Stanford executives advised industry regulator Finra

A pair of executives employed by alleged fraudster Sir Allen Stanford held advisory posts at the United States' largest non-governmental securities regulator, according to reports.

Reuters states that Stanford Financial Group director of global compliance Lina Stinson and the chief operating officer of Stanford Group Holdings, Frederick Fram, both sat on committees of the US Financial Industry Regulatory Authority (Finra).

Ms Stinson was a member of the organisation's membership committee, while Mr Fram sat on the Finra continuing education content committee, the news agency said.

Sir Allen, three of his companies and two employees were charged last week with orchestrating a "massive" $8 billion investment fraud by the Securities and Exchange Commission.

The Texas-born billionaire is accused of using forged historical data and fake promises to sell supposedly high-yield certificates of deposit through the Antigua-based Stanford International Bank (SIB).

SIB chief financial officer James Davis and Stanford Financial Group chief investment officer Laura Pendergest-Holt were also named in the indictment.

Finra oversees around 5,000 US brokerages in all, covering some 663,000 registered advisers.

This Day in Wall Street History 1932: Glass-Steagall to the rescue

In February of 1932, troubles with both gold and currency threatened to send the U.S. economy, already ravaged by the Depression, spiraling into even worse fiscal waters. As the Depression rolled along, many people stockpiled supplies of gold and cash, which created gaping shortages. Moreover, foreign governments were yanking their support for the gold standard: towards the end of 1931, the British withdrew completely from the standard. After surveying the situation with Secretary of the Treasury Ogden Mills, President Herbert Hoover declared that the "gold situation" was "critical" and worried that the U.S. faced the "immediate danger of not being able to meet foreign withdrawals which were going on at the rate of $100 million a week." Hoping to ease the situation, Hoover enlisted the aid of Representative Carter Glass, as well as a few other key legislators, who helped hammer out the Glass-Steagall Act. Passed by Congress on this day in 1932, Glass-Steagall expanded the powers of the Federal Reserve Board, thus extending credit, as well as enabling the agency to "release" some of the government's gold to business as a response to the flood of foreign withdrawals.

Source: www.history.com

CME rival ELX bumped to slow track

A Wall Street-backed startup that’s planning to challenge CME Group Inc. by offering futures tied to government debt is facing a longer-than-expected approval process as its regulator asks for more details on certain aspects of its business.

The Electronic Liquidity Exchange, or ELX, had been on track for approval this week, according to a notice posted on the Commodity Futures Trading Commission’s Web site. Its application has since been removed from that “fast track,” giving the CFTC until May 27 to review the proposal, a CFTC spokesman said.

ELX CEO Neal Wolkoff wasn’t available to comment, and a spokesman for the exchange had no comment.

The company first announced its intention to challenge CME in December 2007, but many of the company’s founders — which include Citigroup Inc. and J. P. Morgan Chase & Co. as well as Chicago-based traders Peak6, Getco and Citadel Investment Group — have been hit by recent equities market turmoil.

CBOE unit to offer fear-based futures

(Reuters) — The CBOE Futures Exchange, a subsidiary of the Chicago Board Options Exchange, said on Wednesday it plans to offer a new product tied to the so-called VIX, Wall Street's favorite barometer of investor fear.

Trading in CBOE mini-VIX futures, a contract which will be one-tenth the size of the standard CBOE VIX futures contract, will debut on Monday, the CFE said.

Chicago Board Options Exchange, the largest U.S. options exchange, offers volatility benchmarks based on a variety of major stock indexes and CFE lists four volatility futures contracts with the VIX futures being the most active.

The popular VIX is based on real-time Standard & Poor's 500 Index options and reflects investors' consensus view of future expected market volatility of the S&P benchmark.

CFE said the smaller VIX futures contract with lower margins may be more manageable for a variety of users.

It is expected to attract sophisticated investors and institutions "who are looking for a smaller-scale play on implied volatility that's independent of the direction and level of stock prices," said CFE Managing Director Andrew Lowenthal in a statement.

The contract can also be used as a "way to hedge equity returns, diversify portfolios, and spread implied against realized volatility," he said.

Traders in VIX options, which are priced off VIX futures, are expected to benefit because they can now hedge with a like-sized futures contract, said David Graff, senior trader at Wolverine Trading, a firm that will be making markets when trading begins.

