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

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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.

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