Economy & Finance
07 February 2012 Bernanke Urges U.S. Leaders to Cut National Debt Federal Reserve Chairman Ben Bernanke is calling on U.S. leaders to achieve economic and financial stability by putting the United States’ fiscal policy on a sustainable path that ensures steady reduction of public debt. The chairman said a more robust recovery will lead to lower deficits and debt, and a plan for fiscal sustainability will keep longer-term interest rates low and improve household and business confidence, thereby supporting improved economic performance in the short term
31 January 2012 Why Global Economy Needs Investment in Women This was an important theme at the World Economic Forum in Davos last week, which hosted a plenary session entitled “Women as the Way Forward” on the potential impact of women on the global economy.
27 January 2012 U.S. Economy Posts Growth for 10th Straight Quarter The U.S. economy grew by 2.8 percent from October to December, marking the 10th straight quarter of positive growth and bringing expansion of the country’s gross domestic product up to 1.7 percent for 2011, according to the Commerce Department.
25 January 2012 National Strategy for Global Supply Chain Security Announced "As much of the global supply chain is owned and operated by entities outside of the U.S. Government, the success of this strategy will depend upon our ability to work with other stakeholders."
25 January 2012 Bernanke: U.S. Economy Expanding Despite Global Slowdown The U.S. economy is continuing to expand moderately despite some slowing in global growth, according to Federal Reserve Chairman Ben Bernanke. Despite these positive signs, Bernanke said, the U.S. economy has seen mixed results in other areas, such as retail sales, as it continues to face headwinds coming from Europe due in part to the sluggish global economy.
13 January 2012 U.S. to Hit $2 Trillion in 2011 Exports, Set to Meet Obama’s Goal A new trade report shows the United States on course to meet President Obama’s National Export Initiative target, with American goods and services exports during the first 11 months of 2011 up 15 percent, or $251.5 billion, from the same period in 2010.
06 January 2012 U.S. Economy Gains Jobs, Continues Recovery The U.S. economy is continuing to improve slowly, with a new report showing the unemployment rate at 8.5 percent for December 2011 — a 0.2 percentage points drop from November 2011 and the lowest level since February 2009. The employment report showed private sector growth of at least 200,000 jobs in December, well ahead of what many analysts had predicted. This marked 22 consecutive months of private sector job growth for a total addition of 3.2 million jobs during that period.
2011
30 November 2011 Federal Reserve, Five Central Banks Act to Lessen Debt Crisis The U.S. Federal Reserve and five other central banks took coordinated action to fortify the global financial system and ease strains caused by the European debt crisis. The coordinated action was announced simultaneously by the Federal Reserve in Washington, the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank.
17 November 2011 Free People Create Economic Growth, Obama Says A country’s greatest economic resource is the talent and entrepreneurial spirit of its people, President Obama says, and open and accountable governments that treat all of their citizens equally and with dignity are in a better position to enjoy economic growth that will benefit everyone in their society.
04 November 2011 Obama: Advanced Economies Lay Plans for Economic Growth President Obama says the Group of 20 nations have worked together and
made progress toward strengthening the global economy, averting another
recession and putting the world on the path to recovery. At a press conference Obama said the G20 nations agreed
to stay focused on jobs and economic growth through an extensive plan
that calls for greater coordination on individual national actions and
policies.
• Fact Sheet: G20 Cannes Action Plan for Growth and Jobs
• Fact Sheet: G20 on U.S. Financial Reform, G20 Leaders’ Agenda
• Fact Sheet: G20 on Common Global Challenges
28 October 2011 Obama: A Firewall to Stop Europe’s Crisis Spreading An op-ed by President Obama was published in the Financial Times on October 28.
27 October 2011 U.S. Economy Continues Expansion The U.S. economy grew at an annual rate of 2.5 percent in the July-to-September quarter, driven by consumer spending and continued export growth, though job growth continues to lag, according to the U.S. Commerce Department. The Commerce Department’s Bureau of Economic Analysis released the advance estimate of gross domestic product (GDP) for the third quarter of 2011 on October 27. “Real GDP rose 2.5 percent at an annual rate, consistent with private-sector expectations and up from the 1.3 percent increase in the second quarter and a significant step up from the 0.4 percent gain in the first quarter,” the department said.
25 October 2011 Treasury Official on Eurozone Debt Crisis, Implications for U.S. U.S. Department of the Treasury Assistant Secretary for International Finance Charles Collyns, written Testimony before the House Committee on Financial Services Subcommittee on International Monetary Policy and Trade.
16 October 2011 Treasury Secretary Geithner at G20 Meeting of Finance Ministers "The available evidence suggests the U.S. economy is still expanding, with the pace of growth somewhat stronger than during the first half of the year. But the overall pace of economic growth is not strong enough."
06 October 2011 Obama Says European Debt Crisis Could Have “Real Effect” on U.S. President Obama says the European sovereign debt crisis could hurt the U.S. economy, and he urged European leaders to “act fast” in support of Greece and other countries in the European Monetary Union that are having difficulty paying their debts.
01 October 2011 Statement of Anti-Counterfeiting Trade Pact Negotiating Parties Today representatives from Australia, Canada, the European Union, Japan, Republic of Korea, Mexico, Morocco, New Zealand, Singapore, Switzerland, and the United States reaffirmed their commitment to the Anti-Counterfeiting Trade Agreement at a Tokyo signing ceremony hosted by the Government of Japan. Representatives of eight governments – Australia, Canada, Japan, Republic of Korea, Morocco, New Zealand, Singapore, and the United States – signed the Agreement, and took a major step toward its entry into force.
26 September 2011 Treasury Official’s Speech to Institute of International Bankers Assistant Secretary Lago said ".... we need a financial reform agenda that safeguards financial stability and the global economy."
