Washington
- The U.S. Treasury Department today announced the development of three programs under the Emergency Economic Stabilization Act and corresponding executive compensation and corporate governance standards. These standards generally apply to the chief executive officer, chief financial officer, plus the next three most highly compensated executive officers. Any firm participating in the following three programs will be required to adopt these standards.

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Washington
- The U.S. Treasury Department today announced that Bank of New York Mellon will serve as its custodian for the implementation of the Troubled Asset Relief Program authorized under the Emergency Economic Stabilization Act. Treasury hired the New York City-based firm Monday and work began immediately to help the Department with custodial, accounting, auction management and other infrastructure services needed to administer the complex portfolio of troubled assets the Department will purchase.

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and Jim Nussle, Director of the Office of Management and Budget, on Budget Results for Fiscal Year 2008

SUMMARY

The Administration today released the September 2008 Monthly Treasury Statement of Receipts and Outlays of the United States Government[1][1]. The statement shows the actual budget totals for the fiscal year that ended September 30, 2008, as follows:
A deficit of $455 billion, or 3.2 percent of Gross Domestic Product (GDP)
total receipts of $2,524 billion, or 17.8 percent of GDP; and
total outlays of $2,979 billion, or 21.0 percent of GDP.

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Recipient Countries to the United States Council for International Business

Washington – Thank you, Peter, for that warm introduction. It is a pleasure to join you today to discuss the importance of keeping markets open for foreign investment, a particularly timely topic given the current uncertainty in global financial markets. I would like to thank the U.S. Council for International Business for hosting this event and for its continuing interest in this important topic, and I also thank the co-sponsors and supporters of the event.

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Washington- Good morning and thank you for that kind welcome.

I am here today to provide a comprehensive update on the Treasury Department's progress in implementing the Troubled Asset Relief Program (TARP).

As you know, our credit markets are frozen and lending has become extremely impaired. In recent months our government has taken strong and decisive actions, but a more systemic approach was needed. Secretary Paulson and Chairman Bernanke asked Congress for extraordinary authorities to address the extraordinary challenges in our financial markets. Every American depends on the flow of money through our financial system. They depend on it for car loans, home loans, student loans and their individual family needs. Congress recognized the threat frozen credit markets posed to Americans and to our economy as a whole. On Friday October 3, Congress passed and President Bush signed into law the bipartisan Emergency Economic Stabilization Act of 2008.

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