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Inside Washington (10/20/2011)
* WASHINGTON (10/21/11)--The Federal Reserve Board must step up efforts to avoid possible conflicts of interest that result from how board members at the Fed’s 12 regional banks are selected, the Government Accountability Office (GAO) said in a report issued Wednesday. The Dodd-Frank Wall Street Reform and Consumer Protection Act required GAO to review the governance of the Federal Reserve following the 2008 financial crisis. While the report found no evidence of wrongdoing, it did find situations that create the appearance of conflicts of interest. “Although directors’ affiliations with financial firms do not necessarily create conflicts of interest, they may complicate the directors’ relationships with the Reserve Banks and increase public scrutiny of them,” the report said. For example the study found 18 former and current directors from nine Reserve Banks who were affiliated with institutions that used at least one federal emergency program … * WASHINGTON (10/21/11)--The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2012. In general, many of the pension plan limitations will change for 2012 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged …


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