21 September 2011 Treasury Official on Multilateral Banks and National Security Written Testimony of the Treasury Assistant Secretary Marisa Lago before the House Financial Services Subcommittee on International Monetary Policy and Trade.
21 September 2011 Federal Reserve Acts to Boost U.S. Economy The U.S. Federal Reserve will buy up about $400 billion of longer-term Treasury securities by the end of June 2012 as part of an effort to boost the sagging U.S. economy and help the housing market. The Federal Open Market Committee, the policymaking arm of the Federal Reserve System, said the action it agreed to take should put “downward pressure on longer-term interest rates” and help to improve broader financial conditions.
12 September 2011 G7 Pledges to Support Global Economic Recovery Finance officials from the Group of Seven (G7) industrialized nations pledged to work together to support the global economy as it faces “significant challenges” to recovery. The financial leaders from the United States, Britain, Canada, France, Germany, Italy and Japan said concerns over the pace and future of the recovery underscore the need for a concerted global effort in support of “strong, sustainable and balanced growth.”
08 September 2011 President Obama On The American Jobs Act President Obama: “The purpose of the American Jobs Act is simple: to
put more people back to work and more money in the pockets of those who
are working.”
• The White House blog : The American Jobs Act
• Fact Sheet: The American Jobs Act
08 September 2011 Geithner Op-Ed: What the World Must Do To Boost Growth
11 August 2011 Obama, Bernanke Discuss Economic Recovery as Growth Lags President Obama and Federal Reserve Chairman Ben Bernanke talked at the White House on the state of the U.S. economy as financial indicators continue to show slower-than-expected economic growth.
08 August 2011 President Obama's Remarks on U.S. Credit Rating
05 August 2011 U.S. Jobs Figures Show Upturn in Economic Recovery The U.S. economy added 117,000 new jobs in July as the unemployment rate ticked down to 9.1 percent, indicating a slight economic upturn as the country continues to recover from the worst recession on record. “While the better than expected report is welcome news, the unemployment rate remains unacceptably high and faster growth is needed to replace the jobs lost in the downturn,” Council of Economic Advisers Chairman Austan Goolsbee said in a statement.
02 August 2011 Congress Passes Debt Limit Extension The U.S. Congress voted to raise the nation’s legal borrowing limit by at least $2.1 trillion and to begin reducing the nation’s total debt by at least $1 trillion in phases over a 10-year period. President Obama said that the actions taken by Congress over the past two days are a first step toward the United States addressing its long-term debt issues.
25 July 2011 A Balanced Approach President Obama says that both parties have a responsibility to solve the debt problem.
23 July 2011 Weekly Address: A Bipartisan Approach to Strengthening the Economy President Obama discussed the urgency of Democrats and Republicans coming together to take a balanced approach to cutting the deficit to strengthen the economy.
19 July 2011 Remarks by the President on the Status of Efforts to Find a Balanced Approach to Deficit Reduction
13 July 2011 U.S. Trade Deficit Hits Highest Level Since 2008 The U.S. trade deficit has surged to its highest level in almost three years, driven largely by an increase in the cost of imported crude oil. The deficit for May increased $6.8 billion from April and jumped about $8.1 billion from May 2010.
13 July 2011 U.S. Economy Sees Boost in GDP, Continues Modest Recovery Although the GDP has increased, Federal Reserve Chairman Ben Bernanke said, the unemployment rate, which appeared to be moving steadily downward earlier in 2011, has climbed back up above 9 percent.
11 July 2011 Press Conference by the President President Obama held a press conference to give an update on the ongoing efforts to tackle the U.S. national debt and deficit.
28 June 2011 Geithner Says U.S. Supports France's Lagarde to Head IMF Treasury Secretary Timothy Geithner says French Finance Minister Christine Lagarde’s selection as the new managing director of the International Monetary Fund comes at a critical time for the global economy. Lagarde was selected by the 24-member IMF Executive Board at a special meeting at the fund’s headquarters in Washington. She becomes the first woman to lead the global monetary agency since its inception in 1944.
27 June 2011 EU, U.S. Partner to Secure Global Supply Chain The United States remains committed to working with the international community to ensure the safety and resilience of world trade, the U.S. secretary of homeland security Janet Napolitano told an international commerce panel in Brussels.
20 June 2011 Obama: U.S. Committed to Remain Top Choice for Foreign Investors President Obama says the United States is committed to remaining “the most attractive place for businesses to locate, invest, grow and create jobs” as a new study finds that foreign direct investment in the United States jumped 49 percent from 2009 to 2010.
08 June 2011 U.S. Economy Recovering at Moderate Pace, Likely to Pick Up Federal Reserve Chairman Ben Bernanke says the U.S. economy is recovering at a moderate pace "from both the worst financial crisis and the most severe housing bust since the Great Depression." Bernanke said U.S. economic growth in 2011 has been slower than expected, partially due to supply chain disruptions associated with the earthquake and tsunami in Japan. He said also that prices for many commodities have risen sharply during the past year, resulting in significantly higher consumer prices for food, gasoline and other energy products.
26 May 2011 Clinton Sees Another 50 Years of Success for OECD Secretary of State Hillary Rodham Clinton has praised the
Organisation for Economic Co-operation and Development’s new vision
statement, endorsed during the group’s 50th anniversary meeting, and
says it will “help ensure the organization’s next 50 years are as
successful as the first 50 years.”
• Fact Sheet: List of Key Items at OECD Ministerial Meeting
25 May 2011 Secretary Clinton and Secretary Geithner Joint Letter to G8 Ministers As President Obama said on May 19, the courage of the people of the Middle East and North Africa has created a historic opportunity. This is a time for the region and the world to work together to support successful transitions toward democratic societies and more inclusive economies.
