Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Inside Washington (09/24/2008)
* WASHINGTON (9/25/08)--Senators expressed their concern over the Treasury Department’s proposed plan to buy back illiquid assets from banks (American Banker). Sen. Richard Shelby (R-Ala.) said that the plan is expensive and there is no guarantee that it would work. Michael S. Barr, professor at the University of Michigan and former special assistant to Treasury Secretary Robert Rubin, said the plan is shifting troubled assets from institutions to taxpayers. According to Treasury Secretary Henry Paulson, not passing a bill would harm the credit markets. Jobs would be lost and homes would be foreclosed on, he said. Sen. Jack Reed (D-R.I.) noted the government should show the public that the proposal is not a “one-way salvation” that costs taxpayers. He referred to American International Group’s loan from the Federal Reserve, which has a 79.9% stake in the insurer ... * WASHINGTON (9/25/08)--Securities and Exchange Commission (SEC) Chairman Christopher Cox said he would like to see certain credit derivative products regulated to improve disclosure and prevent fraud--which contributed to the housing crisis (American Banker Sept. 24). Cox asked Treasury Secretary Henry Paulson if the SEC should be granted authority to regulate the products as part of the Treasury’s bailout plan, but Paulson said the issue can’t be dealt with at this time. The credit default market is too large to interrupt with a regulation, he said ... * WASHINGTON (9/25/08)--The Federal Bureau of Investigation (FBI) has opened up preliminary investigations of possible fraud involving Fannie Mae, Freddie Mac, Lehman Brothers and American International Group (The New York Times Sept. 24). The four companies would logically come under investigation because of their recent collapses, said a government official. On Tuesday, FBI officials said the agency is investigating a total of 26 corporate fraud cases, compared with 24 a week ago ... * WASHINGTON (9/25/08)--The U.S. Small Business Administration (SBA) has named Peter Schalestock as the agency’s general counsel. He now serves as chief legal adviser to SBA Acting Administrator Sandy Baruah and the agency’s senior staff on the development and implementation of SBA policies and programs. Schalestock joined SBA as deputy general counsel in March and has been acting general counsel for the last three months ...


RSS print
News Now LiveWire
July 's Fed Bank's "FedFocus" has some interesting articles: incl cost/benefits of $1 currency 2 coin conversion ttp://tinyurl.com/nybmnhh
8 hours ago
Do you wish you were a News Now subscriber? Go here: http://t.co/7evfBSjeMx
9 hours ago
Financial education for student body key part of Altura #creditunion, UC-Riverside partnership #NewsNow http://t.co/Xp6OJd66o6
10 hours ago
.@VTcreditunions gains 200 new FB followers in just 2 wks to reach 1,000 http://t.co/I89xJcv4Jg
10 hours ago
.@CUNA is testifying on reg relief Tues,July 15 at 2 p.m. be4 Hs Fin Serv Subc. Here is the agenda and witness list: http://t.co/yBRhlmdqHt
13 hours ago