On Tuesday, February 10th, Treasury Secretary Timothy Geithner outlined a comprehensive plan to restore stability to our financial system. In the address, Secretary Geithner discussed the Obama Administration’s strategy to strengthen our economy by getting credit flowing again to families and businesses, while imposing new measures and conditions to strengthen accountability, oversight and transparency in how taxpayer dollars are spent. And Secretary Geithner explained how the financial stability plan will be critical in supporting an effective and lasting economic recovery.
For more information, please visit http://www.treas.gov/initiatives/eesa/
NEW: Public Private Investment Program (PPIP)
Fact Sheet
White Paper
Legacy Securities Summary of Terms
Legacy Securities FAQs
Application for Private Assets Managers
Legacy Loans Summary of Terms
Legacy Loans FAQs
Unlocking Credit for Small Businesses
Fact Sheet
Q&A for Small Businesses
Secretary Geithner's Remarks
Making Home Affordable
Borrower Information: Making Home Affordable Refinance and Modification Options
Fact Sheet
Summary of Guidelines
Modification Program Guidelines
Counselor Q&A
Additional Resources:
www.WhiteHouse.gov
www.HUD.gov
Contact your mortgage company
Contact a HUD-approved housing counselor
Consumer and Business Lending Initiative (TALF)
To view TALF Term Sheet and FAQ, visit: http://www.federalreserve.gov/newsevents/default.htm
White Paper
Capital Assistance Program (CAP)
CAP White Paper
CAP Term Sheet
CAP FAQs
Application Guidelines for CAP
CPP Guidelines Under the American Recovery and Reinvestment Act
Financial Stability Plan
02/10/09 - Remarks by Treasury Secretary Tim Geithner Introducing the Financial Stability Plan
Watch the webcast
View in Real Player FormatView in Windows Media
For the hearing impaired, view with captioning:View in Real Player formatView in Windows Media
Fact Sheet
02/10/2009 – Financial Stability Plan Fact Sheet
Press Releases and Statements
03/23/2009 - Treasury Department Releases Details on Public Private Partnership Investment Program
03/16/2009 - Unlocking Credit for Small Businesses Fact Sheet
03/04/2009 - Relief for Responsible Homeowners One Step Closer Under New Treasury Guidelines
03/03/2009 - U.S. Treasury, Federal Reserve Board Announce Launch of Term Asset-Backed Securities Loan Facility
03/02/2009 - U.S. Treasury and Federal Reserve Board Announce Participation in AIG Restructuring Plan
02/27/2009 - Treasury Announces Participation in Citigroup's Exchange Offering
02/25/2009 - U.S. Treasury Releases Terms of Capital Assistance Program
02/25/2009 - Treasury Department Touts Expanded Tax Credit for First-Time Homebuyers
02/23/2009 - Joint Statement by the Treasury, FDIC, OCC, OTS and the Federal Reserve
02/10/2009 - Interagency Statement on Financial Stability Plan
02/04/2009 - Treasury Announces New Restrictions On Executive Compensation
01/28/2009 - Treasury Announces New Policy To Increase Transparency in Financial Stability Program
01/27/2009 - Treasury Secretary Announces New Rules to Limit Lobbyist Influence In federal Investment Decisions
www.Treas.gov – www.USA.gov – www.WhiteHouse.gov
Saturday, March 28, 2009
Tuesday, March 24, 2009
His Call Remains
“For God’s gifts and His call can never be withdrawn” (Romans 11:29, NLT).
What is the vision that you have for your future?
Maybe at one time you were excited about your life—you had big goals, big dreams, but you went through some disappointments or life didn’t turn out the way you planned and now you’ve just settled where you are.
But understand, God’s plan for your life didn’t go away just because you had some disappointments, setbacks, or because somebody treated you unfairly. God didn’t write you off just because you made some poor decisions. No, He knew every mistake you’d ever make; He knew every person who would wrong you, and He still called you. He still designed a perfect plan for your life. No matter what’s happened in your past, God’s plan for your good remains. He still has a bright future in store for you. If you will get your hopes back and get your vision in line with God’s Word, then the rest of your life will be the best of your life! Keep standing, keep believing, and get a vision for your future because the Lord has an amazing future in store for you!
