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Inside Washington (08/08/2011)
* WASHINGTON (8/9/11)--The Credit Union National Association will monitor the proceedings of a new congressional “supercommittee” charged with recommending a deficit-reduction package. After Standard & Poor’s downgrade of the U.S. government credit rating, the committee will be under pressure to come up with a deficit-reduction package that exceeds the original goal of $1.5 trillion, lawmakers say (The New York TimesAug. 8). Although, the committee has not yet been appointed, it’s mission expanded with the downgrade. Not only must it cut the annual federal budget deficit and slow the growth of federal debit, it must settle uneasy markets and help restore a AAA credit rating for the U.S. In its report on Friday, S&P cited the inability of the two political parties to bridge their gulf on fiscal policy among the reason for removing long-term Treasury debt from its AAA rating. The 12 members of the committee will be appointed Aug. 16 by congressional leaders of the Republican and Democrat parties ... * WASHINGTON (8/9/11)--Federal Reserve international finance director D. Nathan Sheets, an 18-year veteran of the regulator, has announced that he will leave his position. Sheets has served as international finance director for the past four years. His work during that time included representing the Fed at international meetings and meetings with foreign central banks. He has also advised the Federal Open Market Committee on foreign economic and financial developments. Fed Chairman Ben Bernanke praised Sheets for providing “invaluable insight and stellar leadership at a time of great volatility in the world economy.” The Fed said that Deputy International Finance Director Steven Kamin will serve as acting director of the division until a replacement is found ...


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