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Inside Washington (11/30/2009)
* WASHINGTON (12/1/09)--The Federal Reserve Board has revised its policy governing eligibility, qualifications, and rotations for directors of Federal Reserve Banks and their branches. The revisions address situations where affiliations and stockholdings that were previously permissible may become impermissible for Class B and C directors. The revised policy provides that if a Class B or C director is affiliated with a company that becomes a financial affiliation company during his or her term, the director must resign from the impermissible affiliation company or resign from the bank board within 60 days of learning of the prohibited affiliation. The policy also addresses Class C directors’ indirect holdings in financial stock issuers and the eligibility rules that apply to directors of Reserve Bank branches ... * WASHINGTON (12/1/09)--While Federal Reserve Board Chairman Ben Bernanke is expected to be confirmed Thursday by the Senate to continue in his role as head of the central bank, financial observers said Bernanke may face some of the toughest questions of any Fed chairman at a confirmation hearing (American Banker Nov. 30). Bernanke likely will be questioned on the Fed’s bank supervision responsibilities, liquidity programs, and bailouts of firms such as American International Group. Mark Calabria, Cato Institute director of financial regulation studies, said the votes against Bernanke may reach “double digits.” People will be upset about the bailouts, the Bank of America deal with Merrill Lynch, and how the Fed can regulate institutions “at arm’s length,” he said ...


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