The Old Scout: Health care issues await the sausage mill (22) Jul 12, 2009
This simple less-is-more approach is the genius of conservatism get out of their way and the people will provide and it holds true in many areas of life, such as education, the arts, broiling hamburgers (a committee around the grill is always going to overcook the food), and not so much in others, such as national defense, bank regulation and health care. In the past two weeks, I ve attended two benefit concerts to raise money for musicians to pay their medical bills, and that is just... (Green Valley News & Sun, AZ)
The devil's punchbowl Jul 10, 2009
Promised reforms to bank regulation, meant to curb the excess before it starts all over again, are in limbo. On Wednesday July 8th Alistair Darling, the chancellor of the exchequer (finance minister), to make banks hold progressively more capital, the bigger and more complex they are. (The Economist)
UK set to reform bank regulation Jul 8, 2009
Page last updated at 08:06 GMT, Wednesday, 8 July 2009 09:06 UK. Mr Darling wants to toughen regulation. (BBC News -- UK)
Obama: Consumer Agency To Enforce Financial Rules Jul 1, 2009
The fifth member would be the director of the new National Bank Supervisor, the merged agency the administration is proposing to create to take over bank regulation duties. . (Click2Houston, TX)
Britain to keep bank regulation away from BoE Jun 30, 2009
Labour is expected to publish fresh legislative proposals for bank regulation next week, and Mandelson will warn bankers that reform would have to continue even if the economy improved. I have never felt such a sense of distrust and anger between the financial sector and the rest of the economy, he said in the speech. (The Star Online, Malaysia -- Business)
New consumer protection proposal studied Jun 25, 2009
The panel is needed, the Obama administration argued in a broad revamp proposal last week, because consumer protection has taken a back seat to other aspects of bank regulation. The result has been that there were plenty of rules governing predatory lending on credit cards and mortgages but nobody enforced them with gusto. (AZCentral -- Business)
Tories eye bank regulation reform Jun 25, 2009
Mr Osborne thinks change will tighten bank regulation. The Bank of England would regain primary responsibility for regulating big banks under plans drawn up by the Conservatives, the BBC has learnt. (BBC News -- Business)
Obama's plan gives Fed a starring role Jun 23, 2009
And although the Fed failed its first big test, the Great Depression, it has generally used its twin powers of money creation and bank regulation more wisely since then. Three decades ago, the Fed under Chairman Paul A. Volcker rescued the United States from murderous inflation, albeit at great short-term cost in economic growth. (Herald Online, SC -- Opinion)
An EU fudge on bank reform Jun 20, 2009
European Union leaders avoided a row over bank regulation but only by being ambiguous. AP. (The Economist)
Debate begins on Obama consumer protection plan Jun 20, 2009
Most critically in the run-up to the financial crisis, mortgage companies and others outside the purview of bank regulation exploited that lack of clear accountability by selling mortgages and other products that were overly complicated and unsuited to borrowers financial situation. Banks and thrifts followed suit, with disastrous results for consumers and the financial system, the administration writes in a near-final draft copy of its proposed rules. (San Antonio Business Journal, TX)
US Treasury defends bank reforms Jun 19, 2009
Senator Shelby said: "I do not believe that we can reasonably expect the Fed or any other agency to effectively play so many roles," citing its existing responsibility regarding monetary policy and bank regulation. But Mr Geithner defended the plan, saying the Federal Reserve was the best-placed organisation to have such oversight powers over large financial firms whose failure could threaten the economy. (BBC News -- Business)
Geithner: Fed suited for super regulator role Jun 19, 2009
NEW YORK, June 17 (Xinhua) -- As the Obama Administration released its proposal to make the most sweeping changes in bank regulation in 75 years, Wall Street differed on the effect of the overhaul plan. "We applaud the Obama Administration's proposal to overhaul the financial regulatory structure as a critical step toward restoring trust in capital markets," said Duncan L. Niederauer, chief executive officer of NYSE Euronext Wednesday. (Xinhuanet, China)
Borrowers likely to be hit again Jun 17, 2009
The Government lambasted the Commonwealth's move, but Senator Xenophon said the Government should "stop talking the talk and start walking the walk" on bank regulation. In minutes of its most recent board meeting, released yesterday, the Reserve Bank acknowledged concerns about the build-up of government debt across the world, but did not direct its comments to the rise in Australian government debt. (Sydney Morning Herald -- Business)
Tehran Down the House Jun 16, 2009
Improving bank regulation isn't just a question of how, the NYTit's also a matter of who gets to do the regulating. The paper takes a look at the public feud between Comptroller of the Currency John C. Dugan and FDIC Chairwoman Sheila C. Bair as each maneuvers for more regulatory territory. (Slate)
Bank regulation system 'failed' Jun 2, 2009
