Category Archives: Timothy F. Geithner (Sec of Treasury)

First Lady Michelle Obama Joins Timothy Geithner At Visit To Treasury Department

Posted by: Audiegrl

First Lady Michelle Obama (R) speaks to employees as Treasury Secretary Timothy Geithner (L) reacts during her visit to the Treasury Department July 7, 2010 in Washington, DC. The Treasury Department was the 20th agency she visited to thank employees for their public service. (Photo by Alex Wong/Getty Images North America)


First Lady Michelle Obama continued her tour of federal agencies today, with her shortest trip so far–across the street from the White House to the Treasury Department.

Some excerpts from her remarks:

And I want to join the Secretary in recognizing Valerie [Hunter, whose husband, Vernon, was killed in an attack on an IRS office earlier this year]. It is an honor to have you here. As the Secretary said, you’ve put in your share of years at the IRS in Austin, Texas, and working in the same building where her husband was killed. We are so incredibly sorry for your loss, but you should know that we are praying with you. And it is just wonderful to see such a strong support system here for you. So we are grateful that you’re here. And I was honored to be able to take a picture with you and show it to — if you can believe, she’s got six kids, seven grandkids. She doesn’t look like she would have all that. But thank you so much for being here today.

I also want to give a special welcome to someone else: Pauline Fenderson. Where is Pauline? Is that — I could have known it was you. It was the hat that tipped me off. But Pauline is from the IRS in Detroit, and Pauline started her career as a typist when Harry Truman was President of the United States. So she was a typing prodigy. She was probably two when she did that. Because she looks fantastic. But now, 60 years later, she’s still working as an individual taxpayer assistance specialist. And even though she says that sometimes — just like all of us, she’s a mere mortal — sometimes getting up on Mondays is hard, she does it because she enjoys giving folks a helping hand. …

But whether you’ve been here for 60 years or 60 days — because we also know there are a lot of new folks who are just joining Treasury — it’s wonderful to see a group of people who work so hard every day and make such a strong commitment to this country. And it is a privilege, one of my greatest privileges as First Lady, to be able to travel throughout Washington to say hello and to thank you all for the work that you’re doing, because as my husband always says, he gets a lot of the glory and a lot of the sympathy for working long hours, but the truth is, you all are working hard, you’re making sacrifices. And we couldn’t have accomplished the things that we have in this administration so quickly without your dedication. So my job here is simply to say thank you for all that you do and all that you’ll continue to do. We are truly grateful for your service.

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Vice-President Joe Biden: Recovery Act Tax Benefits

Posted by: Audiegrl

With the 2010 tax filing season underway, Vice President Joe Biden, Treasury Secretary Tim Geithner and IRS Commissioner Doug Shulman today announced that that average tax refunds are up nearly 10 percent this year, due in large part to the significant new tax benefits available under the American Recovery and Reinvestment Act (Recovery Act), and reminded taxpayers that they can collect on those benefits this year as they file their 2009 tax returns. To help taxpayers see for themselves exactly how they can benefit from Recovery Act tax credits and collect every dollar owed when they file this tax season, the White House today launched a new interactive Tax Savings Tool available at www.WhiteHouse.gov/Recovery.

Here is a quick run-down of some key tax benefits available thanks to the Recovery Act:

  • Making Work Pay: 95 percent of working families are receiving the Work Pay tax credit of $400 for an individual or $800 for married couples filing jointly in their paychecks in 2009.
  • College Expenses: Families and students are eligible for up to $2500 in tax savings under the American Opportunity Credit.
  • Purchase of First Home: Homebuyers can get a credit of up to $8000 for first homes purchased by April 30, 2010 under the First Time homebuyer tax credit.
  • Energy Efficiency and Renewable Energy Incentives: Taxpayers are eligible for up to $1500 in tax credits for making some energy-efficiency improvements to their homes.
  • New Vehicle Purchases: Taxpayers can deduct state and local sales taxes or fees for vehicle purchases under the vehicle sales tax deduction.
  • Expanded Family Credits: Moderate income families with children may be eligible for an increase under the Earned Income Tax Credit and the additional Child Tax Credit.
  • Unemployment Benefits Tax Free in 2009: the Recovery Act made the first $2400 of unemployment benefits received in 2009 tax free.

The Recovery Act’s tax benefits of nearly $300 billion are not only providing some relief for middle class families, but also helping to jumpstart the economy and create more clean-energy, manufacturing, and construction jobs.

To learn more, visit Recovery.gov.

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Filed under Economy, Money, Obama Administration, Stimulus, Timothy F. Geithner (Sec of Treasury), Uncategorized, Vice-President Joe Biden

First Lady Michelle Obama Travels to Philadelphia: Making Healthy Food Accessible & Affordable

Posted by: Audiegrl

First Lady Michelle Obama delivers remarks on the "Let's Move" health initiative at Fairhill Elementary School in Philadelphia, Pa., Feb. 19, 2010. (Official White House Photo by Lawrence Jackson)

First Lady Michelle Obama delivers remarks on the Let's Move health initiative at Fairhill Elementary School in Philadelphia, Pa., Feb. 19, 2010. (Official White House Photo by Lawrence Jackson)


With Treasury Secretary Tim Geithner and USDA Secretary Tom Vilsack in tow, First Lady Michelle Obama traveled to Philadelphia yesterday as part of the Let’s Move! campaign, a nationwide effort to rally the country around one goal, ending the epidemic of childhood obesity.

During her remarks at Fairhill Elementary School, Mrs. Obama applauded the city of Philadelphia for their “stand” to end childhood obesity:

Six years ago, when this city had fewer supermarkets per person than almost anywhere in America, all right, that was six years ago, when many folks had no access to healthy foods; six years ago many neighborhoods had alarming rates of obesity-related conditions like heart disease and diabetes — the folks in this city, you all could have decided that you had an unsolvable problems on your hands, right? You could have done that. You could have decided that these problems were just too big and too complicated and too entrenched and thrown your hands up and walked away.

