Summit Notebook

Exclusive outtakes from industry leaders

ABA’s Yingling sees danger in rhetoric: it’s Wall Street, not banks

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REGULATION-SUMMITEd Yingling, president and CEO of the American Bankers Association, is a little worried about the rhetoric that’s been flying around as Congress tries to produce financial reform legislation.

And he wants people to be clear that the problems are with Wall Street, not banks.

Though, the differentiation gets a little tricky here because some of the largest banks in the country and biggest players on Wall Street are members of his organization and received taxpayer bailouts. The thousands of other banks that his trade association represents did not.

“The general tone has I think been harmful, particularly to the banks we represent,” Yingling said at the Reuters Global Financial Regulation Summit 2010.

Reuters set to spotlight financial regulation in DC

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FINANCIAL-REGULATION/OBAMA
The fight over new rules that will dramatically change Wall Street and financial markets is approaching the finish line in Washington, with both lawmakers and the financial industry making last-ditch efforts to put their stamp on the reform effort. Reuters will be hearing from the key players in the debate on April 26-29 during the 2010 Global Financial Regulation Summit.

Top regulators, watchdogs, lawmakers and stakeholders will provide their perspectives on how this landmark legislation will impact banks, investors, traders and consumers. The talks will focus in on proposals for a strong new consumer agency, strict oversight of derivatives and attempts to end the perception that some financial firms are “too big to fail.”

Reuters set to spotlight financial regulation in DC

FINANCIAL-REGULATION/OBAMA
The fight over new rules that will dramatically change Wall Street and financial markets is approaching the finish line in Washington, with both lawmakers and the financial industry making last-ditch efforts to put their stamp on the reform effort. Reuters will be hearing from the key players in the debate on April 26-29 during the 2010 Reuters Global Financial Regulation Summit.

Top regulators, watchdogs, lawmakers and stakeholders will provide their perspectives on how this landmark legislation will impact banks, investors, traders and consumers. The talks will focus in on proposals for a strong new consumer agency, strict oversight of derivatives and attempts to end the perception that some financial firms are “too big to fail.”

Reuters set to spotlight financial regulation in DC

FINANCIAL-REGULATION/OBAMA
The fight over new rules that will dramatically change Wall Street and financial markets is approaching the finish line in Washington, with both lawmakers and the financial industry making last-ditch efforts to put their stamp on the reform effort. Reuters will be hearing from the key players in the debate on April 26-29 during the 2010 Reuters Global Financial Regulation Summit.

Top regulators, watchdogs, lawmakers and stakeholders will provide their perspectives on how this landmark legislation will impact banks, investors, traders and consumers. The talks will focus in on proposals for a strong new consumer agency, strict oversight of derivatives and attempts to end the perception that some financial firms are “too big to fail.”

from Diane Bartz:

Elizabeth Warren’s wish list: subpoena power and a gun

    Elizabeth Warren, the Harvard thinker named to head the bipartisan TARP oversight panel, has long beaten the drum of accountability and transparency for the $700 billion Troubled Assets Relief Program aimed at pulling the U.S. financial system back from the brink.

    But, she says, like everyone who ever went to law school, what she secretly wants is "a gun and badge" as she goes after wrong-doers.

Bair: Resolution. Authority. Now.

    Congress needs to get off the dime and create a resolution authority that would break down failed institutions in an orderly manner, since the lack of such an authority is driving policy decisions,  according to Sheila Bair, head of the Federal Deposit Insurance Corp.
    Speaking at the Reuters Global Financial Regulation Summit in Washington,  Bair said that gap has fed into the too-big-to fail presumption and created a dilution in market discipline for those who invest and extend credit to very large institutions.
    “We think Congress should give a very high priority to providing a resolution mechanism for very large organizations, Bair said. “The lack of this mechanism is driving policy choices right now.”

Audio – Mexico’s anti-trust eyes Televisa cable acquisition

cofeco.jpg Mexico’s lax regulation has encouraged the unabashed growth of monopolies in the last few decades, ranging from telecommunications to beer empires. Cable television is no stranger to conflict as Televisa, the world’s biggest producer of Spanish-language content, sets its eyes on triple play amid cries from smaller rivals struggling to keep afloat.
   Eduardo Perez Motta, the head of Mexico’s Federal Competition Commission, sat down with Reuters during the Third Latin America Investment Summit to talk about a much-expected decision on a Televisa acquisition that would give the broadcaster a key push in the triple play market, where companies can offer cable TV, Internet and phone services using a single broadband link.
    Perez Motta set a series of requirements that Televisa should meet, including sharing its content with rivals, if it wants to buy a 49 percent stake in Cablemas, one of the biggest cable companies in Mexico.

Audio – Barney to Ben: Time for the Fed to come down from the pedestal

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The new chairman of the House Financial Services Committee says his panel plans to treat the Fed as an important institution ”composed entirely of human beings.” Democrat Barney Frank also says he wants to have a broader public debate about how the Fed’s decisions on benchmark interest rates affects U.S. jobs and wages. Frank made his remarks at the Reuters Regulation Summit.

Audio – House’s Frank plans shareholder rights bill

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It’s time for legislation to help U.S. shareholders who are fed up with fat executive pay and retirement benefits, says the chairman of the House Financial Services Committee. Barney Frank, a Massachusetts Democrat, says he hopes to have a bill passed by mid-2007 that would give shareholders a bigger say in how their companies are run and a chance to vote on “clawback” provisions if a CEO misses performance targets. Frank described what he has in mind while speaking at the Reuters Regulation Summit.

 

Audio – FTC to take close look at Net neutrality next month

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The U.S. Federal Trade Commission will take a closer look at Net neutrality and broadband access issues at a Feb. 13-14 workshop. Jeff Schmidt, director of the FTC’s Bureau of Competition, says the agency’s goal is to determine “how should you look at Net neutrality proposals” from a competitive standpoint. A Senate bill that would stop broadband carriers from discriminatory pricing for Internet content was introduced earlier this week. 

Schmidt spoke at the Reuters Regulation Summit in Washington.

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