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American Jobs Act: Keeping First Responders on the Beat and Improving Emergency Communication

In Uncategorized on September 30, 2011 at 7:57 pm

American Jobs Act: Keeping First Responders on the Beat and Improving Emergency Communication

Vice President Biden on the American Jobs Act at the Alexandria Police Department

Vice President Joe Biden gives a speech on the American Jobs Act at the Alexandria Police Department in Alexandria, VA, September 29, 2011. (Official White House Photo by David Lienemann)

Vice President Biden made a short hop across the Potomac yesterday to the Alexandria Police Department in Alexandria, Virginia where he delivered remarks on how the American Jobs Act would help keep police officers and first responders on the beat in northern Virginia and across the country.

Alexandria is just one of thousands of communities where police forces have taken a hit due to budget cutbacks. Thanks to an $800,000 Community Oriented Policing Services (COPS) grant announced on Wednesday, the Alexandria Police Department will be able to put four out of nine of the officers they lost back on patrol. The American Jobs Act, as Vice President Biden said, would fund an additional $4 billion in COPS grants – like the one awarded to Alexandria – that would support the hiring, re-hiring and retention of officers in departments nationwide.

Vice President Biden went on to describe cities like Flint, Michigan, where two thirds of the police force has been laid off in the last 3 years, and Cleveland, Ohio, where the police academy graduated a class of 100 officers – all of whom had to turn in their badge and gun right after graduation because there were no positions available.

“We need to help these departments,” said the Vice President. “When you cut forces, and you cut them significantly, it not only diminishes public safety, it diminishes your ability to stay safe.”

Vice President Biden also announced how the American Jobs Act would help modernize public safety communications by deploying a nationwide public safety broadband network so that first responders can communicate and exchange data without interruption in emergency situations. The Vice President emphasized that such a network requires sufficient spectrum which is why the American Jobs Act includes allocating the D-block to it.  As the Vice President said, a modern communications system is something “we promised you, the last administration promised you, everybody has promised you since 9/11. … So once and for all, you’ll have what you should have had 10 years ago, 12 years ago, 15 years ago.”

“The first responders in this country, you are absolutely incredible,” Vice President Biden said in closing.  “To me, this is a simple deal.  We owe you.  We said we’d give you what you need, and we told the public they’d have what they needed to be protected.  We’re not doing it now because of this recession.  There’s an easy way to do it – just by making some very stark choices on value systems that in fact I think the vast majority of the American people would say is just fair.”

Amy Dudley is Deputy Press Secretary for the Vice President.


Article source: http://www.whitehouse.gov/blog/2011/09/30/american-jobs-act-keeping-first-responders-beat-and-improving-emergency-communicatio

American Jobs Act: Keeping First Responders on the Beat and Improving Emergency Communication

In Uncategorized on September 30, 2011 at 7:57 pm

American Jobs Act: Keeping First Responders on the Beat and Improving Emergency Communication

Vice President Biden on the American Jobs Act at the Alexandria Police Department

Vice President Joe Biden gives a speech on the American Jobs Act at the Alexandria Police Department in Alexandria, VA, September 29, 2011. (Official White House Photo by David Lienemann)

Vice President Biden made a short hop across the Potomac yesterday to the Alexandria Police Department in Alexandria, Virginia where he delivered remarks on how the American Jobs Act would help keep police officers and first responders on the beat in northern Virginia and across the country.

Alexandria is just one of thousands of communities where police forces have taken a hit due to budget cutbacks. Thanks to an $800,000 Community Oriented Policing Services (COPS) grant announced on Wednesday, the Alexandria Police Department will be able to put four out of nine of the officers they lost back on patrol. The American Jobs Act, as Vice President Biden said, would fund an additional $4 billion in COPS grants – like the one awarded to Alexandria – that would support the hiring, re-hiring and retention of officers in departments nationwide.

Vice President Biden went on to describe cities like Flint, Michigan, where two thirds of the police force has been laid off in the last 3 years, and Cleveland, Ohio, where the police academy graduated a class of 100 officers – all of whom had to turn in their badge and gun right after graduation because there were no positions available.

“We need to help these departments,” said the Vice President. “When you cut forces, and you cut them significantly, it not only diminishes public safety, it diminishes your ability to stay safe.”

