Word: paulson
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...arranged sale of about-to-fail Bear Stearns in mid-March and its subsequent decision to extend credit to other investment banks over which it has no regulatory say have been major prods to discussion. Both House Financial Services Committee chairman Barney Frank and Treasury Secretary Hank Paulson have since suggested that the Fed be given power to snoop around such institutions in search of market-endangering risks. Frank and presidential candidate Barack Obama have also talked of replacing the hodgepodge of federal and state regulatory agencies with a simpler and less loophole-ridden structure--and on March 31, Paulson...
...Paulson's suggested regulatory revamp addresses this issue, sort of, by calling for the creation of a Conduct of Business Regulatory Agency with the sole responsibility of making financial businesses behave decorously. Far more catchy and to the point, though, is Harvard law professor Elizabeth Warren's year-old proposal--which Hillary Clinton has recently begun talking up on the campaign trail--for a Financial Product Safety Commission. It would be modeled on the Consumer Product Safety Commission, which keeps exploding toasters off the market. Such a body might stand in the way of financial innovation. But for consumers, that...
...Bush's response was not "like pulling a rabbit out of a hat," as White House press secretary Dana Perino put it on Monday. It is actually an adapted version of Treasury Secretary Paulson's year-long effort to recast and consolidate American financial regulation to keep it competitive with foreign markets. It codifies the ad hoc powers of market stabilization the Federal Reserve has used to calm the waters since the collapse of Bear Stearns in March. It establishes an authority with control over financial institutions' behavior but leaves open just how much power it would have to enforce...
...plan has received a relatively positive response from Democrats in Congress. "This is a good effort," said Steve Adamske, Frank's spokesman. "We have some disagreements, but they are moving in a direction that we think is positive." Daly, Pelosi's spokesman, said her office has concluded that Paulson's plan is "probably a decent first step, but there's just a lot of devils in the details." In short, the Treasury plan is seen as an opening bid in negotiations with Congress over just how far the new regulatory power will extend. And by showing at least an appearance...
...takeover was “as dramatic an episode for the U.S. financial system as we’ve had” since the stock market crash of 1987, but he called the decision “appropriate.” Summers criticized current Treasury Secretary Henry M. Paulson, Jr., for being too timid in the wake of the sub-prime mortgage crisis. While more caution could have helped avert the problem, Summers said, the same impulse can be destructive after the fact. Summers also attacked the White House, saying that the Bush administration has given “insufficient...