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Inside Washington (06/20/2008)
* WASHINGTON (6/23/08)--Treasury Secretary Henry Paulson signaled support Thursday for a receivership plan aimed at investment banks in the event of a failure. Federal Deposit Insurance Corp. (FDIC) Chairman Sheila Bair had suggested the plan a day before, stating that the FDIC would be equipped to handle such a program. Paulson gave his support after a speech before the Women in Housing in Finance (American Banker June 20). During his speech, Paulson noted the Fed would need appropriate authority to respond to and address risks in the market. “Defining the scope of the Fed’s new authorities and responsibilities is not a simple task, and the definition must balance two very important priorities--providing additional stability to the financial system on the one hand, while limiting moral hazard on the other,” he said ... * WASHINGTON (6/23/08)--Regulators disagree on the necessity of new laws to increase oversight of investment banks. On Thursday, the Securities and Exchange Commission (SEC) said a legislative fix is needed. The SEC is partnering with the Federal Reserve Board to create guidelines so the two can share information. But Scott Polakoff, senior deputy director and chief operation officer from the Office of Thrift Supervision (OTS), said legislation is not necessary and noted that the OTS is the regulator under the Gramm-Leach-Bliley Act of 1999. Treasury Secretary Henry Paulson said he agreed with the SEC, and questioned the long-term ramifications of its relationship with the Fed. “A more difficult issue is how this newly formalized relationship evolves when these temporary facilities eventually close and how the memorandum of understanding [between the SEC and the Fed] will be perceived by the marketplace,” he said in a speech before Women and Housing in Finance ...


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