Vice President Biden also announced how the American Jobs Act would help modernize public safety communications by deploying a nationwide public safety broadband network so that first responders can communicate and exchange data without interruption in emergency situations. The Vice President emphasized that such a network requires sufficient spectrum which is why the American Jobs Act includes allocating the D-block to it.  As the Vice President said, a modern communications system is something “we promised you, the last administration promised you, everybody has promised you since 9/11. … So once and for all, you’ll have what you should have had 10 years ago, 12 years ago, 15 years ago.”

“The first responders in this country, you are absolutely incredible,” Vice President Biden said in closing.  “To me, this is a simple deal.  We owe you.  We said we’d give you what you need, and we told the public they’d have what they needed to be protected.  We’re not doing it now because of this recession.  There’s an easy way to do it – just by making some very stark choices on value systems that in fact I think the vast majority of the American people would say is just fair.”

Amy Dudley is Deputy Press Secretary for the Vice President.


Article source: http://www.whitehouse.gov/blog/2011/09/30/american-jobs-act-keeping-first-responders-beat-and-improving-emergency-communicatio

Mayor of Phoenix: The American Jobs Act Should Be Passed Today

In Uncategorized on September 30, 2011 at 7:57 pm

Mayor of Phoenix: The American Jobs Act Should Be Passed Today

Phil Gordon, the mayor of Phoenix, Arizona believes the American Jobs Act should be passed today. “We can’t afford to keep waiting. And the politics that are being played not only in Washington, DC, but across the country are just devastating our nation, our cities. And it’s important not only to put people back to work but to train them for the 21st century.”

He is pleading with Congress – Republicans and Democrats – to pass the American Jobs Act “right away.”

“Arizona has been hit—one of the two or three hardest states—in Phoenix in particular—with housing, lack of conventions, tourism, lack of jobs,” Gordon explains.  “It’s time to stop talking about it, it’s time to move forward. There’s plenty of time for everybody to do politics afterwards. But right now, in Phoenix, we have a lot of people out of work. We have a lot of children that are now homeless with their moms and dads that shouldn’t be.”
 

See how other American mayors say the American Jobs Act will impact their cities

Mayor Antonio R. Villaraigosa of Los Angeles, California
Mayor Stephanie Rawlings-Blake of Baltimore, Maryland
Mayor Michael Hancock of Denver, Colorado
Mayor Mark Mallory of Cincinnati, Ohio
Mayor Greg Fischer of Louisville, Kentucky
Mayor Sly James of Kansas City


Article source: http://www.whitehouse.gov/blog/2011/09/30/mayor-phoenix-american-jobs-act-should-be-passed-today

Mayor of Phoenix: The American Jobs Act Should Be Passed Today

In Uncategorized on September 30, 2011 at 7:57 pm

Mayor of Phoenix: The American Jobs Act Should Be Passed Today

Phil Gordon, the mayor of Phoenix, Arizona believes the American Jobs Act should be passed today. “We can’t afford to keep waiting. And the politics that are being played not only in Washington, DC, but across the country are just devastating our nation, our cities. And it’s important not only to put people back to work but to train them for the 21st century.”

He is pleading with Congress – Republicans and Democrats – to pass the American Jobs Act “right away.”

“Arizona has been hit—one of the two or three hardest states—in Phoenix in particular—with housing, lack of conventions, tourism, lack of jobs,” Gordon explains.  “It’s time to stop talking about it, it’s time to move forward. There’s plenty of time for everybody to do politics afterwards. But right now, in Phoenix, we have a lot of people out of work. We have a lot of children that are now homeless with their moms and dads that shouldn’t be.”
 

See how other American mayors say the American Jobs Act will impact their cities

Mayor Antonio R. Villaraigosa of Los Angeles, California
Mayor Stephanie Rawlings-Blake of Baltimore, Maryland
Mayor Michael Hancock of Denver, Colorado
Mayor Mark Mallory of Cincinnati, Ohio
Mayor Greg Fischer of Louisville, Kentucky
Mayor Sly James of Kansas City


Article source: http://www.whitehouse.gov/blog/2011/09/30/mayor-phoenix-american-jobs-act-should-be-passed-today

Vice President Biden Discusses Violence Against Young Women on The View

In Uncategorized on September 30, 2011 at 7:57 pm

Vice President Biden on The View

Vice President Joe Biden appears on The View, in New York City, NY. Sep. 27, 2011. (Official White House by David Lienemann)

On September 27, 2011, Vice President Joe Biden appeared on The View to discuss the work he has done to end violence against women and his current initiative to reduce youth violence.

