Publication: Reuters Author: Ross Kerber 11/01/2012– Former financial regulator Sheila Bair voiced worries about a new industry compromise plan for money market mutual funds, including implementing a fee for withdrawals during times of stress, saying it could worsen a crisis. Fund companies met with regulators last week in Washington, hoping they would accept limited new rules for stabilizing the funds if necessary. But Bair […]
Publication: Yahoo! Finance Author: Simon Johnson 10/24/2012 —Prior to September 2008, few officials focused on “systemic risk” — the idea that a single firm or a particular asset class could create a vulnerability that would bring down the financial system and do great damage to the real economy. Then Lehman Brothers failed and the repercussions threatened to shut down […]
Contact: Jeremy Ratner, jratner@pewtrusts.org, (202)540-6507 Washington , D.C. – 09/13/2012 – Sheila Bair, former chair of the FDIC and current chair of the Systemic Risk Council (SRC) issued the following statement on the Council’s behalf: “We were deeply disappointed to learn that three SEC Commissioners have refused to publish for public comment a proposed rule to reduce […]
Publication: New York Times Author: Peter Eavis and Nathaniel Popper 08/23/2012 —After the failure of one effort to overhaul a major part of the mutual fund industry, top government officials worked on Thursday to find alternative ways to rein in what they see as a systemic threat to the financial system. Treasury Secretary Timothy F. Geithner and other top […]
Publication: Reuters Author: Alexandra Alper 07/19/2012 —If the Securities and Exchange Commission does not beef up its oversight of money market funds, a council of regulators should take the reins, former U.S. bank regulator Sheila Bair said on Thursday. Bair, who formerly chaired the Federal Deposit Insurance Corp, applauded the reforms that SEC Chairman Mary Schapiro has floated to bolster the funds, four […]
Contact: Jeremy Ratner, jratner@pewtrusts.org, (202)540-6507 Washington , D.C. – 07/19/2012 – Sheila Bair, former chair of the FDIC and current chair of the Systemic Risk Council (SRC) issued the following statement on the Council’s behalf: “The Systemic Risk Council today calls for prompt and decisive action to curb systemic risks posed by money market mutual funds. When […]