But instead you all took a stand, a really important, collaborative stand. You decided first that no family in this city should be spending a fortune on high-priced, low-quality foods because they have no other options. You decided that no child should be consigned to a life of poor health because of what neighborhood his or her family lives in. And you decided that you weren’t going to just talk about the problem or wring your hands about the problems, but you were going to act.

And that’s precisely the kind of determination, the kind of commitment that we need to address the epidemic of childhood obesity in this country. And this issue is an issue of great concern to me, and I’ve said this before, not because I’m First Lady — or not just because I’m First Lady of this country — but because I’m a mother, and I care about my kids and I care about all of our kids. And I know that this issue is a great concern to all of you, everyone around this country. We all care about our kids. That’s why last week we enthusiastically and proudly launched “Let’s Move.” (Applause.) “Let’s Move” is a nationwide campaign to rally this country around one single but ambitious goal, and that is to end the epidemic of childhood obesity in a generation so that the kids born today grow up with a healthy weight. Simple but ambitious.

Mrs. Obama also announced a new part of Let’s Move! — the Healthy Food Financing Initiative, a multi-million dollar public and private investment to eliminate food deserts in America within seven years:


“So with your success here in Pennsylvania, what you’ve shown us is that when we provide the right support and incentives, then business leaders like Pat Burns and Jeff Brown, they’re going to take the chance to invest in our communities. And when we bring fresh, healthy food to communities, what do we learn? People will buy it, right? People will buy it. These stores are turning a profit. And what’s going on is that they’re doing well by doing good. Isn’t that something? (Applause.)

So it’s because of this example that part of “Let’s Move” we created this Healthy Food Financing Initiative that’s modeled on what’s been going on here. And as Secretary Geithner said, with a modest initial investment of about $400 million a year, we’re going to use that money to leverage hundreds of millions more from private and non-profit sectors to bring grocery stores and other healthy food retailers to underserved communities all across this country. If you can do it here, we can do it around the country. (Applause.) And our goal is ambitious. It’s to eliminate food deserts in America completely in seven years. (Applause.)

Again, we know this is ambitious, but we also know that tackling the issue of accessibility and affordability is key to achieving the overall goal of solving childhood obesity in this generation.”

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To learn more about what you can do to help solve the childhood obesity epidemic – visit LetsMove.gov and become a fan of Let’s Move! on FaceBook.

Looking for more stories on the First Lady? Check out our brand new section: FLOTUS: All Things Michelle Obama

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Filed under Barack Obama, Cabinet, Change, Childhood Obesity, Children, Culture, Education, Facebook, First Lady Michelle Obama, Government, Governors, Health, Media and Entertainment, News, Obama Administration, PA, Pennsylvania, Philadelphia, Politics, Pop Culture, Presidents, Students, Teachers, Thomas J. Vilsack (Sec of Agriculture), Timothy F. Geithner (Sec of Treasury), Uncategorized, Video/YouTube, Women's Issues, Young Men, Young Women

Let’s Be Fair to Bernanke– hindsight’s 20/20

posted by Ogenec
While neither the Fed nor the Treasury got everything right, they did far better than the Monday-morning quarterbacks would have us believe

By Steven Rattner
Thursday, December 3, 2009.

When the Senate Banking Committee welcomes Federal Reserve Chairman Ben Bernanke for his confirmation hearing today, the questioning is sure to be sharp, yet another chapter in the unceasing second-guessing of the government’s handling of the Wall Street meltdown.

Almost since the first cracks in Wall Street’s facade appeared more than two years ago, commentators and politicians of all stripes have questioned whether the Fed and, equally, the Treasury made proper decisions as they faced the worst financial crisis in 75 years.

It is very much the Banking Committee’s responsibility to satisfy itself about Bernanke’s qualifications and the overall management of the financial crisis. It is also appropriate for other oversight groups to conduct their own inquiries.

But much of the barrage of criticism is unfair, and some of it is simply ignorant.
Take, for example, the drumbeat of criticism for the decision to let Lehman Brothers fail. Conveniently forgotten by critics is the fact that until the consequences of Lehman’s bankruptcy became evident, the refrain from all quarters after the bailout of Bear Stearns in the spring was that the next floundering bank needed to be allowed to fail to teach Wall Street a lesson (preserve “moral hazard,” to use the jargon).

Shortly after Lehman’s filing, Allan Meltzer, a distinguished monetary economist, commended the Fed for letting Lehman go, telling PBS that “within a few days, just a few days, Barclays was there buying up some of Lehman’s assets.” A year later, Meltzer had a different view: “Allowing Lehman to fail without warning is one of the worst blunders in Federal Reserve history.”

More recently, a government oversight report came out swinging against the handling of the AIG bailout, suggesting in particular that the Fed and the Treasury should have demanded concessions from the banks that were counterparties to AIG’s hundreds of billions of dollars of credit insurance contracts.

That criticism sounds good, but like much after-the-fact commentary, it’s off-base. Once the Fed and the Treasury concluded (correctly) that an AIG bankruptcy posed unacceptable systemic risks, the government immediately lost any bargaining power to demand concessions. The result was a very unfortunate windfall for the counterparty banks, but what was the realistic alternative?

read more here:


related story:
Unexpected drop in jobless rate sparks optimism
WASHINGTON (AP) — A surprising drop in the November unemployment rate and in job losses cheered investors Friday and raised hopes for a sustained economic recovery.

source:

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Filed under Bailout, Banking, Economy, Free Market, Timothy F. Geithner (Sec of Treasury), Uncategorized