A PRAYER FOR TODAY
Heavenly Father, thank You for loving me. Thank you for calling me and giving my life purpose. I choose to shake off the past; I choose to forgive those who have hurt me, and I choose to keep my eyes on You, knowing that You will complete the good work You started in my life. In Jesus’ Name. Amen.
What is the vision that you have for your future?
Maybe at one time you were excited about your life—you had big goals, big dreams, but you went through some disappointments or life didn’t turn out the way you planned and now you’ve just settled where you are.
But understand, God’s plan for your life didn’t go away just because you had some disappointments, setbacks, or because somebody treated you unfairly. God didn’t write you off just because you made some poor decisions. No, He knew every mistake you’d ever make; He knew every person who would wrong you, and He still called you. He still designed a perfect plan for your life. No matter what’s happened in your past, God’s plan for your good remains. He still has a bright future in store for you. If you will get your hopes back and get your vision in line with God’s Word, then the rest of your life will be the best of your life! Keep standing, keep believing, and get a vision for your future because the Lord has an amazing future in store for you!
A PRAYER FOR TODAY
Heavenly Father, thank You for loving me. Thank you for calling me and giving my life purpose. I choose to shake off the past; I choose to forgive those who have hurt me, and I choose to keep my eyes on You, knowing that You will complete the good work You started in my life. In Jesus’ Name. Amen.
Local Funding Partnerships Program to Reducing Exposure to Violence
Robert Wood Johnson Foundation Announces Local Funding Partnerships Program to Reducing Exposure to Violence
Through a special solicitation from the Robert Wood Johnson Foundation Local Funding Partnerships, the Robert Wood Johnson Foundation is seeking to partner with diversity-focused funders and other local grantmakers to fund projects that reduce violence in specific communities such as those defined by race, ethnicity, tribe, gender, sexual identity, or rural/frontier location.
Projects must be new, community-based, and culturally appropriate, reflecting how language skills, significant cultural differences, education, income, and discrimination affect health outcomes. Community members should be engaged in planning and leadership.
Projects must work to reduce violence in the context of a specific community and use that community's strengths and assets to address any threatening or violent behavior that results in emotional, psychological, or physical harm. For example, eligible projects may concern intimate partner violence, child or elder abuse, gang activity, or post-war trauma. Projects may relate to violence between family members or strangers, individuals or groups, in public or private settings.
Applicants must be nominated by a diversity-focused funder that is principally concerned with the population to be served. The additional funding partners may come from independent and private foundations, family and community foundations, and corporate and other philanthropies. All the local funding partners must be willing to work with grantees to obtain sufficient dollar-for-dollar matching funds throughout the grant period. Matching funds must represent new funding specifically designated to support the proposed project. Up to 25 percent of the match may consist of in-kind services.
Up to $1 million in total funding is available for the 2009 grant cycle. Up to eight matching grants of between $50,000 to $200,000 each will be awarded.
Proposals may be submitted at any time throughout 2009. Submitted proposals will be processed for review on the following dates: May 1, 2009; September 1, 2009; and January 5, 2010.
The complete Call for Proposals is available at the RWJF Web site.
Contact:Link to Complete RFP
Primary Subject: Health
Secondary Subject(s): Human Services Geographic
Funding Area: National
Through a special solicitation from the Robert Wood Johnson Foundation Local Funding Partnerships, the Robert Wood Johnson Foundation is seeking to partner with diversity-focused funders and other local grantmakers to fund projects that reduce violence in specific communities such as those defined by race, ethnicity, tribe, gender, sexual identity, or rural/frontier location.
Projects must be new, community-based, and culturally appropriate, reflecting how language skills, significant cultural differences, education, income, and discrimination affect health outcomes. Community members should be engaged in planning and leadership.
Projects must work to reduce violence in the context of a specific community and use that community's strengths and assets to address any threatening or violent behavior that results in emotional, psychological, or physical harm. For example, eligible projects may concern intimate partner violence, child or elder abuse, gang activity, or post-war trauma. Projects may relate to violence between family members or strangers, individuals or groups, in public or private settings.
Applicants must be nominated by a diversity-focused funder that is principally concerned with the population to be served. The additional funding partners may come from independent and private foundations, family and community foundations, and corporate and other philanthropies. All the local funding partners must be willing to work with grantees to obtain sufficient dollar-for-dollar matching funds throughout the grant period. Matching funds must represent new funding specifically designated to support the proposed project. Up to 25 percent of the match may consist of in-kind services.