17 May 2011 U.S. Firmly Committed to Global Economic Development Group Secretary of State Hillary Clinton will chair the upcoming Organisation for Economic Co-operation and Development ministerial meetings, which mark the group’s 50th anniversary. Clinton hopes “to underscore the U.S. commitment to the OECD,” according to a senior State Department official.
27 April 2011 U.S. Economic Recovery Continues, Job Rates Improve The U.S. economic recovery is proceeding at a moderate pace and overall conditions in the labor market are improving gradually, Federal Reserve Chairman Ben Bernanke says. The chairman said he believes the rate of financial recovery will also continue to improve. He said that while household spending and investment has expanded, supporting the recovery, nonresidential spending is still weak and the housing sector remains depressed.
18 April 2011 U.S. Says IMF, World Bank "Vital" to Address Global Challenges The International Monetary Fund and World Bank are “vital for addressing the challenges of today and those that lie beyond the horizon,” says U.S. Treasury Secretary Timothy Geithner, as the two world lenders convened in Washington for their annual spring meetings.
15 April 2011 President Obama Releases the National Strategy for Trusted Identities in Cyberspace
02 April 2011 Energy Security Can Only Come If We Invest in Cleaner Fuels and Greater Efficiency In his weekly address, President Obama discussed his strategy to reduce our dependence on foreign oil and secure our nation’s energy future. When the President was elected, America imported eleven million barrels of oil a day. This week he announced a bold, but achievable goal of cutting this number by one-third by 2025.
30 March 2011 Obama Announces New Energy Security Measures The United States will begin an effort to reduce its dependence on
imported oil by a third over 10 years by increasing domestic energy
production, increasing the use of biofuels and natural gas, and
improving the fuel efficiency of U.S.-built cars and trucks, President
Obama says.
• Fact Sheet on U.S. Energy Security
29 March 2011 Japan's Disasters Do Not Inflict Long-Term Economic Damage The earthquake, tsunami and nuclear accident in Japan, while causing significant devastation, have not done lasting damage to the Japanese economy, according to economic analysts.
09 February 2011 Federal Reserve Chairman Discusses Economic Recovery, Debt, Jobs The U.S. economy continues to strengthen as consumer and business spending increase, but unemployment remains stubbornly high, says Federal Reserve Chairman Ben Bernanke.
25 January 2011 Major Economies to Focus on Food Prices, Currency Stability The major industrial and emerging-market nations are expected to focus on world food prices and currency stability during two summits in 2011, finance leaders said at preliminary meetings being held in Paris January 24–26. Financial leaders are concerned that unstable food and commodity prices, coupled with international currency imbalances, could cause widespread hunger in poorer nations and stall economic growth globally as nations struggle to emerge from one of the deepest recessions since the 1930s.
06 January 2011 Iranian World Bank Economist Counts the Cost of Barriers to Women Nadereh Chamlou is a citizen of the world who has stayed put, an optimistic practitioner of the "dismal science" of economics. As senior adviser to the World Bank's chief economist for the Middle East and North Africa, Chamlou is an authority on the crucial difference women can play in the economic success of families, companies and countries. She has seen that in her native Iran, where women represent a higher proportion of the work force than in surrounding countries.
07 January 2011 Bernanke Says U.S. Economy Beginning Self-Sustaining Recovery A self-sustaining recovery that is driven by improving consumer and business spending may be taking hold in the U.S. economy, the chairman of the U.S. Federal Reserve says. "Real consumer spending rose at an annual rate of 2.5 percent in the third quarter of 2010 [July to September], and the available indicators suggest that it likely expanded at a somewhat faster pace in the fourth quarter [October to December]," Fed Chairman Benjamin Bernanke said in congressional testimony January 7.
17 December 2010 Transatlantic Economic Council Joint Statement The United States and the European Union met today as part of their annual Transatlantic Economic Council (TEC) to advance the U.S.-EU economic relationship and mutual growth and job creation.
03 December 2010 U.S. Plan to Cut Deficits Stirs Emotions Warning Americans that "the moment of truth" has come, a presidential commission released a sweeping and controversial plan to reduce chronic U.S. budget deficits and slow the growth of the public debt. The proposal calls for drastic cuts in defense and other government spending, the elimination of popular tax breaks and an increase in taxes most working Americans pay for social programs. If enacted, these measures would bring about $4 trillion in budget savings and keep the public debt slightly below the current 62 percent of gross domestic product (GDP).
17 November 2010 A New Financial Framework: Dodd-Frank’s Contribution to Global Reform Deputy Secretary of the U.S. Treasury Neal Wolin remarks to the London Stock Exchange.
12 November 2010 G20 Agrees on Ways to Prevent Future Economic Crisis The Group of 20 (G20) major economies have agreed to implement tighter financial regulations designed to help prevent the types of investment and trading practices that led to the global financial crisis, and they pledged to achieve more sustainable and balanced economic growth.
• Fact Sheet on International Monetary Fund Reforms
• Fact sheet on U.S. Financial reform and the G20 Leaders' Agenda
04 November 2010 Federal Reserve Acts to Boost U.S. Economy The Federal Reserve has stepped in to boost the sputtering U.S. economy with an aggressive plan to buy $600 billion in U.S. Treasury securities, aimed at reducing interest rates and spurring employment.
02 November 2010 Strengthening Global Economy Tops APEC, G20 Agendas Fostering global economic growth through the Group of 20 (G20) advanced economies is fundamental to a lasting recovery at home, says a senior Obama administration official. Economic policy figures strongly in President Obama’s final two stops of a four-nation Asian trip .
01 November 2010 Anti-Corruption Fighters of the World: Unite, U.S. Urges The Obama administration is pushing for bolder efforts to fight corruption, building on progress made last year by the international community. An international anti-corruption campaign gained momentum in 2009, when state parties to the U.N Convention Against Corruption (UNCAC) agreed to establish a peer review mechanism for compliance with the convention. In June, a review committee adopted guidelines and selected through a drawing the first countries to undergo review. The United States is among the countries chosen.
