BRUSSELS, July 29 (Reuters) – The European Commission is consulting with the banking industry and others about more rules to make banks build up a buffer to ride market downturns.
US’s Geithner- will work with Congress, but regulatory overhaul essential
WASHINGTON, July 24 (Reuters) – U.S. Treasury Secretary Timothy Geithner said on Friday he was willing to work with lawmakers on shaping an overhaul of financial regulations but insisted major changes are necessary. The financial crisis of the past two years show the financial system “failed in its most basic responsibility” to supply credit and protect consumers and that cannot happen again, he said in prepared testimony for delivery to the U.S. House of Representatives Financial Services Committee. (more…)
EU president Sweden vows quick action on crisis
By Julien Troyer
STRASBOURG, France, July 15 (Reuters) – European Union president Sweden promised on Wednesday to secure quick agreement on moves to tighten financial regulations to combat the economic crisis and on steps to fight climate change. (more…)
“Credit Crisis Cassandra” named to U.S. inquiry
WASHINGTON, July 15 (Reuters) – Brooksley Born, dubbed the “Credit Crisis Cassandra” for giving unheeded warnings about risks in the U.S. financial system, was appointed on Wednesday to a commission Congress established to investigate the causes of the U.S. and global financial crisis. (more…)
Bank of Japan extends funding steps, with eye on exit
By Hideyuki Sano
TOKYO, July 15 (Reuters) – The Bank of Japan voted to extend its corporate finance-support measures by three months, after which they could be scaled backed or scrapped if financial conditions keep improving, the head of the central bank said on Wednesday. (more…)
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