Bank regulation system 'failed. The problems in the system were highlighted by Northern Rock's failure. (BBC News -- Business)
Single Agency May Keep Banks in Line May 29, 2009
"We are for regulatory reform and for some consolidation, but creating a single regulator will stifle innovation. One size does not fit all when it comes to bank regulation," said Scott Talbott of the Financial Services Roundtable. 1. (ABC News -- Business)
The regulatory rumble begins May 29, 2009
Both are intended to correct a fundamental flaw in European bank regulation and supervision; namely, that although banks are free to operate across borders, they are supervised only by their home countries. Slack oversight by one country can, as the crisis has revealed, spread chaos across many. (The Economist)
Analyzing our present economy: May 28, 2009
I made an analysis of bank regulation suggesting new rules (red tape) last year when no such law existed and this year everybody, including bankers, agree and new laws have been written. Social organizations: unions, charities, consumer protection organizations, even regulation of medical providers with new efficient management, are not socialism. (Chetek Alert, WI)
Geithner Says Consumers Need Financial Protection May 22, 2009
As part of its regulatory revamp, the Obama administration is expected to propose tighter oversight of hedge funds, streamlining bank regulation and shaking up executive pay standards. It also is expected to call for the U.S. Federal Reserve to be made a "systemic risk" regulator to monitor broad threats to the financial system. (ABC News -- Business)
Bullard: Unemployment to Crest Above 9 Percent May 2, 2009
Discussing the likely overhaul of U.S. bank regulation in the wake of the worst financial crisis since the Great Depression, Bullard said the Fed needs to continue to regulate the largest banks to be able to monitor developments in the financial system. "The Fed's lender of last resort and monetary policy functions mean that it will have to remain closely involved in the regulatory structure," Bullard said in a speech to the Arkansas Bankers Association. (Newsmax)
Poland's economy: Not like the neighbours Apr 28, 2009
Bureaucratic government checked the property boom; so did tough bank regulation that restrained the borrowing, chiefly in foreign currency, that plagues Hungary. The things that you criticised Poland for in the past are now proving a blessing, says a senior official. (The Economist)
Public Information Notice: IMF Executive Board Concludes 2009 Article IV Consultation with Lebanon Apr 18, 2009
Directors therefore stressed the need for continued vigilance in bank regulation and supervision. Directors considered that progress on structural reforms under the Paris III reform agenda, especially in the energy sector, will warrant heightened attention in the period ahead. (IMF News)
WHAT HE SAID: Read the speech Apr 18, 2009
For a listing of these rules, see Dean F. Amel and Daniel G. Keane (1986), "State Laws Affecting Commercial Bank Branching, Multibank Holding Company Expansion and Interstate Banking," Issues in Bank Regulation, vol. 10, no. 2 (Autumn), pp. 30-40. (USA Today -- Money)
France's president: Super-Sarkozy falls to earth Apr 17, 2009
Tighter bank regulation and a more interventionist state ; la fran;aise are both back in vogue. The government has not (yet) had to rescue any big French bank. (The Economist)
Under pressure Apr 15, 2009
They have also reduced government debt and strengthened bank regulation. However, some of these changes were aided by a boost in exports, both within the region and to the rest of the world. (The Economist)
Obama meets the worlds press Apr 3, 2009
Olbermann calls for the firing of bank executives and more stringent bank regulation. Podcast. (MSNBC -- Politics)
Mandelson Says Criticism of British Banks Must End to Help Spur Recovery Mar 30, 2009
Brown and Mandelson returned yesterday from a trip to South America to build support for measures to overhaul bank regulation and agreement on measures to constrain bank bonuses before the G-20 gather in London. The British government has moved faster and further than most others in nationalizing large parts of the banking sector that faced collapse last year. (Bloomberg -- UK)
Karzai: Obama Plan "Better Than Expected" Mar 29, 2009
And how ironic is it that you're decrying bank regulations, when they were stripped away by legislation, created by the conservatives in the congress and senate ... As for bank regulation, it was a Republican congressman (Phil Graham) who wrote the Gramm-Leach-Bliley Act that reduced bank regulation ... But nowhere in any of my posts will you find anything "decrying bank regulations" as you say. (CBS News)
More than just repairs Mar 27, 2009
Bank regulation in America. More than just repairs. (The Economist)
Geithner to propose massive regulatory reform Mar 26, 2009
Federal bank regulation was a product of the Civil War. The Federal Reserve was created early in the 20th century to mitigate a long series of monetary crises. (MSNBC -- Business)
Canada Stocks Fall Following Year's Best Gain as Manulife, Energy Decline Mar 25, 2009
March 24 (Bloomberg) -- fell, retreating from the steepest gain since December, as financial shares dropped after U.S. officials called for stronger bank regulation and energy producers declined. slid 5 percent and Royal Bank of Canada lost 2. (Bloomberg -- Canada)