The new cash-settled CBOE mini-VIX futures contract initially will list March, April and May serial futures months, which coincide with CBOE's S&P 500 nearby options months.

This Day in Wall Street History 1869: Congress passes Morrill's Tarif

February 24, 1869, was a banner day for protectionists and industrialists alike, as Congress passed the Morrill Tariff Act, which hiked duties on imports to an average rate of 47 percent. The legislation was also another victory for Congressman Justin Morrill, who, starting in 1861, had drafted a series of tariffs designed to protect U.S. industry from the specter of international competition. However, as some historians have noted, overseas rivals didn't pose much of a threat to American manufacturers in 1869; Morrill's latest tariff seemingly padded industrialists' pocketbooks at the expense of the poor, who were forced to pay ever-higher prices for import goods. Over the next few years, though, lawmakers reversed course and rolled back some of the protectionist duties. The Tariff of 1870 placed 130 items--primarily raw materials--on the "free list," while tariff law passed in 1872 effectively slashed rates on manufacturing goods by 10 percent.  Source: www.history.com

This Day in Wall Street History 1743 : Mayer Amschel Rothschild is born

February 23rd marks the birthday of Mayer Amschel Rothschild, founder of Europe's most prominent banking empire. Born in Frankfurt, Germany, in 1743, Mayer Rothschild was initially groomed to become a rabbi, rather than a banking bigwig. But, the early passing of his parents led Rothschild to enter the realm of high finance, first as an apprentice to a bank. He rapidly ascended to the upper regions of the banking world, and, along with his five sons who were stationed in spots around Europe, set about establishing the Rothschild name. The family exploited the French Revolution and other upheavals in Europe for their financial gain, serving as key lenders to royal families, as well as agents for the trade (both official and illegal) of various goods. By the time Mayer Rothschild passed away in 1812, he had laid the groundwork for his family's dominance, which became more pronounced through their growing involvement in government finance, as well as their savvy investments in assorted sectors of the Industrial Revolution.

Source: www.history.com

Regulators reportedly to launch "stress test" of banks

Financial regulators plan to provide major banks with an "extra cushion of support" if necessary, said a source familiar with the plans of the Obama administration. The regulators are expected to offer additional information about the "stress tests" to banks in the next few weeks. The administration is trying to ensure that they can withstand a deeper recession.

more at

http://www.nytimes.com/2009/02/23/business/23bank.html?_r=1&ref=business

Former Morgan Stanley VP indicted over $2.5m embezzlement

A former vice-president at the Wall Street investment bank Morgan Stanley has been arrested and charged with embezzling more than $2.5 million from the firm. 

According to the Associated Press, Richard Garaventa Jr pleaded not guilty in a Manhattan court to charges including grand larceny. 

Prosecutors say Mr Garaventa was authorized to request or approve checks from one of the bank's in-house accounts to cover certain corporate expenses. 

Between September 5th 2001 and December 24th 2008, he is alleged to have used this position to authorize the release of over $2.5 million, which he misappropriated to buy luxury items including Mercedes and Lexus cars, jewelry and holidays. He is also accused of using company funds to renovate his New Jersey home. 

A judge set bail for Mr Garaventa at $1 million. His lawyers said the former executive maintains his innocence. 
If convicted, he could face up to 25 years in prison. 

Morgan Stanley is one of the world's biggest financial services firms, with over 600 offices in 37 countries worldwide. 

FBI finds Sir Allen Stanford in Virginia

Sir Allen Stanford has been served with court orders charging him with operating a multi-billion dollar investment fraud after federal investigators found the tycoon in Fredericksburg, Virginia. 

The billionaire had not been seen in public since the Securities and Exchange Commission (SEC) launched its enforcement action against him earlier this week. 

As the SEC's case is a civil action, Sir Allen has not been arrested or placed in custody. However, the regulator has secured a court order freezing his assets and he is believed to have turned in his passport. 

The Texas-born businessman faces allegations of running a fraud of "shocking magnitude". He is said to have used fabricated historical data and promises of double-digit returns in all markets to sell around $8 billion of so-called certificates of deposit through his company, the Stanford International Bank (SIB). 

Last night, the BBC reported that authorities in Peru and Venezuela have taken actions against SIB and its parent group as panicked investors queue up to recover their money. Peru's securities regulator has suspended the Stanford Financial Group's operations for 30 days, while Venezuela said it would take control of the local SIB network. 

