Treasury Provides $1.46 Billion To 19 banks - NBC Right Now/KNDO/KNDU Tri-Cities, Yakima, WA |

Treasury Provides $1.46 Billion To 19 banks

Associated Press - March 17, 2009 2:23 PM ET

WASHINGTON (AP) - The government says it has provided $1.46 billion to 19 banks in the latest payments from its $700 billion financial rescue fund.

The Treasury Department said Tuesday the new payments bring the total paid out in its program to buy banks' preferred stock to $198.5 billion.

The government is buying preferred shares of stock as a way to bolster banks' capital reserves in the hopes of encouraging them to resume more normal lending.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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