Today, the Federal Deposit Insurance Corporation, the independent federal agency headed by Sheila Bair that regulates banks and insures deposits, announced it
Today, the Federal Deposit Insurance Corporation, the independent federal agency headed by Sheila Bair that regulates banks and insures deposits, announced it plans to ask a number of big banks to write “living wills” or “funeral plans,” which it describes as “analysis, information, and contingent resolution plans that address and demonstrate [the institution's ability] to be wound down or resolved in an orderly fashion.”
In a statement, Bair said, “We must recognize that not only did market discipline fail to prevent the excesses of the last few years, but the regulatory system also failed in its responsibilities. There were significant shortcomings in our approach that permitted excessive risks to build in the system. Critically, the lack of an effective resolution process for the large, complex financial institutions limited regulators’ ability to manage the crisis. As we now know, early planning and preparation is the key to avoiding bailouts. This [resolution] moves us forward to address these gaps.”
The FDIC plan would affect banking subsidiaries with more than $10 billion in assets controlled by parent companies with more than $100 billion in assets — essentially the 40 or so biggest banks. The FDIC says its plan will complement, rather than make redundant, a similar measure in Sen. Chris Dodd’s (D-Conn.) financial regulatory reform proposal. As part of the regulatory reform negotiations, Senate Democrats agreed to drop a $50 billion resolution authority fund, but banks still need to show regulators how they would break up into viable, sellable pieces.
EPA Administrator Addresses Concerns About Oil Spill Waste Management
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E-Verify Mandate Begins Today
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EPA administrator fires back at critics in op-ed
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EPA administrator says federal nutrient criteria is a ‘myth’
In testimony given late last week, EPA Administrator Lisa Jackson said that false accusations about her agency’s numeric nutrient criteria to govern Florida waterways are proving to be a detriment to their implementation. # Testifying before the House Agriculture Committee, Jackson said her agency’s work was often “mischaracterized” and addressed several myths surrounding its work
EPA and California Near Deal on Fuel Efficiency Standards
Two weeks ago, the Obama administration raised fuel efficiency standards by an average of two miles per gallon -- a modest change that disappointed some
EPA: BP Has 24 Hours to Find a Less Toxic Chemical Dispersant
Thought the massive quantities of oil pouring into the Gulf of Mexico were the only major threat to the country’s southeast coastal waters right now? Think
EPA announces hold on nutrient standards if Florida can come up with own criteria
The EPA announced today that it is now prepared to withdraw a portion of its proposed numeric nutrient criteria (a set of standards governing water pollution in inland waters) and delay the portion related to estuarine waters, to allow the state Department of Environmental Protection to develop its own criteria. # From a statement released by the EPA earlier today: # EPA recognizes that states have the primary role in establishing and implementing water quality standards for their waters. Therefore, EPA is prepared to withdraw the federal inland standards and delay the estuarine standards if FDEP adopts, and EPA approves, their own protective and scientifically sound numeric standards
EPA Chief Overruled Calif. Waiver, Too
The Washington Post reported in March that EPA Administrator Stephen Johnson was overruled by the White House in setting an ozone standard. Now, documents