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Big bank oversight to stay with Fed
Banks with more than $100bn of assets will be overseen by the US Federal Reserve under a regulatory reform plan that represents a partial victory for the central bank after months of attacks in Congress.
Chris Dodd, the Senate banking committee chairman, had proposed hiving off all bank supervision to a single regulator but is set to propose this week that the 23 largest institutions stay under the Fed’s oversight, according to people familiar with the plans.
At issue over the weekend was the regulation of several hundred state chartered institutions that also want to remain under the Fed’s supervision.
While attention has been focused on an argument between Democrats and Republicans over the powers and location of new consumer protection functions, which may also be housed within the Fed, other elements of regulatory reform – deemed more important by many institutions and policymakers – are close to fruition.
A new “resolution” regime to deal with failing, but systemically important, institutions would allow the government to wind up a company quickly to avoid contagion spreading through the financial system.
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Monday, March 8, 2010 at 12:27PM
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Reader Comments (9)
Stimulus funds pay for monkey research in N.C.
http://www.mercurynews.com/breaking-news/ci_14631028?nclick_check=1
http://www.news-press.com/article/20100308/NEWS0110/3080347
Looks like a bunch a criminals getting together to form a super crime group... oh wait, it is a super crime group.
We definitely have the worst government money can buy!
Greece relieved at EU backing, but strikes grow
Debt-plagued Greece relieved at EU backing -- but strikes grow, police to join protests
On Monday March 8, 2010, 9:03 am EST
ATHENS, Greece (AP) -- Greek officials expressed relief Monday at European support over the country's debt crisis, but labor unions stepped up strikes, angry at recent wage cuts and sales tax increases they say will hurt the poor.
French President Nicolas Sarkozy on Sunday said the European Union has "concrete, precise methods" to help Greece financially if needed, but refused to give any details.
He made the remarks after talks in Paris with Greek Prime Minister George Papandreou who later traveled to Washington for talks Tuesday with U.S. President Barack Obama.
"This is more than a breathing space: It's a new starting point in our relations with our partners in the eurozone," Deputy Defense Minister Panos Beglitis said in a radio interview Monday.
"The salvation of Greece, if you will, closely coincides with the salvation of the European Union and the eurozone."
Sarkozy's declaration of support, however, had no visible impact on protest plans by unions -- with even police officers announcing plans to hold a uniformed demonstration in Athens later this week.
Greece's two largest unions have called a nationwide 24-hour strike for Thursday, while tax collectors and landfill workers were on strike Monday.
Unions strongly oppose a euro4.8 billion ($6.5 billion) austerity package that will hike consumer taxes and slash pay for public sector workers by up to 8 percent.
evelution revalution birthcontrol sound of soul shooting rockets to the moon kids growing up to soon its just a ball
of confusion thats what the world is today.
I have a golf cart with a BAR 50 mount if you have gas to get to the white house???All we will need beer also.
Got room for an old man with a 12 Ga. shotgun on that cart? You did mention that you'll have beer right? I'll bring the gas can from my lawnmower. How much beer? It might take awhile to get this revolt over with, we're gonna need lots of beer.
not sure if it will work noticed it was made in china when i opened the box .We may just want to follow the beer truck.LOL
Sagebrush