Under the original BABs program, the Treasury Department makes direct subsidy payments to State and local governmental issuers in a subsidy amount equal to 35 percent of the coupon interest on the bonds.
It has been enlisted by the U.S. Treasury to provide the Direct Express Debit MasterCard for social security benefits.
The current campaign is to wrest powers over the seabed from the Crown Estate Commission, the unaccountable body that supplies its surplus direct to the Treasury and which, as custodian of Her Britannic Majesty's seabed, holds the keys to the hoped-for boom in offshore renewable energy.
Beyond that, how that process works, I think Treasury, OMB is where I would direct you.
Because taxable bonds carry higher yields than tax-exempts, the idea was that Treasury would give state and local governments direct cash subsidies to partially offset their extra borrowing costs.
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If direct bank recapitalisation is still needed, the Treasury can do that too.
The Federal Reserve announced Sunday that it would make discount-window borrowing available to Fannie Mae and Freddie Mac, reminiscent of its decision in March to provide direct loans to brokerage houses that are primary Treasury bond dealers as the Bear Stearns crisis came to a head.
Likewise it is stupid to direct federal royalities away from the U.S. Treasury into a dedicated slush fund for alternative energy research.
But they do implicitly share the IMF's view, that the Bank of England and the Treasury could be doing more actively to promote growth - including through direct efforts to ease the supply of credit to firms.
One of the most direct examples is an exchange-traded fund, the iShares Lehman 1-3 Year Treasury Bond (amex: SHY).
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