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Washington
Inside Washington (04/01/2009)
* WASHINGTON (4/2/09)--Federal Reserve Board leaders and former leaders expressed their concerns about creating a systemic regulator (American Banker April 1). According to Alan Greenspan, former Fed chairman, regulators can’t identify systemic risk very well in advance. Charles Plosser, president of the Federal Reserve Bank of Philadelphia, said in a speech Tuesday that new regulatory restrictions would trigger large supervisory costs and stifle innovation. Creating a new regulator also would add a “new layer on top of an already complicated system,” said Vincent Reinhart, Fed former director of monetary affairs. The Obama administration announced last week a plan for financial regulatory overhaul that would include creating a regulator to oversee systemically significant institutions (News Now March 27) ... * WASHINGTON (4/2/09)--The Treasury Department needs to establish a better system to collect dividend payments under the Troubled Asset Relief Program (TARP), the Government Accountability Office (GAO) said in a report released Tuesday. TARP had received about $2.9 billion in dividends through March 20. But dividends were not declared or paid to Treasury for $733 million of cumulative dividends from American International Group (AIG) under the Systemically Significant Failing Institution Pogram and $150,000 of noncumulative dividends from eight institutions under the Capital Purchase Program (CPP), according to the report. As of March 27, Treasury has disbursed $303.4 billion of the $700 billion in TARP funds, most of which went to purchase preferred shares of 532 financial institutions under the CPP. Treasury “has continued to improve the integrity, accountability and transparency of TARP,” GAO said. However, it provided six recommendations for executive action in its report to improve the program ... * WASHINGTON (4/2/09)--The Treasury Tuesday announced that it will extend its temporary money market funds guarantee program through Sept. 19 to support stability in the financial markets. The program was scheduled to end April 30. The Treasury also released an extension notice to provide the procedures for participating funds to ensure participation in the program and instructions for making extension participation payments. An extension payment, notice and updated AnnexA are due by April 13. A Bring-Down notice is due May 11 ...


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