WASHINGTON (MNI) – The following was sent Tuesday to all members
of Congress by Treasury Secretary Tim Geithner:
I am writing to notify you, as required under 5 U.S.C. 8438(h)(2)
of my determination that, by reason of the statutoary debt limit, I will
be unable to invest fully the Government Securities Investment Fund (“G
Fund”) of the Federal Employees’ Retirement System in interest-bearing
securities of the United States, beginning today, Jan 17, 2012. The
statute governing G Fund investment expressly authorizes the Secretary
of the Treasury to suspend investment of the G Fund to avoid breaching
the statutory debt limit, and as you know it has been necessary for the
Treasury to take such actions in the past during this and previous
Administrations. G Fund participants will be unaffected by this action.
As a result of the debt limit certification submitted to Congress
by the President on January 12, 2012, unless a joint resolution of
disapproval is enacted, the debt limit will be increased by operation of
Section 301 of the Budget Control Act of 2011, effective after the close
of business on January 27, 2012. By law, the G Fund will be made whole
once the debt limit is increased.
signed, Sincerely, Timothy F. Geithner
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: M$U$$$,MFU$$$,MCU$$$]
