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Inside Washington (05/30/2012)
  • WASHINGTON (5/31/12)--Motivated, it said, by the upcoming 100th anniversary in December 2013 of the signing of the Federal Reserve Act and the 100th anniversary of the opening of the Federal Reserve Banks in November 2014, the Federal Reserve System is preparing an "inventory of historical materials."  The system intends to create its first single point of access to all its historical records, which will include documents, photographs, and audio and video recordings related to the Federal Reserve System and its leaders.  It will create Web access for materials that are currently available from a variety of sources, such as the Federal Reserve District Banks, the Fed Board of Governors and the Federal Reserve Archival System for Economic Research,  as well as websites housed at universities and other private collections. To continue to expand the inventory of materials available through a single point of online access, the Fed is asking historians, scholars and other members of the public to identify additional sources of Federal Reserve history  …
  • WASHINGTON (5/31/12)--Rep. Barney Frank (D-Mass.) announced yesterday that he has introduced a bill to prevent officers, directors and employees of financial firms from purchasing insurance that would keep them from having to pay a compensation "clawback" or a civil penalty from their personal assets when their actions result in harm to their companies. Reps. Henry Waxman (D-Calif.), ranking member of the House Committee on Energy and Commerce, and Collin Peterson (D-Minn.), ranking member of the Committee on Agriculture, are original co-sponsors of the Executive Compensation Clawback Full Enforcement Act of 2012, which would require any officer, director or employee of a financial firm who is required under a federal financial regulatory law to repay previously earned compensation or to pay a civil penalty to be personally liable for the amounts owed …
  • WASHINGTON (5/31/12)--Federal regulators are expected to reduce the 20% down payment required from borrowers for mortgage lenders to be exempt from holding added credit risk after securitization of home loans. Under the rule proposed by regulators in 2011 in the Dodd-Frank Act, banks would be required to maintain 5% of the credit risk for mortgages and other loans sold to the secondary market (Housingwire May 30). The exception--known as the qualified residential mortgage--requires a minimum 20% down payment from the borrower, a reduced debt-to-income ratio and other requirements. The Consumer Financial Protection Bureau (CFPB) has been working with administration and regulatory officials to ensure the rule does not limit mortgage availability. Regulators are expected to modify restrictions in the finalized rule following the CFPB's analysis, Housingwire said …
  • WASHINGTON (5/31/12)--Jeremy C. Stein on Wednesday took the oath of office for the Federal Reserve's Board of Governors. The oath was administered by Chairman Ben S. Bernanke. President Barack Obama announced his intention to nominate Stein on Dec. 27. The Senate confirmed him on May 17. Stein was nominated to an unexpired term ending Jan. 31, 2018. The seat was vacated by the resignation of Kevin M. Warsh on April 2, 2011. Prior to his appointment to the Board, Stein was the Moise Y. Safra Professor of Economics at Harvard University, where he taught courses in finance in the undergraduate and doctorate programs. From February to July 2009, Stein served in the Obama administration as a senior adviser to the Secretary of the Treasury and on the staff of the National Economic Council …


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