On Thursday, the Senate Banking Committee called all representatives of the Financial Stability Oversight Council (FSOC) to testify, ostensibly for an oversight hearing on Dodd-Frank implementation.
Last week, U.S. Representatives and a group of large insurance companies sent letters to U.S. Treasury Secretary, Timothy Geithner, and other key lawmakers requesting that decisions affecting insurers under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) be postponed until all appointments are made to the newly created Financial Stability Oversight Council (the “Council”).
In connection with the Spring 2010 IMF-World Bank meetings in Washington D.C. this weekend, the IMF's International Monetary and Financial Committee (IMFC) and the Development Committee (the joint ministerial committee of the Boards of Governors of the IMF and the World Bank) issued communiqués summarizing the conclusions of their respective meetings.
On November 10, Senator Dodd released a discussion draft of the Restoring American Financial Stability Act of 2009 (the "Senate Proposal").
Even after passage of two important financial reform bills, the Emergency Economic Stabilization Act of 2008 and the earlier Housing and Economic Recovery Act of 2008, the nation and the rest of the world still face unprecedented economic turmoil, with tight credit markets, plummeting housing prices and growing job losses.