Newsgroup: it.economia.borsa
Titolo: ...paulson news.....

Treasury chief Paulson: Fannie Mae, Freddie Mac 'adequately capitalized' 

 
Paulson, Bernanke ask for overhaul of U.S. market oversight
Related Symbol(s): JPM
Treasury Secretary Henry Paulson and Federal Reserve chairman Ben 
Bernanke go before Congress and ask for an overhaul of "outdated" system 
of rules and regulatory agencies that govern financial markets.
WASHINGTON (MarketWatch) -- Treasury Secretary Henry Paulson and Federal 
Reserve chairman Ben Bernanke went before Congress on Thursday and asked 
for an overhaul of "outdated" system of rules and regulatory agencies 
that govern financial markets.
"Our regulatory architecture and authorities are outdated and les than 
optimal," Paulson told the House Financial Services Committee.
Sitting next to Paulson, Bernanke asked the committee to draw up 
legislation that would give the Fed new powers to govern the payment and 
settlement systems.
Bernanke also asked for laws to strengthen the oversight of investment 
banks, and new ways to close down a failing investment firm.
Bernanke first called for the Fed to be granted new powers in a speech 
earlier this week. See full story.
Meanwhile, a key congressional lawmaker signaled that he's prepared to 
embrace tough new oversight of Wall Street.
Rep. Barney Frank, chairman of the House Financial Services panel, noted 
that when he took over his committee in late 2006, lobbyists for Wall 
Street were pressing for relaxation of rules governing their activities 
and accounting that had taken effect under the Sarbanes-Oxley law, 
enacted in reaction to the failure of Enron Corp.
"Things have changed," said Frank, D-Mass.
"Where there was a strong argument ... that we had been over-regulating 
the financial system, I believe the evidence is now clear we are in one 
of the most serious economic troubles we have seen because of the 
inadequacy of regulation," Frank said.
Frank signaled that he was open to giving the Fed new powers and 
responsibilities to ease the economic impact of turmoil in financial 
markets. It makes more sense to give the central bank new powers than to 
create a new agency, he said.
Frank added that when he hears complaints about the Fed, he replies: 
"Compared to what?"
But Frank also acknowledged that Congress will not be able to move on 
tightening market regulation until next year.
Emergency powers?
Paulson and Bernanke said that they were aware of this congressional 
timetable for action and could work with it. Paulson demurred when asked 
if he wanted the panel to pass legislation to give him emergency powers.
Negotiations over the details of any new laws should be interesting. 
Paulson isn't necessarily seeking tougher laws, preferring instead to 
streamline oversight.
Wall Street and bank lobbyists are sure to weigh in. Indeed, efforts to 
craft banking and Wall Street legislation have often taken years to 
reach fruition.
Paulson pressed his department to develop a blueprint for a new 
regulatory system. At first, the impetus of such a blueprint was to 
relax Sarbanes-Oxley, some provisions of which have been called onerous 
by the financial community, but it now has been given new vigor as a 
response to the markets' turmoil.
"When we released the blueprint, I said we were laying out a long-term 
vision that would not be implemented soon," Paulson said.
"Since then, the Bear Stearns episode and market turmoil more generally 
have placed in stark relief the outdated nature of our financial 
regulatory system, and has convinced me that we must move much more 
quickly to update our regulatory structure and improve both market 
oversight and market discipline," Paulson said.
Paulson and Bernanke worked closely to keep market turmoil from getting 
out of control late last spring, when Bear Stearns Cos. was on the brink 
of collapse only to be acquired by J.P. Morgan Chase & Co. , with a 
helping hand provided by the Fed.
ciao
apuo


Paulson talk helps lift Dow industrials by triple digits