Since the passage of the Violence Against Women Act in 1994, a bill the Vice President refers to as his proudest legislative achievement, rates of domestic violence have dropped by over 50%. However, rates of violence against young women continue to remain alarmingly high, with 16-24 year olds experiencing the highest rates of rape, sexual assault and dating violence.

During the interview, the Vice President addressed ways in which everyone can play a part in reducing these high rates of violence. He encouraged parents to educate themselves on the warning signs of abuse and to talk to their children about how to recognize unhealthy and obsessive behavior in a partner.

The Vice President emphasized the need for colleges and universities to make their campuses safer, encouraging them to review the guidance from the Department of Education outlining their obligation under existing federal civil rights laws to prevent and respond to the problem of campus sexual assault. “It’s much beyond women’s sports,” he said, ”We say, look, if the college isn’t going out of their way to make it safer for women to be on that campus, they can be held in violation of Title IX and lose their money.”

Also discussed was the importance of peer to peer interaction, noting that many times young women are more likely to discuss issues of dating violence or sexual assault with trusted friends rather than an adult. The recently expanded National Dating Abuse Hotline will meet these needs by providing a means for youth to reach out to peer advocates 24 hours a day through call, chat and text message.

The Vice President also stressed that abuse is never the fault of the victim. “I want to make it clear,” he stated, “Never, never, never does a man have a right to raise his hand to a woman.  Never.  Never.”

For more information about the Vice President’s initiative to reduce violence against young women, please visit WhiteHouse.gov/1is2many.

Lynn Rosethal is the White House Advisor on Domestic Violence in the Office of the Vice President.


Article source: http://www.whitehouse.gov/blog/2011/09/30/vice-president-biden-discusses-violence-against-young-women-view

Vice President Biden Discusses Violence Against Young Women on The View

In Uncategorized on September 30, 2011 at 7:57 pm

Vice President Biden on The View

Vice President Joe Biden appears on The View, in New York City, NY. Sep. 27, 2011. (Official White House by David Lienemann)

On September 27, 2011, Vice President Joe Biden appeared on The View to discuss the work he has done to end violence against women and his current initiative to reduce youth violence.

Since the passage of the Violence Against Women Act in 1994, a bill the Vice President refers to as his proudest legislative achievement, rates of domestic violence have dropped by over 50%. However, rates of violence against young women continue to remain alarmingly high, with 16-24 year olds experiencing the highest rates of rape, sexual assault and dating violence.

During the interview, the Vice President addressed ways in which everyone can play a part in reducing these high rates of violence. He encouraged parents to educate themselves on the warning signs of abuse and to talk to their children about how to recognize unhealthy and obsessive behavior in a partner.

The Vice President emphasized the need for colleges and universities to make their campuses safer, encouraging them to review the guidance from the Department of Education outlining their obligation under existing federal civil rights laws to prevent and respond to the problem of campus sexual assault. “It’s much beyond women’s sports,” he said, ”We say, look, if the college isn’t going out of their way to make it safer for women to be on that campus, they can be held in violation of Title IX and lose their money.”

Also discussed was the importance of peer to peer interaction, noting that many times young women are more likely to discuss issues of dating violence or sexual assault with trusted friends rather than an adult. The recently expanded National Dating Abuse Hotline will meet these needs by providing a means for youth to reach out to peer advocates 24 hours a day through call, chat and text message.

The Vice President also stressed that abuse is never the fault of the victim. “I want to make it clear,” he stated, “Never, never, never does a man have a right to raise his hand to a woman.  Never.  Never.”

For more information about the Vice President’s initiative to reduce violence against young women, please visit WhiteHouse.gov/1is2many.

Lynn Rosethal is the White House Advisor on Domestic Violence in the Office of the Vice President.


Article source: http://www.whitehouse.gov/blog/2011/09/30/vice-president-biden-discusses-violence-against-young-women-view

The American Jobs Act Will Put Pennsylvanians Back to Work

In Uncategorized on September 30, 2011 at 7:57 pm

The American Jobs Act Will Put Pennsylvanians Back to Work

Today, I had the opportunity to travel to Philadelphia, Pennsylvania to meet with local business leaders and workers to discuss how President Obama’s new jobs proposal – the American Jobs Act – will put more Pennsylvanians back to work now.  During my trip, I joined Mayor Michael Nutter for a visit to Superfit, Inc., a jewelry manufacturer in downtown Philadelphia. I then hosted a meeting of the White House Business Council in the Mayor’s office in City Hall.  

