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Inside Washington (11/18/2009)
* WASHINGTON (11/19/09)--During a speech Tuesday, Janet Yellen, president of the Federal Reserve Bank of San Francisco, said that the financial crisis shows that a strong relationship needs to exist between bank regulation and monetary policy (American Banker Nov. 18). In the past, the two had been viewed as separate, she added. Her speech comes as the Senate Banking Committee takes up legislation that would remove supervisory powers from the Federal Reserve Board and other banking agencies ... * WASHINGTON (11/19/09)--The Federal Reserve Board announced Tuesday that it has reduced the maximum maturity of primary credit loans at the discount window to 28 days from 90 days, effective Jan. 14. Primary credit loans will remain eligible for renewal upon a borrower’s request. Prior to August 2007, the maximum available term of primary credit was overnight. The Fed later lengthened this to 30 days on Aug. 17, 2007, and to 90 days on March 16, 2008 ... * WASHINGTON (11/19/09)--The House Financial Services Committee continues to debate over how to end government-funded bailouts in regard to legislation that would allow the Federal Reserve Board to take apart systemically risky firms. A vote on the bill is not expected until later in the week, but panel members worked to revise the legislation Tuesday (American Banker Nov. 18). The panel approved several amendments that would boost taxpayer protections by shrinking the scope of resolutions and by limiting the Fed’s power, focusing on resolving insolvent firms whose troubles could destabilize the financial system, and allowing only the Federal Board of Governors to decide which institutions are considered a risk. Committee chair Barney Frank (D-Mass.) said he is working on other amendments, including provisions to create a $200 billion systemic resolution fund and subject the Fed to an audit ... * WASHINGTON (11/19/09)--Many financial institutions are not stopping their participation in the Transaction Account Guarantee (TAG) Program, even though the Federal Deposit Insurance Corp. (FDIC) has tried to wean the industry off of the blanket coverage. The FDIC extended TAG through June 30, and increased its price. FDIC also gave institutions a chance earlier this month to leave the program. About 80% of banks, however--mostly community banks--have opted to stay in the program. Financial observers say larger institutions do not need to participate because of other aid they’ve received, and that for smaller banks, the cost for participation is modest (American Banker Nov. 18) ...

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