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Inside Washington (06/07/2011)
* WASHINGTON (6/8/11)--U.S. Treasury Secretary Timothy Geithner on Monday urged global regulators to keep pace with U.S. financial regulation reforms. Geithner, speaking before the International Monetary Conference in Atlanta, said the U.S. government seeks to reduce the risk that markets will move overseas to avoid stringent regulations. “We live in a global financial marketplace, with other financial centers competing to attract a greater share of future financial activity and profits,” Geithner said. “As we strengthen the protections we need in the U.S., we have to reduce the chance that risk just moves outside the U.S. Allowing that would not just weaken the relative strength of U.S. firms and markets, it would also leave the world economy vulnerable to future crises” … * WASHINGTON (6/8/11)--Nearly a year after the Dodd-Frank Act’s passage, more than two dozen of the legislation’s rule changes have fallen behind schedule (The New York Times June 7). Many of the rule changes have been resisted by Wall Street and Congress, and regulators have extended the comment periods on some proposals. With the delays, some mandates are in danger not being implemented before the next elections, which could give newly elected officials an avenue to back away from the overhaul, according to the Times. So far, 28 of Dodd-Frank’s deadlines have been missed, according to Davis Polk, a law firm that tracks the rules. Of the 385 new rules to be written, 24 requirements have been completed--41 such actions were scheduled for completion by now … * WASHINGTON (6/8/11)--Nobel laureate Peter Diamond, President Barack Obama’s three-time nominee for the Federal Reserve’s board of governors, has withdrawn his nomination because of Republican opposition. Diamond, a professor at the Massachusetts Institute of Technology, made the announcement in an opinion-page article in The New York Times on Monday. In the article, Diamond criticized the bipartisan nature of the confirmation process in which his credentials were questioned. “We need to preserve the independence of the Fed from efforts to politicize monetary policy and to limit the Fed’s ability to regulate financial firms,” Diamond wrote …


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