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Inside Washington (07/27/2012)
  • WASHINGTON (7/30/12)--Treasury Secretary Timothy Geithner Thursday said he opposed an extension Transaction Account Guarantee program (TAG), during testimony before the Senate Banking Committee. The Federal Deposit Insurance Corp. initiated TAG as a voluntary program in 2008 during the financial crisis to address concerns that a large number of account holders might withdraw their uninsured account balances from financial institutions due to economic uncertainties (American Banker July 27). Geithner said it is not necessary to extend the program, based on the judgment of "relevant authorities." Geithner's comments drew criticism from bankers, who favor the extension of TAG.  The American Bankers Association last week said it supported a two-year extension of the program …
  • WASHINGTON (7/30/12)--A proposal by the Securities and Exchange Commission (SEC) to reform money market mutual funds should be released to the public for comment as soon as possible, said Treasury Secretary Tim Geithner Thursday. The public's comments are needed so the SEC can move forward with reforming money market mutual funds in the event of another financial crisis, Geithner said (American Banker July 27). The proposal was delayed due to gridlock among the SEC's commissioners, the Banker said. Among the approaches to reform being considered are using a floating net-asset value in place of fixing the value at $1 per share, as funds are priced now. During the 2008 financial crisis, the value of one money market fund fell below $1 per share. The government subsequently guaranteed $3.5 trillion in funds …
  • WASHINGTON (7/30/12)--The House of Representatives voted Thursday to postpone an Internal Revenue Service (IRS) rule that would require U.S. banks to report tax information on foreign deposits. The regulation, set to go in to effect next January, requires that U.S. banks disclose to the IRS the identities of foreigners with deposits (American Banker July 27). Bankers in borders states such as Florida and Texas that rely on deposits from Latin America worry that the rule would affect their local economies. By a 251-165 vote, the U.S. House backed a measure to delay implementation of the IRS measure until nationwide unemployment improves to 6%. However, the bill is unlikely to become law, according to the Banker. A similar Senate measure has 21 co-sponsors, but Sen. Bill Nelson (D-Fla.) is the only Democrat to co-sponsor the measure …


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