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Washington
Inside Washington (06/01/2011)
* WASHINGTON (6/2/11)--U.S. Reps. Jim Himes (D-Conn.) and Steve Womack (R-Ark.) have introduced a bill that would exempt privately held banks with less than 2,000 shareholders from filing quarterly reports with the Securities and Exchange Commission (SEC). The law currently requires all banks with at least 500 shareholders to register with the SEC, even if their stocks are not traded on a major exchange (American Banker June 1). The threshold for de-registering would be increased to 1,200 shareholders from 300 shareholders. Community bankers maintain that the current standards, in place since 1964, should be raised to better reflect investor interest in local banks. Bank financials are already available to the public through call reports, according to bankers, who say that registering with the SEC is redundant and costly. The bill is a companion to legislation introduced in the Senate by U.S. Sens. Kay Bailey Hutchison (R-Texas) and Mark Pryor (D-Ark.) in March … * WASHINGTON (6/2/11)--David J. Stockton, director of the Federal Reserve’s division of research and statistics, will retire Sept. 30 after 30 years of service at the Fed, including 11 years in his current role. Stockton oversees the division’s 325 employees and is responsible for briefing the Federal Open Market Committee on the outlook for the U.S. economy. In that capacity, he has served under two Federal Reserve Chairmen: Ben S. Bernanke and Alan Greenspan. Before joining the board staff in 1981, Stockton was an instructor and lecturer at Yale University, New Haven, Conn. He started at the board as an economist in the wages, prices and productivity section, with responsibility for forecasting and analyzing inflation … * WASHINGTON (6/2/11)--The Internal Revenue Service’s Advisory Committee on Tax-Exempt and Government Entities (ACT) will hold a public meeting on June 15 and submit its latest round of recommendations to IRS leadership. The ACT makes recommendations on operational policies and procedures regarding employee retirement plans, tax-exempt organizations, tax-exempt bonds and federal, state, local and Indian tribal governments. Reports from five ACT subgroups are on the agenda, including: Exempt Organizations: Group Exemptions--Creating a Higher Degree of Transparency, Accountability, and Responsibility; and Employee Plans: Recommendations Regarding Pension Outreach to the Small Business Community. ACT reports are available on the IRS website


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