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Washington
Inside Washington (05/14/2009)
* WASHINGTON (5/15/09)-- The U.S. Treasury Department's Community Development Financial Institutions (CDFI) Fund announced Thursday it had received a 249 applications under the 2009 round of the New Markets Tax Credit (NMTC) program. The applicants requested a total of more than $22 billion in NTMC allocation authority. A total of $5 billion of allocation authority is available this round including the $1.5 billion in additional allocation authority authorized through the American Recovery and Reinvestment Act of 2009. The NMTC program was established by Congress in December of 2000 and is administered by Treasury’s Community Development Financial Institution (CDFI) program. It permits individual and corporate taxpayers to receive a credit against federal income taxes for making qualified equity investments in investment vehicles known as Community Development Entities (CDEs)… * WASHINGTON (5/15/09)--An amendment that would allow visitors to carry guns in national parks could delay the enactment of legislation to curb abusive credit card practices (American Banker May 14). The amendment was introduced by Sen. Tom Coburn (R-Okla.). The addition of the gun amendment will make it tougher for the card bill’s sponsors, Sens. Richard Shelby (R-Ala.) and Christopher Dodd (D-Conn.) to keep the legislation narrow. President Barack Obama has said he wanted to sign a card bill by Memorial Day. Though the gun amendment could slow the passage of card legislation, it won’t necessarily derail it. Brian Gardner, KBW Inc. analyst, said the bill should be signed by July 4. The legislation was expected to be taken up in the Senate Thursday ... * WASHINGTON (5/15/09)--On Wednesday, Treasury Secretary Timothy Geithner called for legislation that would require many derivatives to be traded on clearinghouses or exchanges instead of over the counter (OTC). Banks argue that regulation on OTC derivatives would drive up prices and reduce earnings. Regulators, however, worry that banks’ exposure to OTC derivatives could hurt the financial system. If a large dealer fails, it could affect the entire industry (Reuters May 14). Derivatives are contracts with values that depend on a commodity, currency, bond or stock. A derivative can be tailored to a customer’s individual needs. As such, they can be hard to trade unless another party shares the same needs ...


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