Up to $1 million in total funding is available for the 2009 grant cycle. Up to eight matching grants of between $50,000 to $200,000 each will be awarded.
Proposals may be submitted at any time throughout 2009. Submitted proposals will be processed for review on the following dates: May 1, 2009; September 1, 2009; and January 5, 2010.
The complete Call for Proposals is available at the RWJF Web site.
Contact:Link to Complete RFP
Primary Subject: Health
Secondary Subject(s): Human Services Geographic
Funding Area: National
Monday, March 23, 2009
PRESIDENT OBAMA – THIS WEEK:
Today, the Treasury Department is expected to introduce plans to create a government body to finance the purchase of as much as $1 trillion in toxic assets from ailing financial institutions.
The new entity would combine assets with private investors, as well as the Federal Deposit Insurance Corp. and the Federal Reserve, to buy those assets, a step seen as crucial to unclogging the balance sheets of banks and allowing credit to flow more freely. Administration officials were putting the finishing touches on the plan yesterday and were reaching out to some of the private investors whose participation is key to the plan's success.
Also, the Obama administration this week is expected to announce new proposals for financial regulation, executive pay, accounting standards, the structure of the International Monetary Fund and other issues ahead of a summit of 20 major nations in London on April 2.
At the summit, leaders will seek to reach a consensus on those and other coordinated steps meant to combat the global economic crisis and prevent a repeat. In particular, France and Germany are seeking to win assurances at the summit that Washington is committed to tighter financial regulations.
On Thursday, Geithner is scheduled to testify before the House Financial Services Committee about overhauling financial regulation. He is likely to call for giving the Federal Reserve new powers to regulate the financial system as a whole, including power to oversee any institution that is big enough or intertwined enough to pose risks to the financial system.
The new entity would combine assets with private investors, as well as the Federal Deposit Insurance Corp. and the Federal Reserve, to buy those assets, a step seen as crucial to unclogging the balance sheets of banks and allowing credit to flow more freely. Administration officials were putting the finishing touches on the plan yesterday and were reaching out to some of the private investors whose participation is key to the plan's success.
Also, the Obama administration this week is expected to announce new proposals for financial regulation, executive pay, accounting standards, the structure of the International Monetary Fund and other issues ahead of a summit of 20 major nations in London on April 2.
At the summit, leaders will seek to reach a consensus on those and other coordinated steps meant to combat the global economic crisis and prevent a repeat. In particular, France and Germany are seeking to win assurances at the summit that Washington is committed to tighter financial regulations.
On Thursday, Geithner is scheduled to testify before the House Financial Services Committee about overhauling financial regulation. He is likely to call for giving the Federal Reserve new powers to regulate the financial system as a whole, including power to oversee any institution that is big enough or intertwined enough to pose risks to the financial system.
Thursday, March 19, 2009
SENATE EXTENDS VITAL SMALL BUSINESS PROGRAMS
US SENATE COMMITTEE ON SMALL BUSINESS AND ENTREPRENEURSHIP
For Immediate Release
March 18, 2009
Contact:
Vicki Ekstrom (202) 224-8493
vekstrom@small-bus.senate.gov
Matthew Berger (Snowe) 202-224-9431
matthew_berger@small-bus.senate.gov
SENATE EXTENDS VITAL SMALL BUSINESS PROGRAMS
LANDRIEU-SNOWE BILL TEMPORARILY EXTENDS SMALL BUSINESS INNOVATION RESEARCH AND OTHER PROGRAMS.
WASHINGTON – The United States Senate passed a bill last night sponsored by Senate Committee on Small Business and Entrepreneurship Chair Mary Landrieu, D-La., and Ranking Member Olympia J. Snowe, R-Maine, to temporarily extend the Small Business Administration’s (SBA) programs through July 31, 2009. The bill was passed by the House of Representatives earlier yesterday. Specifically, the bill extends the Small Business Innovation Research (SBIR) program, which would have expired on Friday, giving Congress more time to pass a comprehensive bipartisan bill that will strengthen and improve the SBIR program and provide long-term stability for the program. SBIR is necessary for the planning purposes of agencies and the business models of our small, high-technology firms.
