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Inside Washington (10/21/2009)
* WASHINGTON (10/22/09)--The Obama administration is planning to order companies that received the most aid from government bailouts to significantly decrease the compensation of their highest-paid executives. The plan is expected to be announced by the Treasury within the next few days (The New York Times Oct. 21). The seven companies receiving bailout funds--including Citigroup, Bank of America, American International Group, General Motors, Chrysler, and funding arms of the two auto companies--will have to cut cash payouts to their 25 best-paid executives by about 90% compared with last year. The cash the executives would have received will be replaced with stock that they won’t be able to sell immediately. Total executive compensation will drop by about 50% ... * WASHINGTON (10/22/09)--The Federal Deposit Insurance Corp. (FDIC) plans to let its debt guarantee program expire at the end of October, said FDIC Chairman Sheila Bair at a board meeting Tuesday (American Banker Oct. 21). A six-month extension is available for banks that participated in the program. They can apply for permission to issue the debt until April 30 by proving they can’t issue non-guaranteed unsubordinated debt in the marketplace and that they are viable. About 4,464 institutions participated in the program ... * WASHINGTON (10/22/09)--Senate Banking Committee Chairman Christopher Dodd (D-Conn.) supported extending a first-time homebuyer tax credit that will expire next month (American Banker Oct. 21). Dodd was joined by Sen. Johnny Isakson (R-Ga.) in support. Both testified at a hearing Tuesday on the credit, which provides first-time homebuyers with $8,000. Dodd said “we still need to use every tool at our disposal” to fix the problem of the housing crisis, and that reducing foreclosures needs to be part of the effort. The tax credit can be maximized only if it works with a program to protect struggling homeowners from foreclosure, he added ... * WASHINGTON (10/22/09)--Two banking groups oppose consolidating bank regulatory agencies into one (American Banker Oct. 21). The Independent Community Bankers of America and the American Bankers Association sent letters to Senate and House banking committee leaders, saying consolidation would undermine the dual banking system. The Senate Banking Committee has discussed creating a single regulator. Senate Banking Committee Chairman Christopher Dodd (D-Conn.) said he is working on a bill that would create a single financial regulator. The consolidation, however, would not apply to credit unions (News Now Oct. 1) ...


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