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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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