No more veil of secrecy : Swiss Bank to Give Up Depositors' Names to Prosecutors

In a significant break from Switzerland's tradition of banking secrecy, UBS AG has agreed to turn over to the U.S. government the names of about 250 account holders and pay a $780 million fine as part of a deal to settle a U.S. criminal probe, the Department of Justice said.

UBS must abide by terms of the settlement or risk being indicted, in what's known as a deferred prosecution agreement. The U.S. government has been conducting a wide-ranging tax-evasion probe over the Swiss bank's offshore private-banking services for wealthy Americans.

Marc Dreier placed under house arrest

A New York lawyer charged with running an elaborate $400 million investment fraud has been bailed and placed under house arrest at his Manhattan apartment, according to reports. 

Marc Dreier is charged with creating bogus auditing statements and using a cast of associates impersonating legitimate advisers in order to sell fake promissory notes to hedge funds in the United States and Canada. 

He had been awaiting trial in jail after a judge said he had engaged in "reckless, clever and improvising" behavior prior to his arrest that suggested he posed a flight risk. Mr Dreier had also been unable to find four people willing to guarantee his $10 million bail. 

Under the new arrangement, Reuters reports, Mr Dreier has signed a $10 million personal recognizance bond, co-signed by his mother and son. 

He will wear an electronic tag and must also pay for private armed guards and an alarm to be installed at his apartment. 

The former lawyer has pleaded not guilty to the civil and criminal charges against him. 

In December, the Securities and Exchange Commission's complaint against Mr Dreier accused him of a "stunning, brazen fraud".

World's first directory of green hedge funds gets launch

The world's first centralized directory of hedge funds concerned with investing in environmental areas such as renewable energy, forestry and energy futures trading has been launched by the Energy Hedge Fund Center (EHFC), according to reports. 

Renewable Energy World stated that the directory also lists funds with strategies in carbon trading and finance, energy efficiency and water.

Peter C Fusaro, chairman of Global Change Associates and one of the co-founders of the EHFC, said: "We thought it was time to release a green hedge fund directory now that the green trading markets are maturing."

According to EHFC's website, the directory currently includes 510 hedge funds and has around 180 subscribers. 

The database lists information including the value of assets under management, fund returns, strategies and type, contact information and details on fund managers and backgrounds. 

In related news, the eighth annual Wall Street Green Trading Summit, which is organized by Mr Fusaro, will take place in New York on April 1st and 2nd. 

G7 meeting in Rome - Japan’s Minister of Finance Drunk?

Japan’s Minister of Finance, Shoichi Nakagawa, has blamed a heavy dose of cold medicine for a slurred and baffling performance at the G7 meeting in Rome, where the helmsman of the world’s second biggest economy appeared to be incapably drunk.

Mr Nakagawa claimed to have taken only a few sips of wine – “no more than a glassful” – ahead of the news conference, but he seemed too addled to state correctly the current level of Japanese interest rates.

Upon his return to Japan today the Finance Minister was greeted with immediate calls for his resignation by opposition MPs, who said the affair was an embarrassment to the country, and a shame that sent a “message to the whole world”.

Yukio Hatoyama, Secretary-General of the main opposition Democratic Party, said: “I think he should be fired immediately. He's damaged the national interest.” 

Regulators Shut Down Four Small Banks

The Federal Deposit Insurance Corp.'s closure of Sherman County Bank of Loup City, Neb.; Riverside Bank of the Gulf Coast, of Cape Coral, Fla.; Corn Belt Bank and Trust of Pittsfield, Ill.; and Pinnacle Bank of Beaverton, Ore., brings the total number of bank failures this year to 13.

Congress approves stimulus package

Congress signed off on a $787 billion economic-stimulus package Friday. The measure passed without any Republican support in the House and just three Republican votes in the Senate. The package is smaller than the one proposed by the White House, but President Barack Obama said it was "only the beginning" of a long-term effort to reinvigorate the economy.

more at

http://online.wsj.com/article/SB123453885966183349.html

Sources: House Committee on Rules, Joint Committee on Taxation, Congressional Budget Office

