All the pieces are coming together ~ Financial Plan .. almost complete ..
July 20, 2011
Rules for financial giants on track: Bernanke
Washington, U.S. regulators are on track to soon lay out regulations governing financial firms that are so large their collapse could rattle the entire U.S. financial system, Fed Chairman Ben Bernanke said.
"The Federal Reserve expects to issue proposed rules on the oversight of SIFIs (systemically important financial institutions) later this summer," he said in comments prepared for delivery to a Senate panel on Thursday.
The Fed released Bernanke's testimony after an embargo on making it public was broken.
Bernanke also said regulators are also addressing gaps under Dodd-Frank financial reform laws signed into law a year ago, including oversight of money market mutual funds and the tri-party repo system.
The effects of the crisis continue to affect the financial system around the world, the Fed chairman said.
"Nearly three years later, the recovery from the crisis in the United States and in many other countries remains far from complete," he said.
The Fed chief is due to appear on a panel with other regulators at a hearing marking the one-year anniversary of the reform laws, which were put in place after one of the most severe financial panics in U.S. history. The reforms have stirred controversy among business leaders and many Republican lawmakers, who say the rules have overreached and had a chilling effect on business and job creation.
Efforts among the Fed and other agencies to align domestic and international regulations are going well, Bernanke said. The Fed is on track to put international bank safety standards known as Basel III into effect on schedule, he said.
http://www.newsmeat.com/news/meat.php?articleId=103043489&channelId=2951&buyerId=newsmeatcom&buid=3281
Washington, U.S. regulators are on track to soon lay out regulations governing financial firms that are so large their collapse could rattle the entire U.S. financial system, Fed Chairman Ben Bernanke said.
"The Federal Reserve expects to issue proposed rules on the oversight of SIFIs (systemically important financial institutions) later this summer," he said in comments prepared for delivery to a Senate panel on Thursday.
The Fed released Bernanke's testimony after an embargo on making it public was broken.
Bernanke also said regulators are also addressing gaps under Dodd-Frank financial reform laws signed into law a year ago, including oversight of money market mutual funds and the tri-party repo system.
The effects of the crisis continue to affect the financial system around the world, the Fed chairman said.
"Nearly three years later, the recovery from the crisis in the United States and in many other countries remains far from complete," he said.
The Fed chief is due to appear on a panel with other regulators at a hearing marking the one-year anniversary of the reform laws, which were put in place after one of the most severe financial panics in U.S. history. The reforms have stirred controversy among business leaders and many Republican lawmakers, who say the rules have overreached and had a chilling effect on business and job creation.
Efforts among the Fed and other agencies to align domestic and international regulations are going well, Bernanke said. The Fed is on track to put international bank safety standards known as Basel III into effect on schedule, he said.
http://www.newsmeat.com/news/meat.php?articleId=103043489&channelId=2951&buyerId=newsmeatcom&buid=3281
