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G-20 Finance Ministers and Central Bank Governors meet to assess progress prior to Pittsburgh Summit

Alston & Bird LLP
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Global
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September 8 2009

This past weekend, the G-20 Finance Ministers and Central Bank Governors met in London ahead of the Pittsburgh Summit scheduled for later this month to assess their progress in furnishing the Global Plan for Recovery and to agree on further actions to be taken to achieve sustainable growth and create a stronger international financial system

Chrysler bankruptcy judge approves GMAC as preferred lender for dealers

Alston & Bird LLP
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USA
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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
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USA
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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

Congressional Oversight Panel releases report on use of TARP funds to reorganize U.S. auto industry

Alston & Bird LLP
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USA
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September 11 2009

After holding a hearing on the topic this past July, the Congressional Oversight Panel (COP) released a report earlier this week entitled, "The Use of TARP Funds in Support and Reorganization of the Domestic Automotive Industry," examining how TARP funds have been used to support and reorganize both General Motors and Chrysler through the bankruptcy process

ASEAN3 announces $120 billion emergency liquidity fund for Asian economies

Alston & Bird LLP
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Asia-Pacific
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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

Treasury and other financial regulators issue financial sector self-assessment reviews to IMF

Alston & Bird LLP
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USA
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August 31 2009

Today, the U.S. Treasury and various other U.S. financial system supervisors and regulators, including the Federal Reserve, Office of the Comptroller of the Currency, Office of Thrift Supervision, Federal Deposit Insurance Corporation, Securities and Exchange Commission, Commodity Futures Trading Commission, and National Association of Insurance Commissioners, submitted financial sector self-assessment reviews for banking, securities, insurance, and payment systems to the International Monetary Fund (IMF

Senate Banking Committee holds hearing on government actions related to AIG

Alston & Bird LLP
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USA
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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.”

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

Alston & Bird LLP
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Global
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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."

House Judiciary Subcommittee holds hearing on voluntary mortgage modifications

Alston & Bird LLP
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USA
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December 11 2009

Today, the Subcommittee on Commercial and Administrative Law of the House Judiciary Committee held a hearing entitled "Home Foreclosures: Will Voluntary Mortgage Modifications Help Families Save Their Homes? Part II," in which various witnesses discussed the effectiveness of the government's efforts to prevent additional mortgage foreclosures and encourage modifications of existing loans

EU Competition Commissioner Kroes addresses whether government intervention alleviated crisis in Europe

Alston & Bird LLP
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European Union, United Kingdom
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July 1 2009

Yesterday, in a speech at the International Banking Conference of British Bankers Association in London, E.U. Competition Commissioner Neelie Kroes stated that, while government intervention efforts had alleviated the crisis, the focus should now be directed towards helping “restore long-term viability to the system,” since European governments are “potential spending 16.5 of GDP on bailouts.”

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