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Washington
Inside Washington (03/31/2010)
* WASHINGTON (4/1/10)--The Federal Deposit Insurance Corp. Advisory Committee on Economic Inclusion will meet today in Washington, D.C., to discuss safe transaction and savings products and strategic planning. Speakers on the agenda include Michael Barr, assistant secretary for financial institutions, Treasury Department, and Peter Tufano, Sylan C. Coleman professor of financial management, Harvard Business School. Alan Branson, chief operating officer, Enterprise Corp. of the Delta/Hope Community CU, Jackson, Miss., also is slated to speak on strategies for products to underserved and low-to-middle income consumers ... * WASHINGTON (4/1/10)--Lawmakers are debating the role that the Federal Deposit Insurance Corp. (FDIC) should take in resolving any troubled, systemically significant financial firm. A reform bill in the Senate addressing this issue has been criticized for giving FDIC too much leeway in the resolution process, but the Treasury and FDIC say flexibility is necessary to keep a major failure from affecting the economy. However, key Republicans are using the issue as an argument against the bill, sponsored by Senate Banking Committee Chairman Christopher Dodd (D-Conn.). The bill could come up for a vote April 12. Andrew Gray, FDIC spokesman, said the flexibility contained in the Dodd bill reflects current statutory authority in the FDIC’s resolution process. The legislation allows the FDIC to “package and market” a failed institution in a way that maximizes returns, he said (American Banker March 31). Dodd’s bill is not a “bailout” bill, according to a Dodd aide. Republicans have argued that reform legislation needs to prevent “too big to fail” situation and ensure taxpayers are not on the hook for helping failed banks ...


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