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Senate Banking Committee holds hearing on government actions related to AIG

  • Alston & Bird LLP
  • -
  • USA
  • -
  • March 6 2009

Yesterday, the U.S. Senate Committee on Banking, Housing, and Urban Affairs, chaired by Senator Christopher Dodd (D-CT), held a hearing entitled “American International Group (AIG): Examining What Went Wrong, Government Intervention, and Implications for Future Regulation.”

Sumitomo Mitsui Financial Group announces possible capital raise after forecasting $3.9 billion loss

  • Alston & Bird LLP
  • -
  • Japan
  • -
  • April 9 2009

Today, Sumitomo Mitsui Financial Group (SMFG), one of Japan’s three megabanks, issued an updated forecast for the fiscal year ended March 31, 2009

Senate Appropriations Subcommittee holds hearing on role of FHA in addressing housing crisis

  • Alston & Bird LLP
  • -
  • USA
  • -
  • April 6 2009

Late last week, the Senate Appropriations Committee’s Subcommittee on Transportation, Housing and Urban Development, and Related Agencies held a hearing today to address the role of the Federal Housing Administration (FHA) in addressing the housing crisis

Treasury Secretary Geithner testifies before Congressional Oversight Panel

  • Alston & Bird LLP
  • -
  • USA
  • -
  • April 21 2009

Today, Treasury Secretary Timothy Geithner testified before the Congressional Oversight Panel (COP), which oversees Treasury’s actions in implementing the Troubled Asset Relief Program (TARP

Lawmakers intensify demands for special inquiry commission to identify causes of financial crisis

  • Alston & Bird LLP
  • -
  • USA
  • -
  • April 23 2009

Yesterday, the U.S. Senate voted to create an independent bi-partisan Financial Markets Commission (FMC) to investigate the causes of the financial crisis

House Financial Services Committee reports out Credit Cardholders Bill of Rights

  • Alston & Bird LLP
  • -
  • USA
  • -
  • April 23 2009

On Wednesday, the House Financial Services Committee announced that that it had approved H.R. 627, the “Credit Cardholders’ Bill of Rights” by a vote of 48 to 19

ASEAN3 announces $120 billion emergency liquidity fund for Asian economies

  • Alston & Bird LLP
  • -
  • Asia-Pacific
  • -
  • May 5 2009

At the Asian Development Bank’s (ADB) annual meeting, held today and yesterday, finance ministers from the Association of the Southeast Asian Nations (ASEAN) and Japan, South Korea, and China (collectively, with ASEAN, known as ASEAN3) have announced their agreement on an emergency $120 billion liquidity fund that the 13 Asian nations can draw upon to combat damaging effects of the global financial crisis

Chrysler bankruptcy judge approves GMAC as preferred lender for dealers

  • Alston & Bird LLP
  • -
  • USA
  • -
  • May 13 2009

Yesterday, U.S. Bankruptcy Judge Arthur Gonzalez approved a motion by Chrysler LLC requesting that GMAC LLC become the preferred lender for its dealer network, and be permitted to provide wholesale, retail and other product-related financing for Chrysler dealers and customers to purchase vehicles

Treasury Department releases fact sheet and letter in support of additional IMF funding

  • Alston & Bird LLP
  • -
  • USA
  • -
  • May 18 2009

Today, the U.S. Treasury Department released a fact sheet on IMF reforms and the New Arrangements to Borrow (NAB), highlighting the need for additional IMF funding as a trigger for “restoring a healthy world economy,” and alleviating the effects of the economic crisis on emerging markets and developing countries

G-8 Finance Ministers propose framework to strengthen global financial and economic cooperation at meeting

  • Alston & Bird LLP
  • -
  • Global
  • -
  • June 15 2009

Following its two-day meeting in Lecce, Italy, the G8 Finance Ministers released a statement over the weekend acknowledging the coordinated efforts taken by international community to address the global economic crisis and focusing on the actions that must be taken in the months ahead to ensure "the soundness of systemically important institutions" and that "consumer and investor confidence is fully restored and that growth is underpinned by stable financial markets and strong fundamentals."