Superfit, Inc., which is owned and operated by Gena Alulis, manufactures and distributes custom rings to the worldwide jewelry market.  Founded in 1992, the firm’s unique product features a hinged design that allows the ring to open and close easily, safely, and securely.  Ms. Alulis led me on a tour of Superfit’s factory and I saw firsthand the production of this great American product.  I learned during the tour that Superfit recently relocated its headquarters to downtown Philadelphia, where the company was able to expand production and hire additional employees.  The American Jobs Act will provide a small business tax cut to Ms. Alulis, which will allow her to bring on even more workers.  I also learned that Superfit currently exports to several countries, including the United Kingdom and Canada.  At USTR we are working to open markets around the world through the President’s National Export Initiative so businesses like Superfit can increase exports.

After my visit to Superfit, local government and business leaders joined me for a White House Business Council meeting at Philadelphia’s historic City Hall. During the meeting, I had a very productive dialogue with about two dozen local business and community leaders. I discussed how the American Jobs Act will put workers in the Keystone State back to work, and help hard-working families in these difficult economic times. I spoke with them about all the ways the American Jobs Act, if passed by Congress, will benefit their businesses, workers, and families.    

For example, the American Jobs Act will cut taxes to help an estimated 230,000 Pennsylvania businesses – like Superfit – hire and grow. It will provide hard-working Pennsylvania families with a payroll tax cut that will save them an average of $1,500 a year. The American Jobs Act will invest at least $1.3 billion to help put thousands of Philadelphia-area construction workers back to work repairing crumbling roads, bridges, and schools.   

Additionally, the American Jobs Act will send $1.1 billion to Pennsylvania state and local governments to prevent layoffs and support up to 14,400 teachers, police, firefighters, and first responders – which, as Mayor Nutter will tell you, will provide a much-needed boost for Philadelphia right now. It also extends unemployment benefits to help Pennsylvanians looking for work continue to support their families. And the American Jobs Act is fully paid for. It won’t add a dime to the federal deficit. 

As the President says frequently, “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.”  That’s exactly what it will do for workers in the City of Brotherly Love.

See how America’s mayors say the American Jobs Act will impact their cities

See how other American mayors say the American Jobs Act will impact their cities

Mayor Antonio R. Villaraigosa of Los Angeles, California
Mayor Stephanie Rawlings-Blake of Baltimore, Maryland
Mayor Michael Hancock of Denver, Colorado
Mayor Mark Mallory of Cincinnati, Ohio
Mayor Greg Fischer of Louisville, Kentucky
Mayor Sly James of Kansas City
Mayor Phil Gordon of Phoenix, Arizona
 


Article source: http://www.whitehouse.gov/blog/2011/09/30/american-jobs-act-will-put-pennsylvanians-back-work

The American Jobs Act Will Put Pennsylvanians Back to Work

In Uncategorized on September 30, 2011 at 7:57 pm

The American Jobs Act Will Put Pennsylvanians Back to Work

Today, I had the opportunity to travel to Philadelphia, Pennsylvania to meet with local business leaders and workers to discuss how President Obama’s new jobs proposal – the American Jobs Act – will put more Pennsylvanians back to work now.  During my trip, I joined Mayor Michael Nutter for a visit to Superfit, Inc., a jewelry manufacturer in downtown Philadelphia. I then hosted a meeting of the White House Business Council in the Mayor’s office in City Hall.  

Superfit, Inc., which is owned and operated by Gena Alulis, manufactures and distributes custom rings to the worldwide jewelry market.  Founded in 1992, the firm’s unique product features a hinged design that allows the ring to open and close easily, safely, and securely.  Ms. Alulis led me on a tour of Superfit’s factory and I saw firsthand the production of this great American product.  I learned during the tour that Superfit recently relocated its headquarters to downtown Philadelphia, where the company was able to expand production and hire additional employees.  The American Jobs Act will provide a small business tax cut to Ms. Alulis, which will allow her to bring on even more workers.  I also learned that Superfit currently exports to several countries, including the United Kingdom and Canada.  At USTR we are working to open markets around the world through the President’s National Export Initiative so businesses like Superfit can increase exports.

