A summary of where we are in the legislative reform process of the financial system.
[BTW: follow me on Twitter – cate_long — tweeting on the conference process)
From an email announcement from the House Financial Services Committee:
The Wall Street Reform Bill: Conference Update
Washington –Last week was a successful week for the House and Senate conferees for [...]
The House and Senate conferees worked hard to today to reconcile their versions of financial reform. Agreement was reached on private funds, insurance regulation and the merger of bank regulators.
A sticking point was on Subtitle C of Title IX which covers credit rating agencies.
I’d like to recommend to Chairman Barney Frank and others that they propose a slight [...]
Filed in Creativity, Launching..., Liquidity, Open engines, Regulatory, Restructuring, Transparency
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Also tagged confidence, Congress, equivalent disclosure, Fitch, Moodys, NRSRO, Reg FD, Regulatory, regulatory abritrage, S&P
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Tomorrow the House and Senate conference committee is finalizing the language for credit rating agencies.
The push and shove is in full flight…
Senator Al Franken is promoting his amendment to establish a “ratings board” that will assign a specific rater (Nationally Recognized Statistical Rating Organizations [NRSRO]) to rate structured finance deals.
If adopted his amendment will have the [...]
The House of Commons Treasury Committee
Ninth Report of Session 2009–10
Report, together with formal minutes Ordered by the House of Commons, to be published 22 March 2010
Too important to fail– too important to ignore
Summary
The banking crisis of the last two years resulted in government support for the sector around the world amounting to almost a quarter of global GDP. One [...]
Filed in Creativity, Launching..., Liquidity, Open engines, Pricing, Recession busters..., Regulatory, Restructuring, Transparency, Uncategorized
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Also tagged audit the Fed, Congress, crisis, economic justice, Federal Reserve, global hot money, risk, Wall Street
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Fitch Announces Recalibration of U.S. Municipal Bond Ratings
NEW YORK–(BUSINESS WIRE)–Fitch Ratings is proceeding with the recalibration of certain of its U.S. Public Finance credit ratings.
Fitch initially announced the initiative in July 2008, but suspended it in October of that year in the midst of the financial crisis. This recalibration will affect ratings in the [...]
Bond insurance down to 5% of new issues from 50%…
BABs have reduced supply…
Are credit ratings to be trusted?
Municipal revenues has declined…
“We don’t expect the muni market to collapse…”
Tuesday, February 16, 2010
Standard and Poor’s will begin using an identifier to distinguish between their ratings on structured finance products and other ratings… this is a good step forward for the markets… (H/T Credit Risk Chronicles)
~~~”As market participants will be aware, under the European Regulation on Credit Rating Agencies (Regulation (EC) No 1060/2009) in force from December 2009 (the “Regulation”), [...]
Thursday, February 11, 2010
From Jesse’s Cafe a useful view into the relative contribution of states to GDP…
Who will backstop California?
Jacques Polak Research Conference at the IMF
Financial Frictions and Macroeconomic Adjustment
Washington DC, November 5—6, 2009
Session 4: Asset Prices and Crises
Chair: Jan Brockmeijer (Deputy Director, Monetary and Capital Markets Department, IMF)
Do Global Banks Spread Global Imbalances? The Case of Asset-Backed Commercial Paper During the Financial Crisis of 2007–09
Viral Acharya (New York University, NBER and [...]
Filed in Creativity, Liquidity, Open engines, Regulatory, Restructuring, Transparency
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Also tagged ABS, accounting, BofA, Citi, regulatory abritrage, Regulatory capture, SIVs
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