hacienda have strengthened our relationship and commitment to working together to define specific policy objectives and enhance our approach to combating these financial networks. We also will continue our dialogue with our Guatemalan and Panamanian counterparts, seeking further collaboration and cooperation opportunities. As an immediate follow-up, officials from the governments of the U.S. and Mexico will meet again in Mexico City the week of June 20 to further develop our joint action plan. Sustained and strong multilateral cooperation is essential to successfully countering the threat posed by TCOs and drug cartels in this region; the U.S. commitment has never been stronger – and we’re encouraged to see that commitment shared across the region. Daniel Glaser is the Deputy Assistant Secretary for Terrorist Financing and Financial Crimes.

Выбор редакции
18 июня 2011, 17:12

With Washington, DC in the Rear View, Making Home Affordable Program Team Looks Ahead to Atlanta

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Since June 2009, the U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD), through the Obama Administration’s Making Home Affordable® Program, have sponsored 54 community events attended by more than 53,000 homeowners. At these events, homeowners meet one-on-one with their mortgage company and a HUD-approved housing counselor to learn more about the Making Home Affordable Program and other options to avoid foreclosure. The events offer a free and safe opportunity for struggling homeowners to discuss face-to-face the steps they can take to get the help they need. This past Saturday, the Making Home Affordable Program co-hosted the Third Annual DC Housing Expo and Foreclosure Clinic. More than 1,000 homeowners attended the event hosted in partnership with the Washington, DC Department of Housing and Community Development, Greater Washington Urban League, the HOPE Now Alliance, NeighborWorks America and various housing counseling agencies based in the District of Columbia. Acting Assistant Secretary for Financial Stability Tim Massad, Congresswoman Eleanor Holmes Norton and Mayor Vincent Gray stopped by to meet homeowners and event volunteers. ​ ​ Congresswoman Eleanor Holmes Norton, Treasury Assistant Secretary for Financial Stability Tim Massad and DC Deputy Mayor Victor Hoskins at the event.​ ​Treasury Assistant Secretary for Financial Stability Tim Massad and DC Mayor Vincent Gray arrive at the DC Housing Expo and Foreclosure Clinic.   Next up: the Making Home Affordable Help for Homeowners Community Event June 17-18 at the Georgia International Convention Center in Atlanta, where more than 21,000 homeowners are already receiving assistance under the program. Jennifer is one of those homeowners. She was able to save her home because of the Making Home Affordable Program and the assistance of CredAbility, a local HUD-approved housing counseling agency. Jennifer and a friend owned a modest home near downtown Atlanta. In the midst of the economic downturn, Jennifer lost her job and her co-owner was transferred out of town. “I had just started a new job, but my savings had been depleted. I didn’t have enough income to make the mortgage payment,” Jennifer recalls. Jennifer reached out to CredAbility, and together with her housing counselor, Alan Stacy, spent time going through Jennifer’s situation. Alan determined that Jennifer was eligible for a HAMP modification. “The important thing,” Alan says, “is that Jennifer called us before her situation became too severe.” Working with a housing counselor, Jennifer was able to analyze her monthly budget, explore the options available to her and most importantly, find a solution that allowed her to avoid foreclosure. After receiving the modification, Jennifer’s monthly mortgage payment was reduced by nearly $400, and she is still in her home. Today, more than 670,000 homeowners across the country have received a permanent HAMP modification, which has helped them reduce their mortgage payments by an average of $525 per month. Tens of thousands of additional homeowners receive assistance from the program every month. Through the Making Home Affordable Help for Homeowners Community Events, the program can continue to reach other struggling homeowners who may be eligible for assistance. To learn more about the Making Home Affordable Program, and the Making Home Affordable Help for Homeowners Community Events, visit MakingHomeAffordable.gov or call 888-995-HOPE (4673). Alvina McHale is Director of Marketing for Treasury's Homeownership Preservation Office