After my visit to Superfit, local government and business leaders joined me for a White House Business Council meeting at Philadelphia’s historic City Hall. During the meeting, I had a very productive dialogue with about two dozen local business and community leaders. I discussed how the American Jobs Act will put workers in the Keystone State back to work, and help hard-working families in these difficult economic times. I spoke with them about all the ways the American Jobs Act, if passed by Congress, will benefit their businesses, workers, and families.    

For example, the American Jobs Act will cut taxes to help an estimated 230,000 Pennsylvania businesses – like Superfit – hire and grow. It will provide hard-working Pennsylvania families with a payroll tax cut that will save them an average of $1,500 a year. The American Jobs Act will invest at least $1.3 billion to help put thousands of Philadelphia-area construction workers back to work repairing crumbling roads, bridges, and schools.   

Additionally, the American Jobs Act will send $1.1 billion to Pennsylvania state and local governments to prevent layoffs and support up to 14,400 teachers, police, firefighters, and first responders – which, as Mayor Nutter will tell you, will provide a much-needed boost for Philadelphia right now. It also extends unemployment benefits to help Pennsylvanians looking for work continue to support their families. And the American Jobs Act is fully paid for. It won’t add a dime to the federal deficit. 

As the President says frequently, “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.”  That’s exactly what it will do for workers in the City of Brotherly Love.

See how America’s mayors say the American Jobs Act will impact their cities

See how other American mayors say the American Jobs Act will impact their cities

Mayor Antonio R. Villaraigosa of Los Angeles, California
Mayor Stephanie Rawlings-Blake of Baltimore, Maryland
Mayor Michael Hancock of Denver, Colorado
Mayor Mark Mallory of Cincinnati, Ohio
Mayor Greg Fischer of Louisville, Kentucky
Mayor Sly James of Kansas City
Mayor Phil Gordon of Phoenix, Arizona
 


Article source: http://www.whitehouse.gov/blog/2011/09/30/american-jobs-act-will-put-pennsylvanians-back-work

What if the debt committee fails?

In Uncategorized on September 30, 2011 at 1:46 pm

The 12-member bipartisan debt committee has until Nov. 23 to make its recommendations for deficit reduction to Congress.

The 12-member bipartisan debt committee has until Nov. 23 to make its recommendations for deficit reduction to Congress.

NEW YORK (CNNMoney) — Automatic spending cuts.

That’s the threat facing lawmakers if the special debt committee fails to propose at least $1.2 trillion in deficit cuts, or if Congress rejects its proposals.

Of course, many people think the process will fail.

After all, many Republicans are still unwilling to vote through tax increases, and many Democrats are unwilling to cut spending on entitlement programs without revenue hikes.

Sure lawmakers could defy expectations. But if they don’t, many assume the federal budget will be cut across the board and automatically.

Taxes and debt: Left and right dare to agree

Well, that’s not quite right. It’s definitely not across the board, and it may not be automatic.

First off, the Budget Control Act, which set up the so-called super committee, exempts programs that benefit low-income Americans, such as Medicaid, Social Security and food stamps. It also puts a 2% cap on any Medicare cuts.

For the rest of the budget, government would end up spending roughly $900 billion less on federal services over nine years, while saving about $170 billion in interest, the Congressional Budget Office estimates.

Here’s how the cuts would break down:

  • Defense: $454 billion
  • Nondefense discretionary programs such as education: $294 billion
  • Medicare: $123 billion
  • Other nondefense mandatory programs such as farm subsidies: $47 billion

It’s not clear which programs within each category would be cut. Those decisions ultimately would be made by the appropriations committees in Congress, said James Horney, vice president of federal fiscal policy at the Center on Budget and Policy Priorities.

The 5-minute debt primer

Spending on defense procurement and defense research and development could be hardest hit, said longtime budget expert Stan Collender. His reasoning: It’s unlikely lawmakers would opt to cut much from military pay and other defense personnel expenses.

Collender also believes education, transportation and aid to state and local governments could be hit hard as well, since they make up a large piece of the nondefense discretionary pie.

All told, the spending cuts would disproportionately slice the discretionary side of the budget, which only constitutes one-third of federal spending.

And they would come on top of $917 billion in deficit reduction already enacted under the Budget Control Act. The bulk of those savings — $741 billion — will also come from discretionary programs.

