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Inside Washington (01/29/2009)
* WASHINGTON (1/30/09)--The Treasury Department announced that it will post investment contracts for future completed transactions to its website within five to 10 business days. For contracts already completed, documents will be posted on a rolling basis. Nine contracts completed under the Capital Purchase Program were posted Wednesday. “We are taking a step toward increased transparency by committing to place all of our Troubled Asset Relief Program investment agreements on the Internet so that taxpayers can see how their money is being spent,” said Treasury Secretary Tim Geithner ... * WASHINGTON (1/30/09)--The Board of Governors of the Federal Reserve System swore in Daniel K. Tarullo as a Fed governor Wednesday. Tarullo was nominated to an unexpired term ending Jan. 31, 2022. He previously taught courses in international financial regulation, international law and banking law at Georgetown University Law Center. Before joining Georgetown, Tarullo worked in several senior positions in the Clinton administration ... * WASHINGTON (1/30/09)--House of Representatives Agriculture Committee Chairman Collin Peterson (D-Minn.) proposed a bill Wednesday that would prevent investors from engaging in credit default swap (CDS) trading unless they own the underlying bonds. U.S. trading also would be processed by a clearinghouse (Bloomberg.com Jan. 29). The bill would kill the CDS market, according to Tim Backshall, chief strategist, Credit Derivatives Research LLC. About 80% of the CDS market is traded by investors who don’t own the bonds, said Eric Dinallo, superintendent, New York Department of Insurance. CDSs are based on bonds used to analyze a company’s ability to pay back debt. Buyers are paid in face value for the cash equivalent if a borrower doesn’t adhere to debt agreements. Regulators have stepped up pressure on banks to use clearinghouses for CDSs and improve transparency amid the financial crisis ... * WASHINGTON (1/30/09)--Sens. Max Baucus (D-Mont.) and Charles Grassley (R-Iowa) introduced a bill Wednesday that would give the government access to the books of certain financial institutions. Called the Troubled Asset Relief Program (TARP) Enhancement Act, the bill would require any party that receives U.S. Treasury Department TARP funds to give the Government Accountability Office access to its books…


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