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Inside Washington (06/29/2009)
* WASHINGTON (6/30/09)--President Barack Obama’s proposal for financial regulatory reform would expand the Federal Reserve Board’s umbrella supervisory powers by removing restrictions that prevent the Fed from examining, requiring reports from or enforcing higher capital limits at big banks (American Banker June 29). The Obama administration argues that the restrictions prevented the Fed from using its supervisory powers. Financial industry observers disagree, saying the Fed did not use the powers it had. The Fed fought for supervisory powers in the 1990s and was allowed to examine financial holding company and bank subsidiaries. But the Fed had to rely on information from the institution’s regulator, observers said. Gil Schwartz, former Fed lawyer, said he doesn’t remember the Fed saying it couldn’t obtain the information. He doesn’t sympathize with those who say the Fed could have done more if it had more information. Obama pointed to the Gramm-Leach-Bliley Act as a cause of the financial crisis, but Schwartz said under Gramm-Leach-Bliley, the Fed could have forced a holding company to sell a subsidiary because of safety and soundness concerns ... * WASHINGTON (6/30/09)--The Treasury has released more information for banks that want to return Troubled Asset Relief Program (TARP) funds in regards to repaying warrants. A bank wishing to repay a warrant must submit an offer of fair market value within 15 days of repayment. The Treasury would have 10 days to accept the offer (American Banker June 29). If the offer is rejected, Treasury and the bank would select independent appraisers to value the warrants. If the appraisers do not agree on a price, a third appraiser may be hired to establish fair market value. If a bank chooses not to repurchase the warrant, the Treasury could dispose of the warrant however it wants to over time ...


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