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Inside Washington (05/29/2012)
  • WASHINGTON (5/30/12)--The Senate Banking Committee has invited JPMorgan Chase & Co. CEO Jamie Dimon to testify before the panel on June 7, committee chairman Tim Johnson (D-S.D.) announced Friday. A JPMorgan Chase spokeswoman would not confirm Dimon's appearance on that date. Johnson had previously said he would ask Dimon to answer questions about JPMorgan's $2 billion trading loss, but no date for the invitation had been announced (American Banker May 29). "In calling for Mr. Dimon to testify, I expect him to inform the committee of the details surrounding what has been reported to be a very complex trade," Johnson said last week …
  • WASHINGTON (5/30/12)--Jerome H. Powell on Friday took the oath of office as a member of the Federal Reserve's Board of Governors. The oath was administered by Chairman Ben S. Bernanke. President Barack Obama announced his intention to nominate Powell Dec. 27, and the Senate confirmed him May 17. Powell was nominated to an unexpired term ending Jan. 31, 2014, which was vacated by the resignation of Frederic S. Mishkin on Aug. 31, 2008. Prior to his appointment to the board, Powell was a visiting scholar at the Bipartisan Policy Center in Washington, D.C., where he focused on federal and state fiscal issues. From 1997 through 2005, Powell was a partner at The Carlyle Group. He served as an assistant secretary and as undersecretary of the Treasury under President George H.W. Bush, with responsibility for policy on financial institutions, the Treasury debt market and related areas …
  • WASHINGTON (5/30/12)--For the first time, a financial regulator must meet with small financial institutions before proposing any rule that would significantly impact them. The change, deemed revolutionary by some industry observers, comes as the result of a Dodd Frank Act clause that extended The Small Business Regulatory Enforcement Fairness Act (SBREFA) to include the Consumer Financial Protection Bureau (CFPB) (American Banker May 29). Previously, SBREFA applied only to the Environmental Protection Agency and the Occupational Safety and Health Administration. The new requirement gives small businesses an opportunity help the CFPB shape its rules at an early stage, said Richard Eckman, a consumer financial lawyer with the law firm Pepper Hamilton. Under the SBREFA statute, when the CFPB believes it has a rule that will have significant impact on small businesses, the agency must form a panel that includes representatives from the Small Business Administration's chief counsel for advocacy and the Office of Management and Budget's Office of Information and Regulatory Affairs …


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