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Inside Washington (11/14/2012)
  • WASHINGTON (11/15/12)--The Nov. 13 issue of American Banker reported that the House Financial Services Committee is set to lose 20% of its make up due to retirements and campaign losses among its 61 panel members. The article said five Democrats and seven Republicans will be exiting--and there will be a leadership shake up as well as the current chairman, Rep. Spencer Bachus (R-Ala.), is "widely anticipated" because of term limits to make way at the top for Rep. Jeb Hensarling (R-Texas). And on the Democrats' side, Rep. Maxine Waters (D-Calif.) is expected to take over as ranking minority member for retiring Rep. Barney Frank (D-Mass.). Frank is cited as the loss to the committee membership that may make the biggest impact, in part, because of his deep and extensive knowledge of financial services issues …
  • WASHINGTON (11/15/12)--Newly elected senator from Massachusetts Elizabeth Warren, a Democrat, is seen as a natural to become a member of that body's banking committee and has leadership support for such a position if she reveals an interest in it, according to a recent article in Politico (Nov. 13).  Warren helped build the Consumer Financial Protection Bureau, which was created under the Dodd-Frank Wall Street Reform and Consumer Protection Act, and is generally viewed as a Wall Street critic. Among her supporters Politico notes that Senate Banking Committee Chairman Tim Johnson (D-S.D.) has said he had a good working relationship with Warren and would welcome her to the committee if she wishes to join its ranks …
  • WASHINGTON (11/15/12)--The Financial Stability Oversight Council (FSOC) is trying to force the U.S. Securities and Exchange Commission (SEC) to strengthen its rules for money market mutual funds (MMMF)--a move FSOC has criticized the SEC for failing to take since the financial crisis. FSOC is comprised of a group of 10 regulators including the S.E.C. chair. On Tuesday, FSOC voted to recommend that the SEC adopt one or all three of actions backed by the council. They include  requiring MMMFs to establish a floating net-asset value, replacing the currently used $1-a-share price, or requiring the funds to set aside more cash to offset potential lost value  of their holdings (The New York Times, Nov. 13) …


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