Administration moves against bad assets Mar 24, 2009
However, other countries, particularly in Europe, are resisting U.S. calls for more stimulus and would prefer to see more internationally coordinated bank regulation. The administration was expected to outline its plan for financial-regulation overhaul later this week. (AZCentral -- Business)
Some troubled banks get stays of execution Mar 24, 2009
Outside observers disagreed with that view of bank regulation. There s been a change in policy direction, if you read the tea leaves. (Atlanta Business Chronicle, GA)
House passes bill taxing AIG and other bonuses Mar 20, 2009
questions witnesses on Capitol Hill in Washington, Thursday, March 19, 2009, during the committee's hearing on bank regulation and supervision. J. Scott Applewhite. (Fresno Bee)
Regulation for UK banks, mkts soon Mar 19, 2009
LONDON: The UKs Financial Services Authority (FSA) equivalent of the US SEC which supervises banks and financial markets outlined what it called profound changes for the future of bank regulation. In a much-awaited report, FSA chairman Adair Turner indicated the end of the light touch era which characterized much of the past decade. (India Times)
Cameron 'sorry' for debt mistakes Mar 14, 2009
The Conservatives have called on Gordon Brown to apologise for policy failures at home over debt and bank regulation. Treasury minister Stephen Timms accused Mr Cameron of "hypocrisy". (BBC News -- UK)
U.S. Nears Mark-to-Market Accounting Guidance Mar 12, 2009
By Rachelle Younglai and Karey Wutkowski March 11, 2009 FONT SIZE. WASHINGTON (Reuters) - U.S. accounting rulemakers and regulators said they were pushing ahead with new guidance on mark-to-market accounting that has forced banks to write down billions of dollars in assets in the financial crisis. (ABC News -- Wire)
PM to deliver first major speech on state of economy Tuesday Mar 10, 2009
Mr. Harper will also argue that smart government decisions, on bank regulation and tax cuts, have helped soften the economic blow. The Prime Minister will illustrate his case with visual aids: his speech to the Brampton Board of Trade will include a slide show of Power Point charts. (Globe and Mail -- Business)
Public Information Notice: IMF Executive Board Concludes 2008 Article IV Consultation with the Republic of Yemen Mar 5, 2009
Directors highlighted the need to strengthen bank regulation and supervision, and encouraged the authorities to request an FSAP update. Directors underscored the importance of further structural reforms aimed at expanding non-oil production and enhancing Yemen's competitiveness. (IMF News)
'There will be blood' Mar 4, 2009
Niall Ferguson: Canada is [considered] a winner because its banks are less leveraged, bank regulation here has been tighter, because its housing market hasn't been in a bubble quite the same way. It's tempting to conclude from that. (Globe and Mail)
Crisis Pushes Europe to Fix Euro's Flaws With More Regulation, Closer Ties Mar 3, 2009
Led by Frenchman , the is branching out beyond setting interest rates and is seeking a greater role in cross-border bank regulation. With 45 multinational financial firms accounting for about 70 percent of the EUs total bank assets, new institutions are needed to coordinate oversight, a panel led by former Bank of France Governor concluded. (Bloomberg)
Banking woes dominate headlines Mar 3, 2009
Mr Darling tells the paper bank regulation has been a failure - and that ministers must show "humility". Ministers want Mr Brown to use his speech to US Congress to admit Britain's failings over the economic crisis, says The Guardian. (BBC News -- UK)
Bank regulation approach 'wrong' Feb 26, 2009
Bank regulation approach 'wrong. Please turn on JavaScript. (BBC News -- Business)
Beyond Our Wildest Expectations Feb 25, 2009
Stocks plummeted as President Obama signed the stimulus bill into law and after a month in office, amid speculation of extensive bank regulation and possible nationalization, stocks in a decade. Not only have some of Barack Obamas actions as President exceeded Republicans wildest expectations of how liberal they would be, but the response to them has been a surprisingly strong resurgence of conservatism among Republican lawmakers and the grassroots. (Townhall.com)
Lloyds Banking Group rocked by sh... Feb 14, 2009
He said: HBOS bankers like James Crosby bear a heavy responsibility, but so too does his ally Gordon Brown who created the system of bank regulation that allowed this reckless risk-taking to run amok. Alistair Darling, the Chancellor, defended his role in helping to push through the takeover, saying: We had a matter of days and then hours to stop the entire banking system collapsing. (New York Post -- Business)
PM under pressure over Crosby Feb 12, 2009
Mr Cameron said Mr Brown had "singled out" Sir James to advise him on key economic issues such as bank regulation, a decision he called a "serious error of judgment". He told MPs: "Taxpayers have poured billions into this bank and not only was Sir James appointed as one of the top regulators in the country, you have been relying on him for economic advice. "Sir James Crosby has had the decency to resign. (BBC News -- UK)
GM mulls move to break free of Delphi Feb 10, 2009
The international system of bank regulation has comprehensively failed. As a result, credit control will be much more intrusive in the future. (Reuters)