Category	Description	Cost ($ millions)	Total (Funds appropriated)	Estimated outlays (Congressional Budget Office estimates of actual cost of programs)
Farming	Repairs, security improvements and rental payments at Department of Agriculture	$24
Farming	Repairs and security improvements at Agricultural Research Service	$176
Farming	Salaries for staff to modernize IT system at Farm Service Agency	$50
Farming	Funding for watershed and flood prevention projects	$290
Farming	Funding for watershed rehabilitation	$50
Farming	Loans to rural homeowners	$200
Farming	Guaranteed loans for rural community facility building	$130
Farming	Guaranteed loans for rural businesses	$150
Farming	Grants for rural waste and waste disposal	$1,380
Farming	Broadband grants to rural communities	$2,500
Farming	Oversight of Department of Agriculture spending	$25.5
Food	Extra money for women, infants and children (WIC) special nutrition program	$500
Food	Extra commodities for food banks	$150
Food	Adult and child day care meals and snacks	$100
Food	Crop insurance reinstatement for farmers who failed to keep up with payments, emergency loans and grants to farmers	$749
Food	13% increase in food stamp payments	$19,991
Farming & Food			$26,466	$26,431
Commerce	Urban industrial core and rural economic recovery programs	$150
Commerce	Extra money for Census	$1,000
Commerce	Salaries and expenses for program to create broadband inventory map of the country	$350
Commerce	Grants to provide wireless and broadband infrastructure to communities, including public computer centers and sustainable adoption of broadband service	$4,350
Commerce	Coupons, education and consumer support for digital to analogue converter box program	$650
Commerce	Oversight of Commerce Department spending	$6
Science	National Institute of Standards and Technology research, including research into technology with high-growth potential and program giving technology to small and mid-size manufacturers	$220
Science	NIST facilities construction and maintenance backlog	$360
Science	Extra money for National Oceanic and Atmospheric Administration facilities and research	$230
Science	Extra money for NOAA satellite development including climate data sensors and modeling	$600
Science	Grants to state and local law enforcement	$2,225
Justice	Grants to rural law enforcement	$125
Justice	Grants to law enforcement on southwest border	$40
Justice	Grants for victims compensation programs	$100
Justice	Grants for tribal law enforcement	$225
Justice	Grants for state and local law enforcement to pursue Internet sex offenders	$50
Justice	Grants to state and local law enforcement to hire extra police officers	$1,000
Justice	Grants for violence against women prevention and prosecution programs	$225
Justice	Costs of administering extra grant money	$10
Science	NASA shuttle construction	$400
Science	NASA climate research	$400
Science	NASA aeronautics research	$150
Science	NASA rebuilding of facilities damaged in 2008 floods	$50
Science	NASA spending oversight	$2
Science	National Science Foundation research	$2,500
Science	Construction of new research equipment and facilities for NSF	$400
Science	NSF education activities	$100
Science	NSF spending oversight	$2
Commerce, Science & Justice			$15,920	$15,810
Defense	Restoration and modernization of Defense facilities in U.S. and territories	$3,840
Defense	Research and development of renewable energy generation for military	$300
Defense	Improvements and reparations to military medical facilities in U.S. and territories	$400
Defense	Department of Defense spending oversight	$15
Defense			$4,555	$4,531
Environment	Flood control and water management construction, regulation and investigations	$4,125
Environment	Mississippi River and tributary construction	$375
Environment	Clean-up of 'brownfield' former industrial sites	$100
Environment	Water reclamation and reuse projects	$1,000
Energy	Home weatherization grants to low and middle-income families	$5,000
Energy	Funding for Energy Star program offering tax credits to consumers purchasing new, efficient appliances	$300
Energy	Advanced batteries manufacturing grants	$2,000
Energy	Energy efficiency grants to states and local governments	$6,300
Energy	Transport electrification grants	$400
Energy	Funding for states and local governments to buy efficient alternative fuel buses and trucks	$300
Energy	Research and development of renewable and efficient energy technology	$2,500
Energy	Loan guarantees for standard renewables	$4,000
Energy	Transmission loan guarantees	$2,000
Energy	Fossil energy research and development	$1,000
Energy	Research into low-emission coal plants	$800
Energy	Grants for industrial carbon capture and energy efficiency improvement projects	$1,520
Energy	Grants for identifying sites to store carbon dioxide emissions	$50