26 October 2010 U.S. Official at Closing of OSCE Review Conference in Vienna As delivered by Dr. Michael Haltzel.
26 October 2010 U.S. Official at OSCE Session on the Way Forward As delivered by Ambassador Cynthia Efird, Helsinki Commission at the OSCE Review Conference.
25 October 2010 U.S. Official at OSCE Session on Partners for Co-operation
25 October 2010 G20 Finance Officials Agree on Currency, Trade Strategies Only two weeks after failing to resolve differences at a meeting in Washington, financial officials of the world’s major economies agreed to avoid conflicting currency interventions and, in principle, to reduce trade imbalances.
20 October 2010 Holder: Cooperation Needed to Fight Intellectual Property Crimes U.S. Attorney General Eric Holder has called for greater international law enforcement cooperation to combat intellectual property piracy, which robs industry of billions of dollars annually and endangers the safety of consumers worldwide.
18 October 2010 Economists: U.S.-EU Economic Cooperation Must Continue Less than one month before the summit of the Group of 20 (G20) major economies in Seoul, South Korea, the United States and European Union are facing a critical test of their will to agree on financial issues critical not only to their own economies, but to the rest of the world too.
15 October 2010 Federal Reserve Head Discusses Policies to Promote Jobs, Recovery Sustained expansion of the U.S. economy must ultimately be driven by growth in consumer spending, business and residential investments, and exports, says Federal Reserve Chairman Benjamin Bernanke. "Overall economic growth has been proceeding at a pace that is less vigorous than we would like," Bernanke said at an October 15 economic conference at the Federal Reserve Bank of Boston.
15 October 2010 U.S. Treasury Delays Report on Currency Exchange Rates The U.S. Treasury delayed publishing a report on China’s currency policies until after the Group of 20 advanced economies meets in Seoul November 11. The congressionally mandated report, required twice a year, is designed to determine whether any countries are manipulating their currencies and exchange rate policies.
06 October 2010 Economic Recovery Should Remain in Focus, Treasury Secretary Says U.S. Treasury Secretary Timothy Geithner said the U.S. economy is recovering despite weaknesses in real estate and construction sectors, and urged other countries to focus on accelerating the pace of recovery before shifting attention to long-term fiscal challenges.
04 October 2010 Developing World's Entrepreneurs Must Overcome Obstacles For some entrepreneurs, all times are hard times. In developing countries with not-so-friendly business climates, small business owners often face more daunting and persistent hurdles than their counterparts in the developed world. Those hurdles range from onerous government regulations to corruption to poor infrastructure.
04 October 2010 Global Health Investments: Progress Seen, More Success Sought A key principle that guides President Obama’s Global Health Initiative is strengthening health care to save lives and creating sustainable health care programs in areas with the greatest need around the world, says Ambassador Eric Goosby, the State Department's global AIDS coordinator.
20 September 2010 Some U.S. Small Businesses Regain Momentum Some U.S. small companies are shifting gears to go faster after the recent recession. Other small businesses have not seen much improvement, even after the recession ended in 2009.
13 September 2010 International Bank Regulators Impose Financial Reforms Leading international bank regulators have agreed on new, wide-ranging rules that would require banks to hold more ready capital and take fewer risks.
06 September 2010 Remarks by President Obama at Laborfest in Milwaukee, Wisconsin Obama: The Fight for America's Workers Continues.
30 August 2010 Remarks by President Obama on the Economy Acknowledges that the economy remains extremely fragile.
27 August 2010 U.S. Central Bank Chief Says Fed Could Act to Shore Up Economy Federal Reserve Chairman Ben Bernanke said the U.S. central bank will not hesitate to use policies at its disposal to support the economic recovery and prevent the U.S. economy from spiraling into a period of deflation.
09 August 2010 Treasury Announces 2011 APEC Finance Ministers Meeting in Hawaii The U.S Department of the Treasury today announced that the 2011 Asian-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting will take place on November 10, 2011 in Honolulu, Hawaii.
15 July 2010 Remarks by the President on the Passage of Financial Regulatory Reform President Obama says that the bill will bring greater economic security to families and businesses across the country.
07 July 2010 U.S. Welcomes WTO Ruling Against European Subsidies for Airbus The Obama administration welcomed the World Trade Organization’s (WTO’s) June 30 ruling against "launch aid" and other subsidies paid to the Airbus aircraft company from European countries, saying those subsidies are inconsistent with WTO rules and have harmed the U.S. aircraft industry.
28 June 2010 Obama: A Durable Economy Must Include Budget Responsibility Leaders from the world’s largest economies pledged to reduce their budget deficits by half by 2013, and President Obama argued that a durable economic recovery must also include fiscal responsibility.
28 June 2010 Technological Opportunities, Job Creation, and Economic Growth Remarks at the New America Foundation on the President’s Spectrum Initiative by Lawrence H. Summers, Director of the National Economic Council and Assistant to the President for Economic Policy.
27 June 2010 From the G20 Summit in Toronto, Canada:
- Acting on Our Global Energy and Climate Change Challenges
- U.S. Financial Reform and the G-20 Leaders' Agenda
- The G20 Toronto Summit Declaration
27 June 2010 Treasury Secretary Geithner Press Briefing at G8 Summit Emphasizes need strengthen economic recovery, make it sustainable.
21 June 2010 Obama Praises Shift in Chinese Currency Exchange Policy The Obama administration welcomed China’s decision to allow its currency, the yuan, to have more flexible exchange rates by allowing several foreign currencies to determine its value, rather than pegging its exchange rate solely to the U.S. dollar.
