US Treasury provides another $1.15 bn to 42 banks
The Treasury Department has provided $1.15 billion to 42 banks in new payments from the government's $700 billion financial rescue fund.
By Agencies |
WASHINGTON: The Treasury Department has provided $1.15 billion to 42 banks in new payments from the government's $700 billion financial rescue fund.
The department said today that the latest capital infusions went to banks in 25 states, including the first awards in Nebraska. The latest distributions were made Friday and mark the second round of payments from the bailout fund since President Barack Obama took office.
Under the law Congress passed on October 3 creating the bailout fund, the government has two business days to publicize the transactions. The latest payments mean a total of 359 financial institutions in 45 states and Puerto Rico have received over USD 195 billion in support.
The government plans to devote USD 250 billion of the bailout program's first USD 350 billion to making direct purchases of bank stock.
Other portions of the rescue fund have gone to insurance giant American International Group Inc, Citigroup Inc and Bank of America Corp, as well as struggling auto companies General Motors Corp, Chrysler LLC and their financing arms.
The first USD 350 billion of the bailout fund has been committed. Obama won a victory before taking office when the Senate refused an effort to block release of the second USD 350 billion.
The department said today that the latest capital infusions went to banks in 25 states, including the first awards in Nebraska. The latest distributions were made Friday and mark the second round of payments from the bailout fund since President Barack Obama took office.
Under the law Congress passed on October 3 creating the bailout fund, the government has two business days to publicize the transactions. The latest payments mean a total of 359 financial institutions in 45 states and Puerto Rico have received over USD 195 billion in support.
The government plans to devote USD 250 billion of the bailout program's first USD 350 billion to making direct purchases of bank stock.
Other portions of the rescue fund have gone to insurance giant American International Group Inc, Citigroup Inc and Bank of America Corp, as well as struggling auto companies General Motors Corp, Chrysler LLC and their financing arms.
The first USD 350 billion of the bailout fund has been committed. Obama won a victory before taking office when the Senate refused an effort to block release of the second USD 350 billion.
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