Financial system/Addendum: Difference between revisions

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==Reform proposals==
==Reform proposals==
 
'''The Obama plan:''' White Paper: ''Financial Regulatory Reform'':[http://www.financialstability.gov/docs/regs/FinalReport_web.pdf].
THE WHITE HOUSE
Fact Sheets:''Requiring Strong Supervision And Appropriate Regulation Of All Financial Firms''[http://www.financialstability.gov/docs/regulatoryreform/requiring_strong_supervision_reg_finfirms.pdf];
 
''Strengthening Regulation Of Core Markets And Market Infrastructure'' [http://www.financialstability.gov/docs/regulatoryreform/strengthening_reg_core-markets_infrastructure.pdf];''Strengthening Consumer Protection''[http://www.financialstability.gov/docs/regulatoryreform/strengthening_consumer_protection.pdf];
Office of the Press Secretary
''Providing The Government With Tools To Effectively Manage Failing Institutions''[http://www.financialstability.gov/docs/regulatoryreform/providing_govt_tools_manage_fincrisis.pdf];
__________________________________________________________________
''Improving International Regulatory Standards And Cooperation''[http://www.financialstability.gov/docs/regulatoryreform/improving_internatl_reg_standards_co-op.pdf]
For Immediate Release                                            June 17, 2009
 
President Obama to Announce Comprehensive Plan for Regulatory Reform
 
WASHINGTON – President Obama will lay out a comprehensive regulatory reform plan this afternoon to modernize and protect the integrity of our financial system. While this crisis has had many causes, it is clear now that the government could have done more to prevent these problems from growing out of control and threatening our overall economy.
 
The President will be joined by Treasury Secretary Tim Geithner, representatives from the regulatory community, consumer groups, the financial industry and members of Congress for an event in the East Room later this afternoon.
 
The President’s plan will:
 
    * Require that all financial firms that pose a significant risk to the financial system at large are subjected to strong consolidated supervision and regulation
    * Increase market discipline and transparency to make our markets strong enough to withstand system-wide stress and the potential failure of one or more large financial institutions
    * Rebuild trust in our markets by creating the Consumer Financial Protection Agency to focus exclusively on protecting consumers in credit, savings, and payment markets.
    * Provide the government with the tools needed to manage financial crises so it is not forced to choose between bailouts and financial collapse
    * Raise international regulatory standards and improve international coordination
 
Below are links to the White Paper and Fact Sheets:
 
White Paper: Financial Regulatory Reform:
 
http://www.financialstability.gov/docs/regs/FinalReport_web.pdf
 
Fact Sheets:
 
Requiring Strong Supervision And Appropriate Regulation Of All Financial Firms[http://www.financialstability.gov/docs/regulatoryreform/requiring_strong_supervision_reg_finfirms.pdf]
 
Strengthening Regulation Of Core Markets And Market Infrastructure [http://www.financialstability.gov/docs/regulatoryreform/strengthening_reg_core-markets_infrastructure.pdf]
 
Strengthening Consumer Protection[http://www.financialstability.gov/docs/regulatoryreform/strengthening_consumer_protection.pdf]
 
Providing The Government With Tools To Effectively Manage Failing Institutions[http://www.financialstability.gov/docs/regulatoryreform/providing_govt_tools_manage_fincrisis.pdf]
 
Improving International Regulatory Standards And Cooperation[http://www.financialstability.gov/docs/regulatoryreform/improving_internatl_reg_standards_co-op.pdf]

Revision as of 02:23, 19 June 2009

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https://en.citizendium.org/wiki/index.php?title=Financial_system/Addendum&printable=yes
This addendum is a continuation of the article Financial system.

Selected financial institutions

Banks

The United States [1]

Bank of America[2]

J P Morgan Chase[3]

Citibank[4]

Wachovia[5]

The United Kingdom

HSBC[6]

Lloyds Banking Group[7]

Royal Bank of Scotland Group[8]

Barclays[9]

Other finance providers

Investment managers

Goldman Sachs[10]

Bridgewater Associates[11]

Credit rating agencies

Standard and Poor's[12]

Moodys[13]

FitchRatings[14]

Stock exchanges

The New York Stock Exchange[15]

NASDAQ (The National Association of Securities Dealers Automated Quotations)[16] is the best-known dealer market.

The London Stock Exchange[17] began operating in "Jonathan's Coffee House" in 1698. Main market, Alternative Investments Market (AIM), Professional Services Market, Specialist Funds Market.

Regulators

International

Basel Committee on Banking Supervision:[18]

United States

Federal Reserve System:[19]

Federal Deposit Insurance Corporation[20]

Office of the Comptroller of the Currency[21]

National Credit Union Administration[22]

Europe

Responsibility for financial regulation in the European Union rests with the various national authorities, but are to be submitted to the unifying procedures of the "Markets in Financial Markets Directive" [23]

United Kingdom

Financial Services Authority (UK)[24]

Central banks

The Federal Reserve System[25]

The European Central Bank[26] since the establishment of the euro as a common currency in 1999, the European Central Bank has operated the monetary policy of the European monetary system with objective of maintaining price stability, without generating excessive fluctuations in output.

The Bank of England[27]

International institutions

The International Monetary Fund[28] was set up in 1944, mainly to provide loans to member governments in support of policies to deal with balance of payments problems. In recent years it has also devoted its resources to the strengthening of the international financial system and relieving financial crises. It also advises member governments about their economic problems and, when necessary, it grants loans to help resolve them.

The World Bank provides low-interest loans, interest-free credit and grants to developing countries, finances selected private sector projects,. guarantees foreign investors against non-commercial risks and settles disputes between foreign investors and host countries.

The Bank for International Settlements serves as the central banks’ bank and provides a forum to promote discussion and policy analysis among central bank governors and senior executives. Its committees include the Basel Committee on Banking Supervision and the Committee on the Global Financial System.

Reform proposals

The Obama plan: White Paper: Financial Regulatory Reform:[29]. Fact Sheets:Requiring Strong Supervision And Appropriate Regulation Of All Financial Firms[30]; Strengthening Regulation Of Core Markets And Market Infrastructure [31];Strengthening Consumer Protection[32]; Providing The Government With Tools To Effectively Manage Failing Institutions[33]; Improving International Regulatory Standards And Cooperation[34]

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