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News Now

Washington
Reg restructuring is House panel focus today
WASHINGTON (10/21/08)--The House Financial Services Committee opens part three of its series of hearings on financial regulatory oversight today. The hearing intends to address the need for "broad regulatory restructuring and reform for the financial markets, including financial institution oversight and regulation, systemic risk, and housing finance," according to a committee release. Specifically the hearing will examine:
* The current state of the financial regulatory system, both in the United States and abroad, and ways to measure and limit risk without stifling innovations while improving market liquidity and breadth; * Implications of current governmental lending and support facilities for the regulatory structure; * Proposals to improve the regulatory structure to restore confidence in financial markets and institutions through a stronger system of regulation and oversight; * The need for enhanced capital and reserve requirements for financial firms; and * Adequacy of current powers and coverage of the existing regulatory structure.
The hearing is a continuation of two hearings held by the committee in July focused on regulatory restructuring and systemic risk, during which the committee heard from regulators. For today’s hearing, there are a total of eight witnesses scheduled to appear on two panels. They include: Alice Rivlin, economic studies director at the Brookings Institution, Joseph Stiglitz, professor, Columbia University, Joel Seligman, president, University of Rochester, Manuel Johnson, chief executive of the financial market advisory firm JohnsonSmick International. Also: Steve Bartlett, president/CEO, The Financial Services Roundtable; Edward Yingling, president/CEO, American Bankers Association, T.Timothy Ryan, Jr., president/CEO, Securities Industry and Financial Markets Association, and Mike Washburn, president/CEO, Red Mountain Bank on behalf of the Independent Community Bankers of America. The Credit Union National Association will be following the hearing developments closely.


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