Department Of The Treasury Selects BNY Mellon As A Custodian

The Department of the Treasury has hired The Bank of New York Mellon Corp. to be the custodian that will implement its $700 billion economic stimulus package. The Treasury Department said in a statement "Work began immediately to help the

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The Department of the Treasury has hired The Bank of New York Mellon Corp. to be the custodian that will implement its $700 billion economic-stimulus package.

The Treasury Department said in a statement: “Work began immediately to help the department with custodial, accounting, auction management and other infrastructure services needed to administer the complex portfolio of troubled assets the department will purchase.” The New York bank was hired Monday, the Treasury Department says.

Under the three-year contract, BNY Mellon will also be responsible for providing the accounting for the portfolio, hold the portfolio’s cash and assets, provide for pricing and asset valuation services, and assist with other related services.

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D.C.

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