The Treasury Department on Thursday will receive $2.5 trillion in funding to help the U.S. economy, a major milestone in President Donald Trump’s push to overhaul the financial system.
The government also received another $1.9 trillion in federal loans and other support from the federal government to support the banking system, which will be used to bolster the economy.
The Treasury Department announced Thursday that the Treasury Department’s Financial Stability Oversight Council will receive the funding.
The council, which oversees the nation’s finances, is one of the largest financial regulators in the world.
The financial institution that will receive funds under the Financial Stability Board’s $2 billion loan package is Bank of America Corp., which will receive about $1 billion.
The other banks that will benefit from the $2-trillion funding package include JPMorgan Chase & Sullivan, Bank of New York Mellon Corp., Bank of Tokyo-Mitsubishi UFJ Financial Group Inc., and UBS AG, according to the Treasury.
The Federal Reserve has already given the U,S.
Treasury $1 trillion in funds, along with $300 billion in direct support from other Federal Reserve Banks, including the Bank of the United States, the Fed’s regional banks, the Federal Deposit Insurance Corp., the Federal Housing Finance Agency, and the Federal Home Loan Mortgage Corporation.
The remaining $300-billion of funding is for banks with a total assets of $1-trilion or less.
The $2 trillion funding is not an end to the $1 trillion in financial support.
The Treasury will continue to provide additional aid, including by purchasing more Treasury bonds, and by issuing additional mortgage-backed securities, according a Treasury statement.
The $2trillion of Treasury assistance was the first of its kind.
The Obama administration had set aside $1,400 for each $1 of lending that it granted.
The Trump administration has already increased that figure to $2,000.
The president has called for the next round of $2 Trillion loans.