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Washington
Inside Washington (05/10/2010)
* WASHINGTON (5/11/10)--The Obama administration last week revealed a plan to provide additional funding to state and local programs that assist small business owners. The plan, as reported in American Banker, would provide community banks with capital that could then be used to service small business loans. Sen. Carl Levin (D-Mich) called the program “a great step forward.” The Credit Union National Association is reviewing the proposal and should comment on it soon ... * WASHINGTON (5/11/10)--The chairman of the House Financial Services subcommittee on capital markets, insurance, and government-sponsored enterprises has scheduled a hearing today to study what caused the dramatic drop last Thursday of the stock market indices, which then quickly rebounded. In announcing his panel’s hearing, Rep. Paul Kanjorski said, “Within a matter of minutes, we faced a market that seemed just as volatile as it did in the fall of 2008.” He said the country cannot allow “technological problems, regulatory loopholes, or human blunders to spook the markets and cause panic.” He said that with the current use of complex technology, ”we should be able to make sure that our financial markets are effectively monitored and investors are protected.” He urged the U.S. Securities and Exchange Commission (SEC) to investigate this occurrence. “My hearing will also ensure that we thoroughly examine this situation in a public forum to maintain the integrity of the markets and promote investor confidence,” Kanjorski said. Witnesses will include: Mary L. Schapiro, chairman, SEC; Gary Gensler, chairman, U.S. Commodity Futures Trading Commission; Lawrence Leibowitz, chief operating officer, NYSE Euronext; Eric Noll, executive vice president, NASDAQ Transaction Services; and Terrence A. Duffy, executive chairman, CME Group Inc. …


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