18 June 2010 Reform Must Ensure Stability of Financial System Focusing supervision too narrowly on the safety and soundness of individual financial institutions can blind regulators to emerging threats to financial stability that cut across many companies or markets, Federal Reserve Chairman Ben Bernanke says.
16 June 2010 Obama's Letter to G20 Leaders on Upcoming Meetings in Toronto President looks forward to working collectively to renew global economy.
10 June 2010 U.S. Economy Continues Growing at Moderate Pace The U.S. economy continues to grow at a moderate pace, but the unemployment rate will likely see only a “slow reduction” over time, Federal Reserve Chairman Ben Bernanke says. "The economy … appears to be on track to continue to expand through this year and next," Bernanke said.
20 May 2010 Remarks by the President on Wall Street Reform
29 April 2010 U.S. Leaders Monitoring Greek Financial Crisis President Obama has spoken with German Chancellor Angela Merkel about Greece’s unfolding economic crisis and the importance of action by Greek officials to begin preparing the necessary measures to respond, the White House says.
28 April 2010 Secretary Clinton's Remarks at Breakfast with Women Entrepreneurs Attending Presidential Summit on Entrepreneurship
27 April 2010 Summary of Meeting of USTR Ron Kirk and Russian Officials U.S. trade representative Ron Kirk and officials discuss Russia's membership in the World Trade Organization.
27 April 2010 Obama Summit Boosts Spirit of Entrepreneurs Discussions about how entrepreneurs can become agents of change were at the center of the summit’s agenda. It wasn’t a typical Washington event; it was more dialogue than lecture, observed Elmira Bayrasli of Endeavor, a U.S. nonprofit group. Even the seating in the ballroom where panel discussions took place — rows of round tables, instead of chairs lined up to face a stage, and no podium — encouraged an exchange of ideas.
27 April 2010 Women Entrepreneurs Can Ignite Social Change Proclaiming that women have a “unique opportunity to ignite social change,” Farah Pandith, the U.S. Department of State’s special representative to Muslim communities, opened the final panel at the Presidential Summit on Entrepreneurship. The panel focused on “unleashing the power of women entrepreneurs.” Pandith told the women they are role models and agents for long-term change.
27 April 2010 Secretary Clinton's Closing Remarks at Presidential Summit on Entrepreneurship "This summit reflects the new approach to foreign policy that President Obama described last year at Cairo University, one that we have been putting into practice through partnerships."
26 April 2010 World Bank Expands Voting Power of Emerging Economies Members of the World Bank have agreed to expand the voting power of emerging economies, boost the bank’s operating capital and adopt a reform package that calls for more openness. “The change in voting power helps us better reflect the realities of a new multipolar global economy where developing countries are now key global players,” World Bank President Robert Zoellick said in a post-meeting press conference.
26 April 2010 Entrepreneurs Share Aspirations, Experiences at Obama Summit In some countries and communities, entrepreneurship is not deeply ingrained. Sandiaga Uno, of Indonesia, said he first heard the word “entrepreneurship” when he was in college. Since then, he has started a private equity company in Indonesia. A favorable business climate doesn’t always go far enough for entrepreneurship to thrive. “You have to have a culture ... willing to accept entrepreneurs as change agents," said Jerry Yang, chief executive of the Internet portal Yahoo.
26 April 2010 Entrepreneurship in Arab World Changing Nabil Shalaby made money for the first time at age 9 as a printer. Using a plastic toy, he made miniature name tags and sold them to his father, mother and other members of his big family in Mansoura, Egypt. Eighteen years later, with two partners, he started a company in a modern-day version: desktop publishing. Later, he sold his share for a handsome profit. Today, Shalaby promotes entrepreneurship in Egypt and Saudi Arabia as a consultant, manager, innovator, educator and author.
21 April 2010 U.S. Government Unveils New Design for
the $100 Note Officials from the U.S. Department of the Treasury, the
Federal Reserve Board and the United States Secret Service today unveiled the
new design for the $100 note. Complete with advanced technology to combat
counterfeiting, the new design for the $100 note retains the traditional look of
U.S. currency.
• $100 Note Security Features (PDF, 4.1MB)
• $100 Note Fact
Sheet (PDF, 436KB)
• Currency Milestones Fact sheet (PDF, 428KB)
20 April 2010 Ash Cloud from Iceland Volcano Has Global Economic Impact The economic devastation caused by the activity of Iceland’s Eyjafjallajökull volcano is mounting, with airlines reporting losses on the scale of $200 million per day following the shutdown of many European airports, and a wider impact moving across the globe as trade goods transported by air have been unable to reach their markets.
16 March 2010 Senator Offers Financial Reform Bill Despite Uncertain Outlook Financial reform reappears on the congressional agenda as a key senator attempts to break an impasse in efforts to make the U.S. financial system less prone to crisis. Christopher Dodd, a Democratic and chairman of the Senate Banking Committee, unveiled ona bill that would rein in large financial institutions by imposing new requirements on their size, their capital reserves and the complexity of their financial products.
04 February 2010 In U.S. Congress, Financial Reform Is a Work in Progress A comprehensive regulatory overhaul designed to make the U.S. financial system less prone to crisis faces uncertainty as interested parties, policymakers and legislators maneuver for opportunities to push it through Congress, change it or kill it.
01 February 2010 Federal Budget 2011 (see below)
29 January 2010 Obama Prepares to Submit U.S. Budget for Fiscal Year 2011 On February 1, President Obama plans to release his blueprint for how the federal government should spend its money in fiscal year 2011, which begins October 1, 2010. When he sends Congress The Budget of the United States Government, he fulfills a mandate in a 1921 federal law, the Budget and Accounting Act, that requires the president to prepare and submit such a document “no earlier than the first Monday in January, and no later than the first Monday in February.”
