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Inside Washington (10/14/2009)
* WASHINGTON (10/15/09)--Representatives of the American Bankers Association Tuesday offered a plan for the federal government to resolve failed systemic financial institutions. Under the plan, the president could seize a systemic firm based on the recommendations of government entities, including the Treasury. A special agency would handle the resolution, which would be overseen by the Federal Deposit Insurance Corp. (FDIC). In July, Treasury proposed giving systemic authority to either the Securities and Exchange Commission or the FDIC. The bankers said the FDIC’s deposit insurance role should not be “disturbed” (American Banker Oct. 14) ... * WASHINGTON (10/15/09)--In order to strengthen the financial system, progress on three distinct fronts needs to be made, according to William Dudley, president/CEO of the Federal Reserve Bank of New York. Dudley spoke at a financial services luncheon in New York City Tuesday. The three fronts needing improvements are: a more thorough and complete risk capture so that the capital adequacy rules more effectively encompass a broader set of risk exposures than before; rules that encourage the conservation of capital in adverse economic and financial circumstances; and tougher regulatory requirements, including the use of a contingent capital instrument that would automatically replenish equity capital in times of stress ... * WASHINGTON (10/15/09)--The Treasury is pushing American International Group (AIG) to cut $198 million in scheduled retention payments as the company and government officials continue debating over executive pay packages that have triggered criticism in the financial industry (American Banker Oct. 14). The special inspector general for the Troubled Asset Relief Program, Neil Barofsky, has told the company to cut the payments. A decision on the payments is affecting efforts to recoup $45 million in retention payments given to AIG employees in March. About $19 million of the $45 million in pledged repayments have been received ...


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