Выбор редакции
18 июня 2011, 17:12

From the Treasury Vault

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In our most recent installment of our “From the Treasury Vault” series, we showed you a few of the many portraits that line the halls of the Treasury building. Today, we bring you three distinct tables from our collection that are still in use today. Double Kneehole Desk The Treasury Collection includes period antiques furniture from the mid 19th century as well as unique pieces from later periods that were either made in the Treasury Cabinet shop or purchased specifically for the Treasury Building offices. This is one of the largest desks found in the Treasury collection and may have originally been intended for a former Secretary. In fact, until recently when the desk was temporarily removed for conservation, this desk was used by Treasury Secretary Tim Geithner. The desk dates to the period circa 1920, and with a more modern style has no carved ornamentation. Made with fine solid walnut and walnut veneers the desk has the appearance and functions as a solid, durable piece of furniture. The brass pulls provide an appropriate contrast to the wood surface. The desk is original to the Treasury Department. Similar desks appear in period photographs of Treasury executive offices and a number of desks of this period survive in the Treasury Collection, still used as they were originally intended. Desk by Doten Dunton Desk Company, c.1920, walnut, Boston, Massachusetts, 38 ½” x 78” ¼ x 54” F.1984.87   Renaissance Revival Style Center Table This Renaissance Revival center table, currently in the Diplomatic Reception Room at Treasury, has an inlaid marquetry floral design, a decorative motif that was popular during the last half of the nineteenth century. As was typical of furniture of this period, selected elements are "ebonized" to darken them and incised lines are gilded. The elaborately inlaid top may have been fabricated in Europe and placed on the American-made base. Such tops were quite popular during this period and their pre-fabrication was based on the precedent in the use for mosaic marble top tables during earlier decades. The table was a distinctive object when it was made and would have been complemented by equally elaborate side tables and cabinets. Table dating from c.1870, walnut, New York, New York, 28 ½” x 52 ½” x 29 ½”. F.1987.4 Renaissance Revival Style Center Table Part of a seven piece Renaissance Revival parlor suite with bronze plaques on either side of the marble top, this table would have been used in a well appointed domestic interior. The Treasury Building did not originally contain this type of furniture; however, the need arose from the adaptation of a space in the building as a diplomatic reception room for the Secretary, where it is still in use. The bronze plaques are signed "P & S" for the New York firm that made the table. The New York City firm of Pottier and Stymus was one of the premier cabinetmaking firms of the late nineteenth century in the United States. In 1875 the firm made more than $1.1 million worth of fine furniture and had 750 employees. The firm's elaborate and elegant work in the various revival styles afforded them many private and public commissions, such as the President's Office and the Cabinet Room in the White House in 1869, and the California house of the financier and politician Leland Stanford (1824-1893) in 1875. Table dating from c. 1870 by Pottier and Stymus (active 1859 - 1910), rosewood, New York, New York; 29 ¼” x 45 ½” x 28 ¼”. F.1987.3.2, Gift of the Treasury Historical Association Richard Cote is the Curator at the United States Treasury Department.

Выбор редакции
18 июня 2011, 17:12

Update on Treasury’s MBS Wind Down -- Taxpayers Recover an Additional $12.9 billion in May

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Today, Treasury is providing an update on the continued orderly wind down of its agency-guaranteed mortgage-backed securities (MBS) portfolio. The report that Treasury is releasing today shows that: During the month of May 2011, taxpayers received an additional $12.9 billion in proceeds from this investment through sales by Treasury with a market value of $10.5 billion ($10.0 billion principal value) and principal and interest payments of $2.4 billion. Through the end of May 2011, taxpayers have received a cumulative total of $133.8 billion in proceeds from this investment through sales by Treasury ($24.6 billion) and principal and interest payments ($109.2 billion). Today, Treasury also published a report on broker-dealer market shares for these MBS sales. We believe that the publication of this scorecard will help both maximize taxpayer returns and provide additional transparency. We plan to update the scorecard on a monthly basis. Treasury has now recovered 59 percent ($133.8 billion) of its original $225 billion investment in MBS, which it made during 2008 and 2009 through authority provided to it by Congress under the Housing and Economic Recovery Act of 2008. These MBS purchases helped stabilize the financial markets and preserve access to mortgage credit during a period of unprecedented market stress. The MBS market has improved considerably since Treasury purchased these securities. Based on current market conditions, Treasury expects to make a profit for taxpayers on this investment. On March 21, 2011, Treasury announced that it would begin the orderly wind down of its MBS portfolio. Treasury plans to sell up to $10 billion MBS (principal) per month, subject to market conditions. The sale is part of Treasury’s continued efforts to wind down emergency financial crisis response programs that were put in place in 2008 and 2009. While Treasury did not begin to sell its MBS holdings until March 2011, principal and interest payments have occurred over the life of the investment. The remaining amount of principal outstanding in Treasury’s MBS portfolio has declined by nearly 45 percent from its peak of $192 billion in December 2009. For additional details on Treasury’s remaining MBS portfolio, please visit link. Mary J. Miller is Assistant Secretary for Financial Markets