Word: bank
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...Moves to force lenders to pay up in response to the global financial blowout are gaining momentum. German officials announced plans Monday, March 22, to start taxing banks as a way of squirreling funds for any future bailouts, with details expected to come before the end of the month. U.S. President Barack Obama unveiled proposals in January for a $90 billion bank tax designed to recoup public money used to shore up the nation's lenders. No-nonsense Sweden, meanwhile, has already implemented its own version. But amid this consensus on the need to charge banks, doubts over the merit...
...Having sanctioned some $1.3 trillion in state- and central-bank aid to protect its country's troubled lenders, Britain's government has been mulling a bank tax for months. Prime Minister Gordon Brown's proposal last fall for an international "Tobin tax" - a levy on financial-market transactions ranging from foreign-currency trades to derivatives - received a chilly reception abroad. U.S. Treasury Secretary Timothy Geithner pooh-poohed it as "not something we're prepared to support." But Darling's call for a global bank tax could yield something closer to the U.S. vision. Such a levy might involve taxing banks...
...Convincing every major economy of the virtues of a bank tax, though, remains the biggest challenge. Canadian Finance Minister Jim Flaherty, for instance, rejected a bank tax out of hand earlier this month, favoring instead a wider implementation of some of the tough rules that left his country's banks relatively unscathed by the crisis. But the publication next month of the International Monetary Fund's recommendations on bank taxes - a report commissioned by the G-20 countries last year - might help coax reluctant nations into considering the measure. "Some countries feel they did their homework," says Arturo De Frias...
...major institutions is inevitable. The challenge for regulators in our hyper-connected economy is to ensure that such a failure can occur in a systematic and controlled manner. 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...
...would regulate financial “innovations” such as clever securitization schemes and subprime mortgages that harm lower-income Americans and pension funds while risking the stability of the economy as a whole. The Senate bill currently has a CFPA under the purview of the Federal Reserve Bank, however the creation of an independent agency would give it greater stature and thus the power and influence to adequately...