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Inside Washington (07/22/2011)
* WASHINGTON (7/25/11)--On the one-year anniversary of the Dodd-Frank Act, Democrats and regulators warned Congress that Republican efforts to cut funding and limit regulatory changes would undermine the law’s intent (American Banker July 22). Although the financial industry would prefer to have fewer regulations, regulators need resources to clarify the law’s requirements for financial firms, Rep. Barney Frank (D-Mass.) told the Senate Banking Committee. Frank said “the worst of all worlds” would be to have regulations that regulators did not have resources to hire the right people to enforce or obtain the necessary technology to carry out. Gary Gensler, chairman of the Commodity Futures Exchange Commission (CFTC), said his agency is charged with regulating a market that is seven times larger than it has previously overseen. However without sufficient funds, the CFTC will have fewer resources to police the market, he said. The Securities and Exchange Commission (SEC) also needs more resources for its increased responsibilities or the industry will suffer for the agency’s lack of effectiveness, SEC Chairman Mary Schapiro said … * WASHINGTON (7/25/11)--An audit of the Federal Reserve’s emergency lending programs by the Government Accountability Office (GAO) did not find any significant accounting or financial reporting issues with the emergency programs the Fed took to deploy trillions of dollars to hold up the faltering financial system. The audit, mandated by the Dodd-Frank Act and released Thursday, did reveal some conflicts that arose when the Fed undertook actions during the financial crisis (American Banker July 22). For example, William C. Dudley, the president of the Federal Reserve Bank of New York who was a senior official there in 2008, owned stock in American International Group, one of the financial giants that was bailed out by the Fed during the crisis. Dudley maintained ownership of the shares while working on the bailout. The GAO report did not mention Dudley by name, but Sen. Bernie Sanders (I-Vt.), who led the audit, identified him as the unnamed official in the report. The GAO also recommended that the Fed develop more rigorous policies for hiring independent contractors to manage investments. The report found that lines of authority between the Fed’s Board of Governors in Washington and the 12 regional Fed banks lacked clarity during the crisis …


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