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Minutes of the Meeting of the Treasury Borrowing Advisory Committee May 2, 2023
May 3, 2023 / Source: Treasury
The Committee convened in a closed session at the Department of the Treasury at 9:15 a.m. All members were present. Under Secretary for Domestic Finance Nellie Liang, Fiscal Assistant Secretary Dave Lebryk, Assistant Secretary for Financial Markets Josh Frost, Deputy Assistant Secretary for Federal Finance Brian Smith, and Director of the Office of Debt Management…
Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee
May 3, 2023 / Source: Treasury
May 2, 2023 Letter to the Secretary Dear Madam Secretary: Since the last TBAC meeting, markets have focused on the outlook for US economic growth, inflation, and Fed policy. In March, emergent risks to financial stability increased market attention on downside risks to economic activity and Fed policy rates, provoking extraordinary volatility in short-term Treasury…
Quarterly Refunding Statement of Assistant Secretary for Financial Markets Josh Frost
May 3, 2023 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury is offering $96 billion of Treasury securities to refund approximately $75.2 billion of privately-held Treasury notes maturing on May 15, 2023. This issuance will raise new cash from private investors of approximately $20.8 billion. The securities are: A 3-year note in the amount of $40 billion, maturing…
Treasury Designates Terrorist Financing Facilitators Jointly With Türkiye
May 2, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), in a joint action with authorities in the Republic of Türkiye, designated two financial facilitators of Syria-based terrorist groups Hay’at Tahrir al-Sham (HTS) and Katibat al-Tawhid wal-Jihad (KTJ), both of which are sanctioned by the United States and the United…
Statement by Ambassador Chantale Wong, U.S. Executive Director to the Asian Development Bank, on the Launch of the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP)
May 2, 2023 / Source: Treasury
As an ADB shareholder, the United States welcomes the establishment of the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP), a strong signal of the Asian Development Bank (ADB)’s ambition to support sustainable infrastructure, diversify energy systems, boost investment in adaptation, and strengthen resilience in the Asia-Pacific region. IF-CAP will complement G7…
CFPB Proposes New Consumer Protections for Homeowners Seeking Clean Energy Financing
May 1, 2023 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) proposed a rule to implement a Congressional mandate to establish consumer protections for residential Property Assessed Clean Energy (PACE) loans. PACE loans, secured by a property tax lien on the borrower’s home, are often promoted as a way to finance clean energy improvements such as solar panels….
FDIC Releases Comprehensive Overview of Deposit Insurance System, Including Options for Deposit Insurance Reform
May 1, 2023 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today released a comprehensive overview of the deposit insurance system and options for reform to address financial stability concerns stemming from recent bank failures. The report, Options for Deposit Insurance Reform, examines the role of deposit insurance in promoting financial stability and preventing bank runs, as well as…
JPMorgan Chase Bank, National Association, Columbus, Ohio Assumes All the Deposits of First Republic Bank, San Francisco, California
May 1, 2023 / Source: FDIC
WASHINGTON — First Republic Bank, San Francisco, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all of…
Treasury Announces Marketable Borrowing Estimates
May 1, 2023 / Source: Treasury
Sources and Uses Table WASHINGTON — The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1] for the April – June 2023 and July – September 2023 quarters. During the April – June 2023 quarter, Treasury expects to borrow $726 billion in privately-held net marketable debt, assuming an end-of-June cash balance…
Economy Statement by Eric Van Nostrand, Acting Assistant Secretary for Economic Policy, for the Treasury Borrowing Advisory Committee May 1, 2023
May 1, 2023 / Source: Treasury
INTRODUCTION The American economy showed continued resilience in the first quarter of 2023. Real GDP rose 1.1 percent at an annual rate while employers added 345,000 payroll jobs per month. Amid the strong job growth and persistently low unemployment rates, there were also signs that labor supply grew to match demand. The overall labor force…