28 January 2010 U.S. Senate Confirms Ben Bernanke as Federal Reserve Chairman The U.S. Senate confirmed Ben Bernanke January 28 to a second term as chairman of the Federal Reserve, a move likely to reassure world markets that an experienced hand will continue to guide the U.S. central bank and that monetary policy will remain consistent.
21 January 2010 Remarks by the President on Financial Reform (WhiteHouse.gov)
06 January 2010 Secretary Clinton’s Speech on Development in the 21st Century Clinton addresses Peterson Institute for International Economics.
04 January 2010 Federal Reserve Head Seeks Better Regulation of Financial System A general increase in interest rates would not have been as effective at preventing the recent economic recession as better financial regulation would have been, Federal Reserve Chairman Benjamin Bernanke says.
27 October 2009 On the Anniversary of 1929 Crash, How Is It Different Now? Four-score years ago, on Oct. 28 and 29, 1929, the U.S. stock market crashed. Those two days, known as Black Monday and Black Tuesday, burst a bubble of speculative trading and helped trigger the Great Depression. On this 80th anniversary of the great crash, it is striking to compare the modern stock market to the market of the 1920s.
06 October 2009 IMF, World Bank Plan Way Forward for Global Economy The world cannot return to a pattern of uneven economic growth that relies on consumer-led spending in one economy and export-led growth in others, U.S. Treasury Secretary Timothy Geithner says. "We are now witnessing stabilization of the global economy and the beginnings of recovery," Geithner said in remarks prepared for delivery at the International Monetary Fund (IMF) and World Bank annual meetings in Istanbul.
05 October 2009 Geithner at International Monetary and Financial Committee Treasury secretary speaks on forging a framework for growth.
26 September 2009 President Affirms Commitment to International Cooperation in Strengthening Economy and Stopping Nuclear Proliferation
25 September 2009 Remarks by President Obama at G20 Closing Press Conference
25 September 2009 G20 Leaders' Statement
25 September 2009 Post-G20 Meeting Fact Sheets
25 September 2009 Statements By President Obama, French President Sarkozy, And British Prime Minister Brown On Iranian Nuclear Facility
24 September 2009 Fact Sheet: Creating A 21st Century International Economic Architecture
24 September 2009 Press Briefing By Treasury Secretary Tim Geithner on the G20 Meetings
23 September 2009 Treasury Secretary Timothy F. Geithner on Financial Regulatory Reform
21 September 2009 Obama Says U.S. Economy Must Build on Innovation As the U.S. economy emerges from the deepest crisis since the Great Depression, the great challenge now will be to ensure that the country does not drift into the future by accepting less than its full potential, says President Obama.
14 September 2009 Obama Calls for New Financial Regulatory System President Obama called on the nation's financial industry September 14 to work with him and Congress in crafting a new regulatory system to prevent a repeat of the current crisis, which is the worst since the Great Depression of the 1930s. In a speech in New York, Obama said there is growing stability appearing in the U.S. economy and it is beginning to return to normal as a result of interventions in the marketplace by the federal government.
08 September 2009 G20 Ministers Say Stimulus Measures to Stay for Now Finance ministers and central bank governors from the world's largest economies have agreed that until there is a sustained economic recovery led by the private sector, multitrillion-dollar stimulus measures taken earlier this year will remain. The ministers met to set the agenda for the summit and to determine what actions may be needed in tandem with stimulus measures — now estimated at $5 trillion — pushed through earlier this year to turn around the deepest global recession since the Great Depression of the 1930s.
05 September 2009 Statement by Secretary Geithner at the G-20 Meeting of Finance Ministers and Central Bank Governors
03 September 2009 G20 Finance Ministers Meet to Assess Economic Recovery U.S. Treasury Secretary Timothy Geithner says a meeting of the Group of 20 finance ministers in London is an opportunity to assess what is working and what is still needed to pull the global economy out of one of the deepest recessions in decades. "If you look at where we are today versus where we were in March or April, I think it’s reasonable to conclude that the force of the policy response that we put in place here and the G20 … has been very successful," Geithner said at a press briefing in Washington. "You’re seeing now the first signs of growth … in this country and countries around the world."
25 August 2009 Obama Reappoints Bernanke as Federal Reserve Chairman Amid the worst economic crisis since the Great Depression of the 1930s, President Obama has reappointed economist Ben Bernanke to a second term as chairman of the U.S. Federal Reserve, the nation’s central bank.
28 July 2009 Secretary Clinton Joint Press Availability With Secretary of the Treasury Timothy Geithner
21 July 2009 Remarks on U.S. Economy by Head of White House Economics Council Lawrence Summers reports on efforts to rescue, rebuild U.S. economy.
21 July 2009 Obama Letter on U.S.-India Civil Nuclear Cooperation Report Report to Congress covers activities from October 4, 2008, to June 30, 2009.
17 June 2009 Obama Envisions Sweeping Reform of Financial Regulation President Obama proposes a comprehensive overhaul of the U.S. financial regulatory system, an overhaul designed to address the structural weaknesses revealed by the recent financial crisis and to prevent similar crises in the future.
A comprehensive list of resources are on our Financial Services and Financial Regulatory Reform page.
16 June 2009 Group of Eight 2009 Summit: An Introduction The Group of Eight (G8) major industrialized economies will meet in L’Aquila, Italy, in July for the 35th annual summit amid a time of transition in the global economy.
08 May 2009 U.S. Banking System Well Positioned to Weather Recession Financial markets respond positively to bank "stress test" report.
07 May 2009 U.S., Western European Economic Systems Differ Philosophically Both the U.S. and Western Europe operate under a capitalist system where most of the means of production remain in private ownership. It is the attitude toward the role of government in shaping the economy and providing social services to citizens that sets the U.S. apart from its friends across the Atlantic.
