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regulatory reform
Trichet: Huge amount of work for G20 to regulate financial sector
05 Jul. Budget cuts and structural reforms will help cement Europe’s economic recovery said the European Central Bank president, Jean-Claude Trichet. Trichet said there was a “huge” amount of work to do for the Group of 20 nations to regulate the financial sector and that global economic imbalances must be reduced further. “We see structural [...]
Bank tax eliminated in US financial bill
30 Jun. US Congressional negotiators voted to eliminate the proposed tax on big banks and hedge funds and adopted a new plan to pay the projected five-year, $20 billion cost of the legislation. The new plan would bring an early end to the Troubled Asset Relief Program, and redirect about $11 billion toward heightened regulation [...]
BIS Annual Report: Fiscal consolidation and financial sector reform needed now
29 Jun. At the Annual General Meeting of the Bank for International Settlements (BIS), held in Basel Christian Noyer, BIS Chairman and Governor of the Bank of France, said that “over the past two years policymakers worldwide, acting in close cooperation, have succeeded in containing the financial crisis”. “The BIS has provided key support to [...]
Three policy challenges for the world economy
Speech delivered by Jaime , General Manager of the BIS, on the occasion of the Bank’s Annual General Meeting, Basel, 28 June 2010. Policymakers everywhere continue to steer a course across treacherous terrain. … The remaining vulnerabilities in the international banking system continue to weigh on confidence. It is true that many banks have increased [...]
House and Senate agree on US financial reform bill
25 Jun. Members of a House-Senate conference committee to complete work on toughened financial regulations culminated in agreements on the two most contentious parts of the financial regulatory overhaul and a host of other provisions. Members of the conference committee approved proposals to restrict trading by banks for their own benefit and requiring banks and [...]
Highlights of the US financial reform legislation
July 2010 OVERSIGHT A 10-member council of regulators led by the Treasury secretary would monitor threats to the financial system. It would decide which companies were so big or interconnected that their failures could upend the financial system. Those companies would be subject to tougher regulation. If such a company teetered, the government could liquidate [...]
E-learning: Proposed United Kingdom regulatory framework
George Osborne, Chancellor in the UK conservative-liberal coalition government, announced, on 16 June, the end of the existing tripartite arrangement* for financial regulation in favour of a twin peaks approach increasing the powers of the Bank of England. This presentation outlines the Government’s plans to reform the institutional framework for financial regulation. The tripartite system [...]
Political wisdom: What’s next for financial reform?
24 May. The Senate’s approval of the sweeping financial regulation reform left lawmakers and lobbyists looking toward the process of ironing out differences with a similar house bill. And it left others looking at whether the bill would accomplish what it set out to do: prevent a repeat of the financial crisis, the regulatory confusion [...]
Democrats in final push over banking
President Barack Obama summoned leading Democrats to the White House on Friday to prepare for the final battle on financial regulatory reform legislation that will reshape the banking sector. The Senate passed a financial bill on Thursday night by 59 votes to 39. The text will now be combined with legislation passed last year by [...]
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