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Inside Washington (07/26/2010)
* WASHINGTON (7/27/10)--The Federal Reserve Board is seeking nominees for its Consumer Advisory Council. The council advises the Fed on its responsibilities under the Consumer Credit Protection Act and other consumer financial services matters. The group meets three times a year in Washington, D.C. Meetings are open to the public. The board plans to appoint up to 10 members for terms that will begin in January. Nominations are due Sept. 10. Alan Cameron, president/CEO of the Idaho Credit Union League, is a representative on the council. His term runs through 2010 ... * WASHINGTON (7/27/10)--Tax cuts for the wealthy, which were approved during former President George Bush’s term, should expire this year, according to Treasury Secretary Timothy Geithner. Geithner told ABC that cuts for individuals who make $250,000 a year or more should expire (The New York Times July 26). The change would affect roughly 3% of Americans, he said. Geithner said he didn’t think the cuts would affect economic growth. Some members of Congress disagree and say they would try to extend the cuts for people of all incomes. Supporters of extending the cuts, approved in 2001 and 2003, argue that raising the taxes on any income group could prohibit economic recovery, the newspaper said ... * WASHINGTON (7/27/10)--The Treasury Friday announced the continued sale of its holdings of Citigroup common stock, slated to end Sept. 30 regardless of whether all the shares are sold. Morgan Stanley, Treasury’s sales agent, will have discretionary authority to sell 1.5 billion shares of Citigroup common stock under certain parameters. Treasury received 7.7 billion shares of the stock last summer as part of the exchange offers conducted by Citigroup to strengthen its capital base. Treasury exchanged the $25 billion in preferred stock it received in connection with Citigroup’s participation in the Capital Purchase Program for common shares at a price of $3.25 per common share. Treasury currently owns about 5.1 billion shares of Citigroup common stock ...

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