Archive for the ‘Financial Services’ tag
SEC Chairman Cox Wants More Regulatory Authority Over Investment Banks
Testifying before the House Financial Services Committee, SEC
Chairman Christopher Cox said he needs more
authority to have mandatory supervision of investment banks.
“Legislative improvements are necessary,” said Cox in his opening
remarks. “The Commission should be given a statutory mandate to perform
this function at the holding company level, along with the authority to
require compliance.”
Fed Watch: Bernanke Testimony Focuses on Growth, FOMC Minutes Released
Current Rate: 2.00%
Next Rate Decision: Aug. 5
Market
Expectations: The OIS implied rate suggests markets are 16% priced in for
a 25bp hike at the next meeting and are pricing in a 41%
chance of a quarter-point hike at the September meeting.
Last week was a fairly busy week for Federal Reserve news, with two
days of testimony from Chairman Ben Bernanke before the Senate Banking
Committee on Tuesday and the House of Representatives’ Committee on
Financial Services on Wednesday. Also on Wednesday, the Federal Open
Market Committee released the minutes from its June 24-25 monetary policy
meeting.
Paulson Says Firms Should Be Allowed to Fail
Testifying before the House Committee on Financial Services, Treasury
Secretary Henry Paulson said financial firms must be allowed to
fail.
“It is clear that some institutions, if they fail, can have a systemic
impact. Looking beyond immediate market challenges, last week I laid out
my proposals for creating a resolution process that ensures the financial
system can…