Last week Mary Schapiro and Shelia Bair both asked Congress to create a systemic-risk oversight entity with some kind of resolution power. The proposal came from Chairman Bair during her testimony at a Senate hearing. Both Bair and Schapiro favor the creation of a systemic-risk council composed of regulators. Such a proposal is sitting in Congress right now (HR 1754 - stuck in the Farm Commodities Subcommittee and S 664 presently before the Senate Banking Committee), but doesn't appear to be moving forward. Also MIA is Secretary Geithner's draft resolution authority bill.
Saturday links: academic courage
16 hours ago
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