Word: musts
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...Alan Greenspan notes in his recent paper on the crisis, while requirements should not be onerous, they should leave banks in a position to effectively manage during most crises. The current legislation in the Senate directs regulators to enforce higher capital requirements but without specific capital levels. This policy must be maintained in the final bill with specific requirements, despite almost-certain industry opposition to capital measures that would alter current ways of business...
...Resolution authority, the ability for the executive branch to unwind failing institutions in a speedy and contained manner, funded by a bank tax that would facilitate this process, is included in both the House and Senate bills, and is a good step in this direction. Such a resolution authority must be developed in concert with international bodies, as the fallout from the failure of global financial institutions is far-reaching...
...addition, the dangerous market for derivatives, financial instruments that are used to hedge against changes in asset prices, must be strictly regulated. Complex derivatives were often traded without effective monitoring, allowing companies to quietly amass incredible risks on their balance sheets. The House bill proposes that derivatives be regulated through a clearinghouse, a useful suggestion that should be kept strong so that few, if any, derivatives escape the overview of a regulator...
...orphanage in Botswana, a 14-year-old girl lost her mother to AIDS last year, quietly resigning herself to what must have been a catastrophic blow in the life of a child...
...fact, the family of champions always made sure that their son knew there would always be a winner and loser in life. As a result, Brent grew up well aware that, despite his successes, he must always be prepared for a turning of the tide...