Energy	Grants for training and research on safe storage of carbon emission\	$20
Energy	Administration of funding program	$10
Energy	Physics research including high-energy physics, nuclear physics and fusion energy sciences	$1,600
Energy	High-risk research into energy sources and energy efficiency	$400
Energy	Cleanup of former nuclear sites	$483
Energy	Uranium enrichment decontamination and decommissioning	$390
Energy	Cleanup of former nuclear defense sites	$5,127
Energy	Money for federal power marketing administrations in electric power transmission systems	$6,500
Energy	Construction and repairs for federal marketing administration	$10
Energy	Modernization of the electric grid	$4,400
Energy	Training of electric grid workers	$100
Energy	Oversight of Energy Department spending	$15
Environment & Energy			$50,825	$50,775
Government	Oversight of 'making work pay tax credit' and economic recovery payments	$7
Government	Treasury grants to community financial services and economic development groups	$100
Government	Construction, repair and energy alterations to federal buildings and facilities	$5,550
Government	Purchase of fuel efficient vehicles for federal fleet	$300
Government	Oversight of General Services Administration spending	$7
Government	Costs to Internal Revenue Service of providing health coverage help to workers laid off because of outsourcing overseas	$80
Government	Funding for Recovery and Accountability Transparency Board	$84
Government	Small Business Administration loans to businesses	$651
Government	Extra money for SBA administration of loans	$69
Government	Oversight of SBA spending	$10
Government			$6,858	$6,707
Homeland Security	Funding for departmental site security, IT infrastructure, furniture, fixtures and other costs for HQ	$200
Homeland Security	Oversight of Homeland Security spending	$5
Homeland Security	Construction, repairs and equipment for ports of entry to the U.S.	$420
Homeland Security	Purchase and deployment of non-intrusive inspection systems for Customs and Border Protection	$100
Homeland Security	Tactical communications equipment for Customs and Border Protection	$60
Homeland Security	Border security fencing and technology	$100
Homeland Security	Immigrations and Customs Enforcement information-sharing technology	$20
Homeland Security	Explosive detection systems for airports	$1,000
Homeland Security	Funding for Coast Guard acquisitions and construction, which cannot be used for pre-acquisition surveys or construction of a new polar icebreaker	$98
Homeland Security	Repairing and removing bridges hazardous to marine navigation	$142
Homeland Security	Grants for security upgrades to mass transit	$150
Homeland Security	Grants for security upgrades to ports	$150
Homeland Security	Competitive grants to upgrade state and local fire stations	$210
Homeland Security	Extra emergency food and shelter funding for homeless	$100
Homeland Security			$2,755	$2,744
Outdoors	Deferred maintenance on federal lands	$125
Outdoors	Priority road, bridge and trail repairs	$180
Outdoors	Wildland fire management	$15
Outdoors	Wildlife refuge and fish hatchery construction, deferred maintenance, road maintenance and energy efficient visitors centers	$280
Outdoors	National Park Service deferred maintenance	$735
Outdoors	Preservation grants for historically black colleges and universities	$15
Outdoors	Repairing facilities and equipment for USGS' seismic, volcano, monitoring and stream gages	$140
Outdoors	Repair of schools, detention centers, roads, bridges, housing, irrigation and dams on Indian reservations	$490
Outdoors	Indian guaranteed loans	$10
Outdoors	Interior spending oversight	$15
Outdoors	Cleanup of hazardous and toxic waste sites	$600
Outdoors	Cleanup of petroleum leaks from underground storage tanks	$200
Outdoors	Loans for communities to upgrade wastewater treatment systems and drinking water infrastructure	$6,400
Outdoors	Environmental Protection Agency spending oversight	$20
Outdoors	Renovation of forest roads, bridges and trails, remediation of abandoned mines, removal of barriers to fish and other critical habitat	$650
Outdoors	Fire hazard reduction on federal and state lands	$500
Indian reservations	Indian Health Facilities construction, maintenance and equipment	$347
Indian reservations	Indian Health Facilities sanitation construction	$68
Indian reservations	Indian Health Services IT development and deployment	$85
Arts	Smithsonian Institution	$25
Arts	Grants to fund arts projects in non-profit sector	$50
Outdoors, Indian reservations, Arts			$10,950	$10,545
Labor	Grants to states for adult employment and training activities	$500
Labor	Grants to states for youth training, including summer jobs	$1,200
Labor	Grants to states for dislocated worker employment and training activities	$1,250
Labor	Grants to states with highest unemployment numbers for employment and training	$200
