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Washington
Inside Washington (06/17/2011)
* WASHINGTON (6/20/11)--Federal Reserve Chairman Ben Bernanke will appear before the House Financial Services Committee at 10 a.m. (ET) July 13 to deliver the semiannual Monetary Policy Report to the Congress. The Federal Reserve reports to the committee twice a year on the conduct of monetary policy and the state of the economy. The Federal Reserve is primarily responsible for formulating the nation’s monetary policy to maintain economic and price stability and maximum employment … * WASHINGTON (6/20/11)--Sen. Olympia Snowe (R-Maine) called for the Small Business Administration (SBA) to correct processing errors that resulted in millions of dollars in overpayments on loan guarantees in 2007. About 27% of 2007 loan guarantee payments were incorrect, resulting in a total of $234 million in overpayments, according to an inspector general’s report (American Banker June 17). Snowe called on the SBA to develop a standardized process to correct the errors “without delay” during a Senate Small Business Committee hearing on waste and fraud in SBA programs. The SBA is conducting a joint review with the inspector general to determine the exact number of overpayments in 2007, according to SBA administrator Karen Mills. But delays could prevent overpayments from being determined in fiscal year 2010, said SBA Inspector General Peggy Gustafson. Snowe and Sen. Chuck Grassley (R-Iowa) sent a letter Wednesday to the Department of Justice asking why 17 cases of fraud and abuse determined by the SBA inspector general have not been prosecuted … * WASHINGTON (6/20/11)--Fears that Dodd-Frank Act requirements and strict international capital and liquidity rules are driving financial institutions overseas resurfaced during a House Financial Services Committee hearing Thursday. Rep. Shelley Moore Capito (R-W.Va.) expressed concern that the costs related to Dodd-Frank compliance could lead to job losses and damage U.S. standing as a global financial center (American Banker June 17). While there is consensus that capital and liquidity standards were largely inadequate prior to the financial crisis, the impact of raising capital standards under Basel III remains to be seen, said Rep. Jeb Hensarling (R-Texas). Lael Brainard, undersecretary of the Treasury for international affairs, said the U.S. is still moving from a position of strength and the rest of world would follow the higher standards …


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