“Extending the SBA’s programs is yet another sign that the Senate is committed to giving entrepreneurs the resources they need to help boost our economy,” said Chair Landrieu. “The SBIR program is especially important as innovation spurs growth and job creation and leads to advanced technology, like clean energy and life-saving therapies and devices. This extension will allow the agencies to disburse the awards firms have been waiting for to start and continue important research. I look forward to working with Ranking Member Snowe to pass a bipartisan SBA reauthorization and allow the new Administration to help small businesses through the financial crisis.”
“It is disappointing that last Congress we were unable to pass a long-term reauthorization bill for vital SBA programs,” said Ranking Member Snowe. “Small businesses must be able to rely on the SBA’s lending, entrepreneurial development, contracting and innovation programs to help ensure their stability and future growth. I look forward to working with Chair Landrieu to fashion bipartisan legislation to make this goal a reality this Congress.”
Small firms employ 41 percent of the nation’s high-tech workers and generate 13 to 14 times more patents per employee than large firms. The SBIR program alone has generated more than 84,000 patents and millions of jobs. Eleven federal agencies participate in the SBIR program – including the Department of Defense and National Science Foundation – allocating 2.5 percent of their extramural research and development dollars for the program.
For Immediate Release
March 18, 2009
Contact:
Vicki Ekstrom (202) 224-8493
vekstrom@small-bus.senate.gov
Matthew Berger (Snowe) 202-224-9431
matthew_berger@small-bus.senate.gov
SENATE EXTENDS VITAL SMALL BUSINESS PROGRAMS
LANDRIEU-SNOWE BILL TEMPORARILY EXTENDS SMALL BUSINESS INNOVATION RESEARCH AND OTHER PROGRAMS.
WASHINGTON – The United States Senate passed a bill last night sponsored by Senate Committee on Small Business and Entrepreneurship Chair Mary Landrieu, D-La., and Ranking Member Olympia J. Snowe, R-Maine, to temporarily extend the Small Business Administration’s (SBA) programs through July 31, 2009. The bill was passed by the House of Representatives earlier yesterday. Specifically, the bill extends the Small Business Innovation Research (SBIR) program, which would have expired on Friday, giving Congress more time to pass a comprehensive bipartisan bill that will strengthen and improve the SBIR program and provide long-term stability for the program. SBIR is necessary for the planning purposes of agencies and the business models of our small, high-technology firms.
“Extending the SBA’s programs is yet another sign that the Senate is committed to giving entrepreneurs the resources they need to help boost our economy,” said Chair Landrieu. “The SBIR program is especially important as innovation spurs growth and job creation and leads to advanced technology, like clean energy and life-saving therapies and devices. This extension will allow the agencies to disburse the awards firms have been waiting for to start and continue important research. I look forward to working with Ranking Member Snowe to pass a bipartisan SBA reauthorization and allow the new Administration to help small businesses through the financial crisis.”
“It is disappointing that last Congress we were unable to pass a long-term reauthorization bill for vital SBA programs,” said Ranking Member Snowe. “Small businesses must be able to rely on the SBA’s lending, entrepreneurial development, contracting and innovation programs to help ensure their stability and future growth. I look forward to working with Chair Landrieu to fashion bipartisan legislation to make this goal a reality this Congress.”
Small firms employ 41 percent of the nation’s high-tech workers and generate 13 to 14 times more patents per employee than large firms. The SBIR program alone has generated more than 84,000 patents and millions of jobs. Eleven federal agencies participate in the SBIR program – including the Department of Defense and National Science Foundation – allocating 2.5 percent of their extramural research and development dollars for the program.
JPMorgan Chase to Increase India Outsourcing 25%
America's second-largest bank plans to spend $400 million on work outsourced to India to streamline its IT operations
The second-biggest bank of the US, JP Morgan Chase, which acquired Washington Mutual and Bear Stearns recently, will increase its outsourcing to India by 25% this year to nearly $400 million. It will also manage the integration of the acquired companies from India to bring down the cost of integrating different information technology (IT) systems.
Right now, JP Morgan outsources $250-300 million worth of IT and back-office projects every year to Cognizant, TCS and Accenture, apart from to its own captive centre in Mumbai.
"JP Morgan CIO Guy Chiarello said last week that he will increase outsourcing to India, and will drive several integration projects from there," a New York-based expert, familiar with JP Morgan’s outsourcing plans, told ET last week, on conditions of anonymity. A spokeswoman for JP Morgan India could not reply to an email query sent by ET on Friday, and the bank’s spokesperson in the US too did not reply.