07 May 2009 Will Financial Crisis Bring U.S.-EU Regulatory Convergence? Similar regulatory approaches recently pursued by the U.S. and EU to address the financial crisis present an opportunity for more harmony in regulation on the two sides of the Atlantic. But business executives should not count on it, experts say.
05 May 2009 Economy Should Improve in Late 2009 While domestic unemployment is likely to increase in the coming months, there are indications that the pace of the U.S. economic crisis may be slowing, Federal Reserve Chairman Ben Bernanke says.
27 April 2009 World Bank Calls for Action to Prevent Global Catastrophe The World Bank is calling for greater action by nations to curb the current financial and economic crisis before it turns into "a human and development calamity." The International Monetary Fund and the World Bank have just completed their annual spring meetings in Washington and will meet again in October for their annual joint meeting.
14 April 2009 Speech by President Obama on U.S. Economy: A New Foundation Addresses progress, economic challenges in America’s future.
31 March 2009 Group Forecasts Sharp Decline in World Economy Global economic activity will plummet by an average 4.3 percent this year, sending unemployment soaring past 10 percent while international trade falls by more than 13 percent, according to the Organisation for Economic Co-operation and Development (OECD). The Paris-based, 30-nation OECD said in its interim economic outlook that the global economy is in "the deepest and most widespread recession for more than 50 years. The global recession will worsen this year before a policy-induced recovery gradually builds momentum through 2010."
30 March 2009 United States Seeks Collaborative Solution to Financial Crisis The United States seeks a fresh start with its neighbors in the Americas, says Vice President Joe Biden, beginning with a collaborative approach to confronting the global financial crisis.
27 March 2009 Treasury Chief Says U.S. Needs New Rules of the Road for Finance Treasury Secretary Timothy Geithner has announced plans to establish a single federal agency responsible for monitoring the entire U.S. financial system.
27 March 2009 Major Economic Powers to Focus on Global Recovery A boost in international emergency funds and agreement on financial-markets oversight likely will be among the concrete results of the April 2 meeting of the world’s major economic powers.
21 March 2009 President Obama to Focus on Budget Priorities Next Week In his weekly address, President Barack Obama announced that in the coming week, he will highlight the core principles of his budget: cutting the deficit in half by the end of his first term and making investments in long-delayed priorities like energy independence, education and health care reform.
19 March 2009 U.S. Central Bank Moves to Pump Up Economy With its interest rate hovering around zero, the Federal Reserve — the U.S. central bank — has resorted to unconventional measures to infuse more than $1 trillion into the ailing financial system. The bank announced March 18 it will purchase $750 billion in mortgage-backed securities and $300 billion in long-term Treasury bonds to bring down costs of home-purchase financing and other types of loans as well as to reduce long-term interest rates.
18 March 2009 Is the United States Headed Toward a New Great Depression? Irene Hobson, 89, remembers scenes of hardship from the Great Depression of the 1930s, like the stream of men peddling apples on the sidewalks in her modest Washington neighborhood. Today, as unemployment rises and the recession deepens, growing numbers of people wonder whether the U.S. could be headed toward a repeat of the Great Depression, when a quarter of the work force was unemployed and millions of Americans fell into poverty.
16 March 2009 G20 Ministers Pledge to Continue Action on Recession G20 finance ministers and central bank governors reached a "strong consensus on the need for both recovery and for reform" to deal with the current global economic recession, says U.S. Treasury Secretary Timothy Geithner.
14 March 2009 Prepared Statement by Treasury Secretary Tim Geithner at the G-20 Finance Ministers and Central Bank Governors Meeting
• U.S. G-20 Fact Sheet (PDF 38KB)
13 March 2009 G20 Countries Lean Toward Protectionism, Despite Pledge Not To Curbing protectionism will be a major agenda item when the leaders of the world’s major economies meet April 2 at the G20 Summit in London. Nevertheless, nearly all of these countries enacted new restrictions on imports since their last meeting on November 15, despite their pledges not to do so, according to the World Bank.
13 March 2009 Responding to an Historic Economic Crisis: The Obama Program (PDF, 56KB) Remarks of Lawrence H. Summers, Director of the National Economic Council, at the Brookings Institution, Washington, DC. (PDF)
12 March 2009 Economy Seen as Overarching Issue for Americas Summit While economic prosperity, energy security and environmental sustainability are primary issues for the fifth Summit of the Americas in April, the overarching issue confronting the Western Hemisphere is the current economic crisis, says a senior U.S. diplomat.
• Treasury Chief Says Deepening Global Woes Require Global Response
12 March 2009 Treasury Chief Says Deepening Global Woes Require Global Response The global recession is deepening and recovery requires a coordinated global response, says U.S. Treasury Secretary Tim Geithner. "As the crisis has spread from advanced economies, emerging-market and developing countries are experiencing a severe economic slowdown and sharp declines in capital inflows and exports," Geithner said in advance of the G20 finance ministers and central bank governors meeting March 14–15 in London.
11 March 2009 Remarks by the President And Treasury Secretary Geithner President Obama and the Secretary of the Treasury discussed the upcoming G20 economic summit.
03 March 2009 Government Actions Seen Affecting Economic Recovery The effectiveness of actions taken by the Federal Reserve, the U.S. Treasury and other federal agencies in restoring financial stability will determine much of the timing and strength of the economic recovery, Federal Reserve Chairman Ben Bernanke says.
25 February 2009 President Lays Out Economic Recovery Agenda President Obama spoke to Americans before a joint session of the U.S. Congress about his plans to stabilize, revitalize and expand an American economy that has been weakened and buffeted by an array of conflicting forces, from tight credit to stumbling stock markets.