Labor	Funds to national reserve assistance for dislocated workers	$750
Labor	Training high-risk youth in construction job skills	$50
Labor	Community service program for low-income over-55s	$120
Labor	Funding for states' unemployment insurance and employment service agencies	$400
Labor	Extra funds for department to manage enforcement of labor laws	$80
Labor	Office of Job Corps construction and modernization of residential facilities for at-risk youth	$250
Labor	Department of Labor spending oversight	$6
Health and services	Renovation and health IT purchases for community health centers	$2,000
Health and services	Training of nurses, primary care physicians, dentists to practice in underserved communities in the National Health Service Corps	$500
Health and services	National Institutes of Health biomedical research	$9,500
Health and services	NIH buildings and facilities repairs and renovations	$500
Health and services	Funding for research comparing effectiveness of treatments funded by Medicare, Medicaid and SCHIP	$1,100
Health and services	Grants to states for childcare services for low-income working parents	$2,000
Health and services	"Head Start" programs for low-income preschoolers	$1,000
Health and services	"Early Head Start" programs for low-income infants	$1,100
Health and services	Grants for community employment, food, housing and healthcare projects	$1,000
Health and services	Grants to faith-based and community organizations	$50
Health and services	Grants for elderly nutrition services including Meals on Wheels	$100
Health and services	Extra money for Office of the National Coordinator for Health Information Technology	$2,000
Health and services	Funding for community preventative health campaigns, vaccination programs, healthcare-associated infection reduction strategies	$1,000
Health and services	Funding to improve IT security at the Department of Health and Human Services	$50
Health and services	Oversight of Department of Health and Human Services spending	$17
Education	Funding for 'Title I' education programs for disadvantaged children.	$13,000
Education	Construction funding for school districts without a local property-tax base.	$100
Education	Funding for school computer and science laboratories and technology training for teachers.	$650
Education	Funding for services to homeless children including meals and transportation.	$70
Education	Grants for states to address teacher shortages	$200
Education	Grants for special education programs	$12,200
Education	Grants to states for vocational rehabilitation for disabled people	$540
Education	Grants to states for independent living centers and services for elderly blind people	$140
Education	Increase in Pell Grant to $5,350 in 2009 and to $5,550 in 2010, and other increases to student aid	$17,114
Education	Money to increase size of colleges' student aid funds	$60
Education	Money for colleges' work-study programs	$200
Education	Grants for teacher training and professional development	$100
Education	Funding for grants for states to create systems tracking individual student data	$250
Education	Department of Education spending oversight	$14
Volunteering	Extra money for AmeriCorps volunteer programs	$160
Volunteering	Extra money for National Service Trust volunteer programs	$40
Volunteering	Corporation for National and Community Service spending oversight	$1
Social Security	Construction of new National Computer Center for Social Security Administration	$500
Social Security	Extra money for Social Security Administration to process disability and retirement claim backlogs	$500
Social Security	Oversight of SSA spending	$2
Labor, Health, Education, Volunteering & Social Security			$72,564	$71,271
Oversight	Oversight of economic recovery package	$25
Oversight			$25	$25
Military	Army child development centers	$80
Military	Army "warrior transition complexes"	$100
Military	Navy and Marine Corps troop housing	$100
Military	Navy and Marine Corps child development centers	$80
Military	Navy and Marine Corps energy conservation and alternative energy projects	$100
Military	Air Force troop housing	$100
Military	Air Force child development centers	$80
Military	Defense hospital construction	$1,330
Military	Defense energy conservation investments	$120
Military	Army National Guard construction	$50
Military	Air National Guard construction	$50
Military	Army family housing construction and repairs	$38.439
Military	Air Force family housing construction	$96.561
Military	Programs for military homeowners facing mortgage problems	$555
Veterans	Improvements to Veterans Affairs benefits administration, IT and claims processing	$200
Veterans	Renovations and energy efficiency improvements to veterans medical facilities	$1,000
Veterans	Grants for construction of state extended care facilities for veterans	$150
Veterans	National Cemetery renovations and repairs	$50
