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Washington
Inside Washington (01/28/2010)
* WASHINGTON (1/29/10)--The Senate voted Thursday to confirm Ben Bernanke as Federal Reserve Board chairman for another four years. The vote on the final confirmation was 70-30. The final vote followed a cloture vote to avoid filibuster threats (MarketWatch Jan. 28) ... * WASHINGTON (1/29/10)--Treasury Secretary Timothy Geithner said Wednesday during a hearing on the bailout of American International Group (AIG) that he supports President Barack Obama’s plan to tax big banks and limit their growth. If Obama’s plan is adopted, taxpayers will not have to pay for industry bailouts, Geithner said. He also addressed questions about whether Obama’s plan would roll back Depression-era Glass-Steagall legislation, saying that the proposed Volcker rule--which would ban proprietary trading--is not the same as Glass-Steagall. Under Volcker, banks could still underwrite securities, Geithner said. During the hearing, he was questioned on his involvement with AIG’s bailout and the limits on some disclosures. Geithner said he was not involved with the decision to limit disclosures on the payments because he had recused himself after being nominated for a Treasury job (American Banker Jan. 28) ... * WASHINGTON (1/29/10)--The Federal Reserve’s policymaking committee said it will hold a final cash auction March 8 for $25 billion. A Feb. 8 auction also will be held for $50 billion (American Banker and News Now Jan. 28). The auctions, launched in December 2007, are a way for banks to borrow money from the central bank. The Fed auctioned off as much as $150 billion at the height of the financial crisis ...


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