The cuts are bound to be unpopular, since most everything people associate with the federal government except for the big entitlement programs is considered discretionary.

Still, the spending-cut trigger may not be too much of a deterrent.

First, for Democrats who want to avoid big hits to Medicaid and Medicare and for Republicans who want to avoid tax increases, they may think the trigger could offer a better deal than a more balanced plan put out by the super committee.

Second, the cuts caused by the trigger won’t go into effect until January 2013. That leaves lawmakers a whole year to repeal the provision or lessen its punch, Collender said. “Almost no budget deal lasts longer than lunch tomorrow before lawmakers start to modify it.” To top of page

Article source: http://rss.cnn.com/~r/rss/money_latest/~3/5yX-r1VDYrs/index.htm

Did big banks leave TARP too soon?

In Uncategorized on September 30, 2011 at 1:46 pm

Former FDIC Chair Sheila Bair pushed for the big banks to be held to tougher capital standards before they exited TARP.

Former FDIC Chair Sheila Bair pushed for the big banks to be held to tougher capital standards before they exited TARP.

WASHINGTON (CNNMoney) — Regulators were under pressure to cut the biggest banks loose from the Wall Street bailout program, a federal watchdog said in a report issued Friday.

Congress and regulators made it easier for the biggest banks to pay back tens of billions of dollars borrowed under the Troubled Asset Relief Program (TARP), according to a Friday report released by the Special Inspector General for TARP.

The report zeroed in on regulators who ignored their original requirements to ensure eight of the weaker big banks had enough of a capital cushion when they exited TARP.

The report suggests that if regulators had required Bank of America (BAC, Fortune 500), Wells Fargo (WFC, Fortune 500) and PNC Financial Services (PNC, Fortune 500) to raise as much capital as Citigroup (C, Fortune 500) had to, the banks may have been in a stronger position.

Regulators had wanted banks to issue at least one dollar in new common equity for every two dollars they borrowed from the federal government. In many cases, that didn’t wind up happening.

“Regulators leveraged TARP repayment requirements to improve the quality of capital held by the nation’s largest financial institutions in the wake of the financial crisis, but relaxed those requirements shortly after establishing them,” the report warned.

TARP is the $700 billion bailout program Congress passed in late 2008 to stop the collapse of the U.S. financial system. While the program remains a political punching bag, it’s now largely credited for stabilizing the financial sector.

This report is the first in many months to raise new questions about the health of some of the biggest banks after they were allowed to stand on their own two feet.

Shares of many big banks have fallen lately due to worries that they may have exposure to European sovereign debt and European banks. Concerns about the slowing economy in the U.S. and what that could do to mortgages, credit cards and other loans on their books aren’t helping.

Bank of America has come under the most pressure. Its shares are down more than 52% from a year earlier. Investors fear that it may need to raise more capital to deal with many lawsuits against it tied to bad mortgages the bank inherited when it purchased Countrywide Financial.

The report points out how regulators were at odds about the amount of capital banks should be required to raise. And it said that former FDIC chair Sheila Bair wanted tougher standards for banks, especially Bank of America.

Bair told SigTARP that the Federal Reserve and the Office of the Comptroller of the Currency claimed Bank of America was “not strong enough” to raise as much capital as regulators originally wanted. She said that “frustrated me to no end,” and added that it “mystified” her.

“The point was if they’re not strong enough, they shouldn’t have been exiting TARP,” Bair told SigTARP, according to the report.

However, Fed Reserve Gov. Daniel Tarullo and former Fed Gov. Donald Kohn told SigTARP that the standards were lowered because the markets couldn’t absorb so many offers of new stock at the same time.

“If they went out for something and didn’t get it, it would be a vote of no confidence,” Kohn told SigTARP.

A Treasury official also defended regulators’ decision to allow big banks to leave TARP.

The official pointed out that at the time, Citigroup’s issuance of common stock was the largest public equity offering in history. Offerings from other big banks were also among the ten largest ever.

“What the regulators did was really develop a general standard, which they applied looking at the world as it was,” the Treasury official said.

The Treasury official said he’s confident banks left the bailout program in a strong position and that regulators made sound decisions. To top of page

Article source: http://rss.cnn.com/~r/rss/money_latest/~3/tvCSH1x8M_Y/index.htm