"JP Morgan is one of the first banks in the US to have fleshed out its outsourcing strategy ever since the banking meltdown happened. Many others are still undecided about their IT spend," said a senior official at one of the technology firms, who did not wish to be quoted.
The bank, which cancelled its $5-billion outsourcing contract with IBM in 2004—following the merger with Bank One—had brought back around 4,000 IT staff in-house after the new CIO Austin Adams had proposed a "do-it-yourself" strategy for the merged entity.
"In this economic environment, Mr. Chiarello, the current CIO, wants to ensure that he helps JP Morgan meet cost-reduction goals," the expert added. With large global banks like Lloyds TSB and HBOS, and Bank of America & Merrill Lynch merging, India’s top tech firms, including Infosys, TCS and Cognizant, are bidding for at least three $100 million-plus contracts.
As these banks merge, they face a huge task of integrating their software applications, consolidating their data centres and other trading platforms into a single entity, so that their customers are able to transact without having to face any merger-related issues. And since offshoring will help them save costs by 30-40%, these merged banking entities are seeking to partner with a vendor having significant offshore presence. "Apart from looking at cost-saving opportunities, such as offshore outsourcing, these banks also want to partner with their existing vendors because they would know the systems better," said a consultant on condition of anonymity.
As reported by ET recently, Lloyds TSB—which merged with HBOS—is seeking partners to help the merged entity integrate its retail and wholesale banking systems through an IT platform. The company has already outsourced its HR functions to Xansa two years ago, in a five-year deal.
ORIGINAL ARTICLE:http://www.businessweek.com/globalbiz/content/mar2009/gb2009039_431274.htm?chan=top+news_top+news+index+-+temp_global+business
The second-biggest bank of the US, JP Morgan Chase, which acquired Washington Mutual and Bear Stearns recently, will increase its outsourcing to India by 25% this year to nearly $400 million. It will also manage the integration of the acquired companies from India to bring down the cost of integrating different information technology (IT) systems.
Right now, JP Morgan outsources $250-300 million worth of IT and back-office projects every year to Cognizant, TCS and Accenture, apart from to its own captive centre in Mumbai.
"JP Morgan CIO Guy Chiarello said last week that he will increase outsourcing to India, and will drive several integration projects from there," a New York-based expert, familiar with JP Morgan’s outsourcing plans, told ET last week, on conditions of anonymity. A spokeswoman for JP Morgan India could not reply to an email query sent by ET on Friday, and the bank’s spokesperson in the US too did not reply.
"JP Morgan is one of the first banks in the US to have fleshed out its outsourcing strategy ever since the banking meltdown happened. Many others are still undecided about their IT spend," said a senior official at one of the technology firms, who did not wish to be quoted.
The bank, which cancelled its $5-billion outsourcing contract with IBM in 2004—following the merger with Bank One—had brought back around 4,000 IT staff in-house after the new CIO Austin Adams had proposed a "do-it-yourself" strategy for the merged entity.
"In this economic environment, Mr. Chiarello, the current CIO, wants to ensure that he helps JP Morgan meet cost-reduction goals," the expert added. With large global banks like Lloyds TSB and HBOS, and Bank of America & Merrill Lynch merging, India’s top tech firms, including Infosys, TCS and Cognizant, are bidding for at least three $100 million-plus contracts.
As these banks merge, they face a huge task of integrating their software applications, consolidating their data centres and other trading platforms into a single entity, so that their customers are able to transact without having to face any merger-related issues. And since offshoring will help them save costs by 30-40%, these merged banking entities are seeking to partner with a vendor having significant offshore presence. "Apart from looking at cost-saving opportunities, such as offshore outsourcing, these banks also want to partner with their existing vendors because they would know the systems better," said a consultant on condition of anonymity.
As reported by ET recently, Lloyds TSB—which merged with HBOS—is seeking partners to help the merged entity integrate its retail and wholesale banking systems through an IT platform. The company has already outsourced its HR functions to Xansa two years ago, in a five-year deal.
ORIGINAL ARTICLE:http://www.businessweek.com/globalbiz/content/mar2009/gb2009039_431274.htm?chan=top+news_top+news+index+-+temp_global+business
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