Veterans	Oversight of VA and military spending	$1
Military & Veterans			$4,281	$4,246
State	Passport and training funding for State Department	$90
State	Creation of information management backup facility for State Department, funding for participation in cybersecurity program	$290
State	State Department spending oversight	$2.0
State	Repair and rehabilitation of flood control levees on Rio Grande, with remainder of money for IT investments at U.S. Agency for International Development	$220
State			$602	$602
Transportation	Grants for airport improvements	$1,100
Transportation	Upgrades to Federal Aviation Administration power systems, air traffic control centers and towers and airport lighting, navigation and landing equipment	$200
Transportation	Grants for highway improvements	$29,000
Transportation	Grants to Amtrak	$1,300
Transportation	Grants for capital investments in designated high-speed rail corridors	$8,000
Transportation	Public transit improvements and infrastructure investments	$8,400
Transportation	Grants for investments and improvements to small domestic shipyards	$100
Transportation	Department of Transportation spending oversight	$20
Housing	Repairs and modernization of public housing projects	$4,000
Housing	Grants to rehabilitate and improve energy efficiency on Native American housing programs	$510
Housing	Grants for community and economic development projects	$1,000
Housing	Grants for short-term help with rent and housing relocation for homeless families	$1,500
Housing	Energy efficiency retrogrades to low-income housing, including new insulation, windows and furnaces	$2,250
Housing	Funds for communities to buy and rehabilitate foreclosed and vacant properties	$2,000
Housing	Funds for building and rehabilitating low-income housing using green technology	$2,250
Housing	Grants for removing lead-based paint in low-income housing	$100
Housing	Department of Housing and Urban Development spending oversight	$15
Housing	Increase in government-sponsored mortgage provider conforming loan limits	$50
Transportation & Housing			$61,795	$61,051
Aid	Aid to states to balance education budgets, prevent cutbacks and modernize schools	$40,600
Aid	Aid to states in form of bonus grants for meeting key performance measures in education	$5,000
Aid	Aid to states for public safety and critical services	$8,000
Aid			$53,600	$53,600
Aid	Tax breaks for low-income housing investors	$143
Aid			$143	$143
	SPENDING TOTAL		$311,339	$308,481
Individual tax cuts	$400 payroll tax credit for workers earning up to $75,000; married couples filing jointly get $800 for income up to $150,000	$116,199
Individual tax cuts	Increase in earned income tax credit for working families with more than three children	$4,663
Individual tax cuts	Increased eligibility for refundable child tax credit, with all income over $3000 qualifying	$14,830
Individual tax cuts	Tax credit of up to $2500 for tuition and college expenses	$13,907
Individual tax cuts	Computers and computer technology will qualify for inclusion in tax-advantaged savings plans	$6
Individual tax cuts	A tax credit for first-time homebuyers increases from $7500 to $8000, and will not have to be repaid	$6,638
Individual tax cuts	Taxpayers earning less than $125,000 can deduct sales and excise taxes paid on new cars	$1,684
Individual tax cuts	$2400 of unemployment benefits will not be subject to federal income tax	$4,740
Individual tax cuts	Middle-income taxpayers get an exemption from the alternative minimum tax of $46,700 for an individual and $70,950 for a married couple	$69,759
Individual tax cuts			$232,426
Business tax cuts	Businesses will be able to more quickly deduct the cost of investments in plant and equipment from their taxable income	$5,074
Business tax cuts	Businesses will be allowed to recover alternative minimum tax and research and development credits faster	$805
Business tax cuts	Small businesses will be allowed to write-off up to $250,000 of capital expenditures in the year of acquisition	$41
Business tax cuts	Unprofitable small businesses with annual receipts of less than $15 million can recoup taxes paid in the past five years, up from two	$947
Business tax cuts	Companies will be allowed to defer taxes for five years on several transactions aimed at restructuring balance sheets, and repay the taxes over the following five years	$1,622
Business tax cuts	Businesses will be able to claim a tax credit for 40% of the first $6000 of wages paid to unemployed veterans or 16-25-year-olds hired	$231
Business tax cuts	Small businesses will be able to exclude 75% of the gain from the sale of some stock held more than five years	$829
Business tax cuts	Taxable corporations converting into S corporations will have a 7-year holding period for assets subject to built-in gains tax, from 10 years	$415
