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Inside Washington (09/13/2010)
* WASHINGTON (9/14/10)--The Obama administration will likely announce a nominee to head the Consumer Financial Protection Bureau soon, President Barack Obama said Friday during a news conference (American Banker Sept. 13). He noted the top candidate for the position, Elizabeth Warren, is a close friend. Consumer advocates have supported Warren to head the bureau. Warren, who chairs the Congressional Oversight Panel, recently cancelled classes she teaches at Harvard University. The cancellation, and a meeting she had with the president in Washington, D.C., last week, triggered rumors about the possibility of her heading the bureau ... * WASHINGTON (9/14/10)--Higher capital standards aren’t enough to fix structural problems in the financial industry, according to Paul Volcker, former Federal Reserve Board chairman. When a bank “goes bad,” it doesn’t matter how much capital it has, Volcker said during an economic roundtable in Calgary, Alberta. The problem of “too big to fail” has not been solved, and there should be some rules that maintain separation between the central bank and trading activity, he added. The Volcker Rule, named after Volcker, was included in financial regulatory reform and aims to limit commercial banks’ ability to engage in proprietary trading (American Banker Sept. 13) ... * WASHINGTON (9/14/10)--The Office of Financial Research (OFR), created under the regulatory reform bill, will collect data for the Financial Stability Oversight Board to identify risks to the financial system. Observers told American Banker (Sept. 13) the office will likely encounter some challenges, such as deciding who to target, how much information will be collected and how to analyze the data. Too much data could overwhelm regulators, observers said. Sifting through the data could be tough, said Phil Swagel, professor at Georgetown University and former Treasury economist. Andrew Freeman, executive director of the Deloitte Center for Financial Services, said the OFR could be a “game-changer” because it could help policymakers make more informed decisions ...


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