TREASURY DEPARTMENT'S FINANCIAL STABILITY PLAN

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					TREASURY DEPARTMENT’S                                                              DTV Delay Act
FINANCIAL STABILITY PLAN                                                           On February 11, 2009, President
Separate from the stimulus package, the Treasury Department recently an-           Obama signed the DTV Delay Act
nounced a multi-pronged program intended to help lay the groundwork for            into law, officially postponing the
restoring the flows of credit to households and businesses. The major compo-       date for digital television transition
nents of the plan include:                                                         to June 12, 2009. Under federal
                                                                                   law, American television stations
• A Public Private Investment Fund, jointly run by the Treasury and the Fed-       must end their analog broadcasts
  eral Reserve, with financing from private investors, to buy up hard-to-sell      and begin broadcasting exclusively
  assets that have bogged down banks and financial institutions for the past       in a digital format by this date. Any
  year. Treasury Secretary Geithner said the new fund, often described as a        consumers who receive free, over-
  “bad bank” for holding toxic assets, would start with $500 billion with a goal   the-air television programming in
  of eventually buying up to $1 trillion in assets.                                their homes could lose reception
• Expanding the existing Term Asset-Backed Securities Lending Facility             unless they upgrade by purchasing
  (TALF) from $200 billion to as much as $1 trillion in order to restart the se-   a converter box, purchasing a new
  curitized credit markets that in recent years supported a substantial portion    television with a digital tuner, or
  of lending to households, students, small businesses and others. TALF would      subscribing to a paid television ser-
  also expand to include commercial mortgage-backed securities (CMBS).             vice. The government is providing
• Direct capital injections into banks, using funds from the remaining $350        $40 coupons for certified converter
  billion from the Troubled Asset Relief Program (TARP).                           boxes. Go to www.dtv2009.gov for
• An extension of the FDIC’s Temporary Liquidity Guarantee Program (TLGP)          more information.
  to October 31, 2009. This program is intended to provide more liquidity to
  banks and financial institutions.
• A new framework of governance and oversight to help ensure banks receiv-
                                                     
				
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