Financial Regulatory Forum

GE wins U.S. approval to exit TARP program

GE By Scott Malone
BOSTON, July 22 (Reuters) – General Electric Co has received approval to step back from a U.S. government-backed debt program, a change that the largest U.S. conglomerate said will allow it to issue some debt more cheaply. (more…)

Overseer says U.S. treasurer undercharges for warrants

WASHINGTON, July 22 (Reuters) – U.S. taxpayers could be short-changed by $2.7 billion if the Treasury Department continues to undervalue warrants it received in return for pumping money into big banks, an overseer of the government’s bailout program warned on Wednesday. (more…)

ANALYSIS – UK bank bonus limits depend on global reforms

By Kirstin Ridley
LONDON, July 22 (Reuters) – Regulatory attempts to stamp out long-term guaranteed bank bonuses in Britain could founder unless they dovetail with global reforms to curb the return of a culture of risk-taking that has destabilised economies. (more…)

Argentina gives economics ministry more say on statistics

Argentine Economy Minister Amado Boudou BUENOS AIRES, July 21 (Reuters) – Argentina’s economy ministry will have increased control over the national statistics agency, the government said on Tuesday in a bid to restore credibility to the country’s consumer price data.
But Economy Minister Amado Boudou told reporters he is not planning to replace the current price index, which the government is accused of massaging for political gain to save money on debt payments. (more…)

Central banks cautious on further credit boost

By Christina Fincher and Leika Kihara
LONDON/TOKYO, July 22 (Reuters) – Warnings that the world economy still faces a rocky road tempered market enthusiasms on Wednesday, with Japan indicating it might need to do more to ease credit pressures and Britain biding its time. (more…)

BoE’s Bean says UK public finances must be stabilised

Deputy Bank of England Governor Charles Bean (L), Chancellor of he Exchequer Alistair Darling (R)LONDON, July 22 (Reuters) – Britain’s public finances will have to be brought back to a stable state as soon as signs of economic recovery emerge, Bank of England Deputy Governor Charles Bean said in an interview on Wednesday. (more…)

Delays drag as Obama financial reforms advance

U.S. President Barack Obama By Kevin Drawbaugh
WASHINGTON, July 21 (Reuters) – The Obama administration’s plan to form a new Consumer Financial Protection Agency, a central part of its bold regulatory reform agenda, sailed onto the shoals of congressional delay. (more…)

U.S. House panel backs Obama student loan overhaul

By Kevin Drawbaugh
WASHINGTON, July 21 (Reuters) – The $92-billion U.S. college student loan market would be fundamentally reshaped under a bill approved on Tuesday by a congressional committee, which sent the measure on to the full House of Representatives. (more…)

Rep Frank: US financial consumer agency needs work

WASHINGTON, July 21 (Reuters) – The Obama administration’s proposal to form a U.S. Consumer Financial Protection Agency needs more work, Representative Barney Frank, chairman of the House Financial Services Committee, said on Tuesday. (more…)

U.S. finance reform bill may ban ‘naked’ credit default swaps

U.S. Rep. Collin Peterson WASHINGTON, July 21 (Reuters) – An omnibus financial reform bill in the U.S. House of Representatives would require that over-the-counter derivatives go through clearinghouses and probably ban “naked” credit default swaps, the chairman of the House Agriculture Committee said on Tuesday. (more…)