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Inside Washington (10/23/2009)
* WASHINGTON (10/26/09)--The success of the Federal Reserve Board’s proposed plan to govern executive compensation will depend on whether it changes the way bankers are paid (American Banker Oct. 23). The plan will change compensation only if it is coupled with a “say-on-pay” proposal to prevent risky compensation practices, said Cornelius Hurley, a former Fed lawyer. However, shareholders have not been a part of the discussion about executive compensation. The Obama administration has proposed giving shareholders a nonbinding vote on compensation, but the provision was not included in the Fed’s proposal. The proposal comes as Kenneth Feinberg, the Treasury Department’s “pay czar” introduced pay standards that would cut the salaries of the 25 highest-paid executives at Citigroup and Bank of America ... * WASHINGTON (10/26/09)--The Treasury Department will begin slowing the Troubled Asset Relief Program (TARP) and improving its focus on homeowners and small businesses, Herb Allison, Treasury assistant secretary for financial stability, told the Congressional Oversight Panel Thursday. Elizabeth Warren, panel head, said she was concerned about the financial markets because “many of the factors that caused the crisis remain in place” (American Banker Oct. 23). However, she said she was encouraged that Treasury plans to wind down TARP. Allison said the department would wind down the Capital Purchase Program and other key programs at the end of the year. Allison also noted that banks will repay another $50 billion to the TARP fund during the next year. The Treasury has already received more than $70 billion in principal repayments and $6.5 billion in other interest and fees from TARP participants ... * WASHINGTON (10/26/09)--The Federal Reserve may not lose credit on the emergency programs it used to fight the financial crisis, according to William Dudley, Federal Reserve Bank of New York president (Reuters Oct. 22). Dudley spoke at the Federal Reserve Bank of Boston’s annual conference. The Fed’s emergency facilities are naturally slowing, and the exit of some of the liquidity facilities is “going well,” Dudley said. Fed Vice Chair Donald Kohn echoed Dudley’s sentiments, saying that the liquidity facilities are “in the process of winding down without losses.” The Fed also is not likely to suffer losses when it sells the mortgage-backed securities it acquired during the crisis ...


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