Most Clicked SIFMA SmartBrief Stories
1. Sen. Dodd unveils legislation to overhaul financial regulation
SIFMA SmartBrief | Mar 16, 2010
Christopher Dodd, chairman of the Senate banking committee, offered details about a 1,336-page bill to revamp regulation in the financial industry. The legislation, which has the support of the Obama administration, includes a more active role for Washington, D.C., in overseeing Wall Street. For example, the legislation would establish a council to monitor systemic risk and instruct the Federal Reserve to oversee the largest financial institutions, rather than only banks. The plan would also set a stricter-than-expected curb on proprietary trading and boost the profile of the municipal bond market by requiring the head of the Securities and Exchange Commission's municipal-securities office to report directly to the agency's chairman. Read SIFMA's news release. Bloomberg (03/16) Financial Times (tiered subscription model) (03/16) Reuters (03/15) New York Times (free registration), The (03/15) Bond Buyer (free content), The (03/16) Wall Street Journal, The (03/16)
2. Fed will end purchases of mortgage-backed securities
SIFMA SmartBrief | Mar 17, 2010
Officials at the Federal Reserve confirmed that the central bank's purchases of mortgage-backed securities will end as planned at the end of the month. Many economists have said that the $1.25 trillion program has played a significant role in keeping the economy from suffering a much deeper recession. The purchases boosted the value of MBS, driving down interest rates on mortgages and helping the broader financial market. Wall Street Journal, The (03/17) New York Times (free registration), The (03/16)
3. Economists warn about second wave of crisis
SIFMA SmartBrief | Mar 15, 2010
At a recent industry conference, Pippa Malmgren, an economist who specializes in political effects on the financial market, described how Phase II of the financial crisis is on its way, although the timing remains a mystery. Malmgren was followed by Benn Steil, a fellow at the Council of Foreign Relations, who also offered a bleak outlook. Phase II is expected to start when the government starts working to pay for stimulus programs. Barron's (free content) (03/15)
4. Obama signs jobs bill with BAB-style payments to muni issuers
SIFMA SmartBrief | Mar 19, 2010
President Barack Obama signed a jobs bill that includes a provision allowing municipal bond issuers to receive direct payments styled after the Build America Bonds program from certain tax-credit bonds. "With this law, we'll make it easier for [state and local governments] to raise the money they need to do what they want to do by using a model that we've called Build America Bonds -- one of the most successful programs in the recovery act," Obama said. Bond Buyer (free content), The (03/19)
5. Senate approves jobs bill that would include BAB-style payments
SIFMA SmartBrief | Mar 18, 2010
A $17.6 billion jobs bill would require Build America Bonds-style payments to municipal users of several tax-credit bonds rather than offering investors tax credits. "We're pleased that the Senate has taken this action," said Michael Decker, managing director and co-head of municipal securities at SIFMA. "The tax-credit bonds have been underutilized since their enactment in last year's stimulus bill, and today's action opens the door for school districts and other issuers to make use of the authority that Congress provided." Bond Buyer (free content), The (03/18)
6. U.S., Europe struggle with global approach to financial regulation
SIFMA SmartBrief | Mar 15, 2010
Regulators, policymakers and other industry insiders agree that a global approach to an overhaul of financial regulation is necessary, but they are struggling to come to a consensus on the details. Europe and the U.S., in particular, are feuding over the regulation of hedge funds, derivatives and bankers' compensation. The failure to agree shows how difficult it is to effectively regulate the financial industry on a global basis. Washington Post, The (03/13)
7. Analysis: Mark-to-market accounting battle is about to heat up
SIFMA SmartBrief | Mar 15, 2010
The Financial Accounting Standards Board is expected to propose an expansion of banks' use of market value for loans and other financial assets, sources said. The proposal would affect banks' balance sheets, income statements and measures used by investors to assess financial institutions. Wall Street Journal, The (03/15)
8. FINRA chief says industry should prepare for fiduciary standard
SIFMA SmartBrief | Mar 17, 2010
Richard Ketchum, CEO of the Financial Industry Regulatory Authority, said the securities industry should be ready to adopt a higher fiduciary standard. The latest version of the Senate's legislation to overhaul financial regulation stops short of such a standard, but implementation likely will happen anyway, Ketchum said at an event sponsored by SIFMA's Compliance & Legal Society. Wall Street Journal, The (03/16)
9. Lehman files reorganization plan to end bankruptcy case
SIFMA SmartBrief | Mar 16, 2010
Reuters (03/15)
10. Analysis: Investment banks should capitalize while they can
SIFMA SmartBrief | Mar 18, 2010
The investment-banking industry enjoyed large margins, massive trading volumes and substantial debt issuance in 2009, and this year appears to be off to a fairly good start. The end of the good years might be nearing, however, as regulatory proposals and a fight over market share threaten to divide the industry into winners and losers, according to this Wall Street Journal analysis. Wall Street Journal, The (03/18)
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Companies in the news
- Bank of England
- Bank of Japan
- Berkshire Hathaway Inc Financial
- Brookfield Asset Management Inc.
- Dubai World
- Federal Deposit Insurance Corp.
- Francisco Partners
- Goldman Sachs Group Inc.