24 February 2009 Central Bank Chairman Says U.S. Economy in Severe Contraction The U.S. economy is in a "severe contraction," but with a strong mix of government action by the president and Congress, and monetary stimulus from the nation’s central bank, a recovery could begin next year, says Federal Reserve Chairman Ben Bernanke.
21 February 2009 Weekly Address by the President President Obama remarks on the American Recovery and Reinvestment Act.
17 February 2009 Remarks by Obama at Signing of Economic Stimulus Bill "Today does not mark the end of our economic troubles. Nor does it constitute all of what we must do to turn our economy around. But it does mark the beginning of the end – the beginning of what we need to do to create jobs for Americans scrambling in the wake of layoffs; to provide relief for families worried they won’t be able to pay next month's bills; and to set our economy on a firmer foundation, paving the way to long-term growth and prosperity."
• Recovery.gov
• Signed, sealed, delivered: ARRA (White House blog)
12 February 2009 Economic Crisis Seen Posing Significant Threat to United States The most significant immediate threat to the U.S. is the continuing global economic crisis, said National Intelligence Director Dennis Blair. The U.S. intelligence community makes an annual report to Congress on the most significant global threats facing the nation.
10 February 2009 U.S. Bank Rescue Program Gets Overhaul The U.S. government and central bank are moving to attack the financial crisis on multiple fronts in the hope that targeting critical weaknesses will make the financial system work properly again. Treasury Secretary Timothy Geithner 10 announced a new multipronged approach to problems affecting the banking system under the revised financial program known as the Troubled Assets Relief Program (TARP).
10 February 2009 Obama: Spend Now or Face Catastrophe Later The U.S. Senate passed its version of an economic stimulus bill, one that would pump more than $800 billion into the U.S. economy through a combination of public spending and tax cuts. The bill now must be reconciled with an earlier, different version passed by the House of Representatives. Congress hopes to achieve a compromise between the two bills quickly, in an effort to stimulate the economy by spending on infrastructure improvements, renewable energy projects and health care.
05 February 2009 Americans Need Swift, Bold, Wise Action on Economy, Obama Says "By now, it's clear to everyone that we have inherited an economic crisis as deep and dire as any since the days of the Great Depression."..."What Americans expect from Washington is action that matches the urgency they feel in their daily lives -- action that's swift, bold and wise enough for us to climb out of this crisis."
22 January 2009 Quick, Careful Action Needed on Economy, Treasury Nominee Says The U.S. must act with the "strength, speed and care necessary to get our economy back on track and to restore America's faith in our economic future," Secretary of the Treasury–designate Timothy Geithner says
14 January 2009 Inventor Says Most U.S. Corporations Stifle Employee Creativity The creator of the first Internet firewall, who holds dozens of other patents and patent applications, says most U.S. corporations have lost their competitive edge because they stifle innovative thinking by their employees. "Most people in corporations don't know when they're doing well," said David Pensak, the founder of Raptor Systems Inc., which marketed his firewall. "The only feedback [employees] get is cash bonuses," he said.
08 January 2009 Innovation May Help United States Meet Economic Challenges The United States' lead in innovation makes it better positioned to face future challenges than is any other country, despite current economic woes, according to a new study. The U.S. economy was ranked as the most innovative in the world by INSEAD, a Paris-based business school, in its Global Innovation Index.
01 February 2010 2011
U.S. Budget Would Increase Security and Development Aid When President
Obama foreshadowed his budget priorities for the 2011 fiscal year, which begins
in October, he stressed the importance of U.S. domestic concerns such as job
creation, but he also said there would not be cuts to national security
programs. The $52.8 billion budget request for the State Department unveiled
February 1 reflects a $4.6 billion increase from fiscal year 2010 levels, with
an emphasis on ongoing programs in Afghanistan, Pakistan and Iraq, as well as
global development programs to provide humanitarian, health and economic
assistance around the world.
•
Remarks by the President on the Fiscal Year 2011 Budget
(Whitehouse.gov)
• Factsheet on
the FY 2011 Budget (via GPO.gov, PDF, 1 page, 69KB)
• Budget
of the United States Government (Fiscal Years 2010 and 2011)
The President's Budget of the United States Government, Fiscal Year 2011 is
available from the United States Government Printing Office (GPO). The public
can search or browse the budget, which is accessible from GPO's Federal Digital
System at http://fdsys.gpo.gov.
FY 2011 Budget documents are available in PDF, with many of the tables also
available for separate viewing and downloading as spreadsheets in xls and comma
delimited formats.
The online PDF versions of the FY 2011 Budget on
GPO's Federal Digital System (FDsys) are digitally signed. GPO has signed and
certified the PDF files to assure users of the authenticity of the documents.
These signatures not only establish GPO as the trusted information disseminator,
but also provide the assurance that the electronic PDF documents have not been
altered since GPO disseminated them. For more information on authentication see:
http://www.gpoaccess.gov/authentication.
The
President's budget documents for FY 2011 will be distributed to Federal
depository libraries in paper and CD-ROM formats as soon as stock is received by
GPO. Additionally, copies of the FY 2011 Budget are available for purchase from
the U.S. Government Online Bookstore at http://bookstore.gpo.gov/collections/budget.jsp and consist of
4 books and 1 CD-ROM.
The Treasury Bulletin is issued quarterly by the US Department of the Treasury. It provides information on Treasury issues and Federal financial operations through special reports, tables and charts. Each issue contains a useful Profile of the Economy and a summary of economic indicators including GDP and consumer prices.
2010 Economic Report of the President
The Economic Report of the President, published annually and transmitted to Congress, usually in early February, comprises a brief report by the President on the state of the economy, plus the Annual Report of the Council of the Economic Advisors. This latter document contains an analysis and review of economic events and trends during the past year, projections for the current year and tables with current and historic economic data. A paper copy may be purchased from the U.S. Government Printing Office.
The report is currently available in the following formats:
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