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Inside Washington (07/09/2010)
* WASHINGTON (7/12/10)-- Troubled firms won’t be given a second chance--“we will dismember them,” said Treasury Secretary Timothy Geithner to National Public Radio (July 9). The regulatory reform bill would give the government new power to wind down failing firms. However, economists have questioned if the firms would be allowed to fail or if the government would bail them out. He said regulators would force banks to hold more capital to decrease risk so they don’t take on too many loans ... * WASHINGTON (7/12/10)--West Virginia Attorney General Darrell V. McGraw Jr. has said that state Gov. Joe Manchin III can call for a special election in November to fill a vacancy in the Senate created by the death of Sen. Robert Byrd (D-W.Va.). Manchin said he preferred an election to appointing someone to serve through 2012 (The New York Times July 8). Manchin is expected to appoint someone to fill the seat until November. Byrd’s death leaves Democrats two votes shy of passing the Senate version of the regulatory reform bill ... * WASHINGTON (7/12/10)--The fight over Fannie Mae and Freddie Mac’s futures will likely be bigger than the one ensuing over the passage of regulatory reform legislation, said American Banker (July 9). Republicans have criticized the regulatory reform bill because it does not address the enterprises. Democrats have not taken any action to develop a plan for Fannie and Freddie, which are in conservatorship. Last month, Treasury Secretary Timothy Geithner told the Troubled Asset Relief Program Congressional Oversight Panel that the Obama administration plans to release some housing reforms in early 2011. The plans require “fundamental” changes of the enterprises, Geithner said. Banker noted that “most analysts” predict a major housing policy overhaul won’t take place for at least another five years ... * WASHINGTON (7/12/10)--First Lady Michelle Obama noted the importance of several Treasury programs, including the Community Development Financial Institutions (CDFI) Fund, during a speech to the Treasury Wednesday. Through the CDFI Program, the CDFI Fund makes financial investments in and provides technical assistance grants to CDFIs and organizations seeking CDFI certification that have business plans for creating demonstrable community development impact within their respective target markets for community development financing purposes. Credit unions are among many CDFIs ... * WASHINGTON (7/12/10)--The nomination hearing for three new members of the Board of Governors of the Federal Reserve System will take place Thursday. The witnesses on Panel I will be: The Honorable Janet L. Yellen, to be a member and vice chair of the Board of Governors of the Federal Reserve System; Peter A. Diamond, to be a member of the Board of Governors of the Federal Reserve System; and Sarah Bloom Raskin, to be a Member of the Federal Reserve System. The witnesses on Panel II will be: Osvaldo Luis Gratacós Munet, to be Inspector General, Export-Import Bank; and Mr. Steve A. Linick to be Inspector General, Federal Housing Finance Agency ...


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