Business tax cuts	Restoring tougher rules on taxpayers claiming losses incurred by a company before they bought it is projected to raise money	-$6,977
Business tax cuts	Some companies restructuring may not be subject to those tougher rules	$3,163
Business tax cuts			$6,150
Manufacturing tax cuts	Manufacturing facilities producing "intangible property" such as patents can qualify for industrial development bonds	$203
Manufacturing tax cuts	Facilities making advanced energy property may be able to claim a new 30% investment tax credit	$1,647
Manufacturing tax cuts			$1,850
Economy tax cuts	$10 billion "new markets tax credits" will be available for 2008 and 2009	$815
Economy tax cuts	$25 billion of bonds for investment in economic recovery zones will be created	$5,371
Economy tax cuts	Tribal governments will have fewer requirements on their ability to issue tax-exempt bonds	$315
Economy tax cuts			$6,501
Infrastructure tax cuts	High-speed rail facilities for trains capable of going at 150 miles per hour will qualify for facility bonds	$288
Infrastructure tax cuts	Rules affecting state and local government bonds will be changed to improve marketability	$3,789
Infrastructure tax cuts	A 3% withholding on payments to government contractors will be delayed for one year	$291
Infrastructure tax cuts	$22 billion in new tax credit bonds for construction or repair of public schools	$9,877
Infrastructure tax cuts	$2.8 billion of bonds for schools working with businesses	$1,045
Infrastructure tax cuts	35% credit to bondholders for infrastructure bonds, 35% refundable credit to issuers of bonds	$4,348
Infrastructure tax cuts			$19,638
Energy tax cuts	Extending by three years the placed-in-service date for renewable energy investments	$13,143
Energy tax cuts	Investment credits in lieu of production credits for renewable energy purchases	$285
Energy tax cuts	Removal of cap on tax credits for purchase of small wind systems	$604
Energy tax cuts	$1.6 billion extra allocation of clean energy bonds	$578
Energy tax cuts	$2.4 billion extra qualified energy conservation bonds	$803
Energy tax cuts	30% cap on tax credit for energy efficiency purchases by homeowners, up to $1500 per residence	$2,034
Energy tax cuts	Credit for purchase of residential solar, geothermal, wind and fuel cells	$268
Energy tax cuts	50% tax credit for purchase of alternative refueling stations	$54
Energy tax cuts	Tax credit for plug-in electric vehicle conversion	$2,002
Energy tax cuts	Equalization of parking and transit tax-free employer benefits at $230 for 2009	$192
Energy tax cuts			$19,963
Energy tax cuts	Grants to states for low-income housing projects in lieu of credits	$5
	Grants to states for energy projects in lieu of credits	$69
Other tax cuts	Customs and Border Protection will not demand that U.S. lumber, steel and other companies repay money they were given from Canadian and Mexican import duties	$90
Energy & Other tax cuts			$164
Individual aid	One-time payment of $250 for retirees, disabled people, SSI recipients, railroad retirees and disabled veterans	$14,225
Individual aid	One-time refundable tax credit of $250 for some government retirees not eligible for social security benefits	$218
Individual aid			$14,443
	TAX CUTS TOTAL		$301,135	$288,339
Individual aid	Two-year extension of program providing income support and training benefits for workers who lose their jobs because of outsourcing overseas	$1,600
Individual aid	Extension of jobless benefits for up to 33 weeks	$26,960
Individual aid	Increase in weekly unemployment benefits by $25	$8,800
Individual aid	Grants for states modernizing unemployment compensation coverage among low-wage, part-time and other workers	$2,975
Individual aid	Waiver on interest payments and accrual in interest on loans held by state unemployment trust funds	$1,100
Individual aid	Extension of unemployment compensation by 13 weeks for railroad workers	$21
Individual aid	Aid to states to administer extended benefits	$138
Individual aid	Aid to states for temporary assistance to needy families payments (TANF)	$2,418
Individual aid	Extra aid to states with high population group or increased poverty for TANF payments	$319
Individual aid	Extra funding for child support enforcement	$1,000
Individual aid	Costs of providing health coverage help to workers laid off because of outsourcing overseas	$457
Individual aid			$45,788	$58,143
Individual aid	65% subsidy for laid-off workers to continue paying premiums for former employer's health plan for nine months	$24,749
Individual aid			$24,749	$24,677
Health care	Incentive payments to hospitals and physicians who computerize medical-records systems	$17,559
Health care			$17,559	$17,559
Health care	Federal aid to states for Medicaid spending	$90,044
Health care			$90,044	$90,042
	AID TOTAL		$178,140	$190,421
	TOTAL		$790,614	$787,241