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News Now

Washington
Inside Washington (12/12/2011)
  • WASHINGTON (12/13/11)--Collecting and using available data to predict the next financial crisis is similar to forecasting the weather, Treasury Secretary Tim Geithner said in describing the challenge facing the Office of Financial Research (OFR), created by the Dodd-Frank Act (American Banker Dec. 12). "Policy makers are always looking for the financial system equivalent of the MRI; over-the-horizon radar, the kind we put on aircraft carriers; or, to borrow [an] analogy, a National Weather Service," Geithner said at a conference hosted by the Financial Stability Oversight Council dedicated to helping to set up the OFR. "That goal will always elude us. But we will keep pursuing it, and we can do a lot better than we have done to date." Regulators face three primary challenges in fulfilling the office's mission: defining systemic risk, assessing risk as the industry evolves and creating a new, flexible risk model …
  • WASHINGTON (12/13/11)--The Internal Revenue Service on Monday issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating vehicle for business, charitable, medical or moving purposes. Beginning Jan. 1, the standard mileage rates for the use of a car, truck or van will be 55.5 cents per mile for business miles driven; 23 cents per mile driven for medical or moving purposes; and 14 cents per mile driven in service of charitable organizations. The rate for business miles driven is unchanged from the rates that became effective July 1. The medical and moving rates have been reduced by 0.5 cents per mile …


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