By: Anthony Coley
Thursday, April 05, 2012
Earlier this week, the Financial Stability Oversight Council (FSOC) adopted a rule and interpretive guidance for determining how certain nonbank financial companies will be selected for supervision by the Federal Reserve Board of Governors and enhanced prudential standards. This authority, an important component of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is one of a number of tools available to constrain risk and help prevent future financial crises.
Posted in: Wall Street Reform, Financial Stability Oversight Council
By: Erika Gudmundson
Thursday, April 05, 2012
Yesterday morning, in remarks before the Economic Club of Chicago, Treasury Secretary Tim Geithner took stock of the U.S. economy since President Obama took office – from the legacy of the crisis to recent signs of a strengthening recovery.
Posted in: Economic Policy
By: Erika Gudmundson
Wednesday, April 04, 2012
In his 2011 State of the Union Address, President Obama promised that, for the first time ever, American taxpayers would be able to go online and see exactly how their federal tax dollars are spent. The receipt launched that year and, now, we've updated the tool to reflect current spending.
Posted in: Tax Policy
By: Anne Larson
Wednesday, April 04, 2012
During this month’s Spring meetings of the International Monetary Fund (IMF) and the World Bank in Washington, D.C., finance ministers from 34 countries will convene to renew the mandate of the Financial Action Task Force (FATF). This will also provide an opportunity to recognize the significant accomplishments over the past decade of the FATF in strengthening global controls to combat money laundering and terrorist financing. FATF is the premier international standard-setting body for anti-money laundering and combating the financing of terrorism (AML/CFT). The Department of the Treasury, which leads the U.S. delegation to the FATF, works through that organization to promote improvement in global compliance with AML/CFT standards. We’ve seen impressive results. In the past 10 years -- as the result of a coordinated effort between the FATF, the IMF, the World Bank and the FATF-style regional bodies -- virtually every country in the world has been assessed against the FATF’s AML/CFT standards. Overall, this process has resulted in more than 40 countries throughout the world passing legislation significantly improving controls to combat money laundering and terrorist financing. The following are some examples of the FATF’s successes.
Posted in: Terrorism and Illicit Financing
By: Erika Gudmundson
Tuesday, April 03, 2012
Today, President Obama’s nominee for the World Bank presidency, Dr. Jim Yong Kim was in India as part of a global listening tour to meet with heads of state, finance ministers, and other stakeholders to solicit their priorities for the World Bank over the coming years. Dr. Kim met in New Delhi today with Indian Finance Minister Pranab Mukherjee. They discussed the important role of the World Bank in promoting global growth and helping developing countries protect against external shocks.
Posted in: International
By: Kara Alaimo
Monday, April 02, 2012
En route to New Delhi on the fifth leg of his global listening tour, I sat down with Dr. Jim Kim, President Obama's nominee for the World Bank Presidency, to learn more about his background and the approach he would bring to leading the world's leading development institution.
Posted in: International
By: Michael Stegman
Monday, April 02, 2012
Recently, various sources have alleged that large banks will get a windfall if Fannie Mae and Freddie Mac (the GSEs) reduce the principal balance on first lien mortgage loans that are owned or guaranteed by the GSEs. The claims arise from a concern that if the GSEs reduce the principal balance on a GSE first lien mortgage loan, any investor holding a second (and subordinated) lien on the property stands to benefit unfairly.
Posted in: Making Home Affordable, Housing Finance Reform
By: Rosie Rios
Friday, March 30, 2012
Last week, I had the opportunity to participate in a manufacturing roundtable in the East Bay/Silicon Valley, California which was co-hosted by the East Bay Economic Development Alliance (EDA) and the East Bay Manufacturing Group (EBMG). The EBMG is a group that was recently formed to offer networking events for C-level executives in the manufacturing sector. This was the second event where they partnered with the EDA, which uses public/private partnerships to enhance economic growth in the East Bay area. Through this roundtable discussion, I was able to hear firsthand the challenges and concerns manufacturing executives face, and share the Administration’s current programs to benefit small business and the FY13 budget proposals that would help them navigate the federal government’s programs, take advantage of tax credits and other funding opportunities, and help them expand their businesses and create jobs in the United States.
Posted in: Small Business, Manufacturing
By: Erika Gudmundson
Friday, March 30, 2012
This week, President Obama’s nominee for the World Bank presidency, Dr. Jim Yong Kim, kicked off a global listening tour to meet with heads of state, finance ministers, and other stakeholders to solicit their priorities for the World Bank over the coming years. As he travels, he’s meeting with many of the World Bank’s shareholder and client countries in order to assess how the Bank can best promote growth, combat poverty, and create jobs in developing nations.
Posted in: International
By: Bob Mantell
Thursday, March 29, 2012
I’ll admit it– I have the best job in the world! I have the opportunity to go to work every day knowing that my efforts positively impact young people. I believe that as educators and professionals who interact with students on a daily basis we are uniquely positioned to guide students in exactly this way, but how many of us truly feel that the topics we teach will impact kids when they are 30, 40, or 50 years old?
Posted in: Financial Education and Financial Access
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