![]() Those alternatives would include imposing a floating net asset value and requiring a tailored capital buffer with possible redemption restrictions. Schapiro said the SEC has made substantial progress over the last year regarding the proposal of two alternatives that would strengthen MMFs’ vulnerability to runs. Geithner specifically pointed to the report’s support for the Securities and Exchange Commission’s (SEC) work regarding MMF reforms and asked SEC Chairman Mary Schapiro for an update on the SEC’s work. The report also urges continued implementation of Dodd-Frank reforms and stresses the importance of international coordination with regard to those financial regulatory reform measures. The report provides a number of recommendations to mitigate these concerns, including measures to address weaknesses in money market funds (MMFs) and housing finance reform, particularly with respect to enhanced mortgage servicing standards and facilitating a greater role for the private market. These challenges include potential threats arising from Europe, the depressed housing market, and uncertainty over fiscal policy. financial system are discussed while challenges to economic growth and financial stability are highlighted. Regarding the annual report, factors contributing to the strengthening of the U.S. Staff provided an overview of both reports. In his opening remarks, Treasury Secretary Timothy Geithner noted that the Council designated eight financial market utilities as systemically important and said the names of those firms will be made public shortly. The FSOC also approved its study on contingent capital requirements which was mandated by the Dodd-Frank Act. ![]() AT TODAY’S MEETING OF THE FINANCIAL STABILITY OVERSIGHT COUNCIL (FSOC), regulators approved the release of their 2012 annual report, which describes the activities of the Council as well as outlines significant developments in financial markets and makes relevant recommendations. ![]()
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