tailieunhanh - Summary: Restoring American Financial Stability

In this note, we question their “interpretation” of the US historical track record, which is incorporated in Reinhart and Rogoff (2009), where we present results of 224 historical banking crises from around the world, including pre-2007 banking crises in the United States. Perhaps part of the confusion in the recent “US is different” op-eds is a failure to distinguish systemic financial crises from more minor ones and from regular business cycles. A systemic financial crisis affects a large share of a country’s financial system. They are quite distinct from less severe events that clearly fall short of. | Senate Committee on Banking Housing and Urban Affairs Chairman Chris Dodd D-CT Contact Kirstin Brost Sean Oblack 202-224-7391 Summary Restoring American Financial Stability Create a Sound Economic Foundation to Grow Jobs Protect Consumers Rein in Wall Street End Too Big to Fail Prevent Another Financial Crisis Americans have faced the worst financial crisis since the Great Depression. Millions have lost their jobs businesses have failed housing prices have dropped and savings were wiped out. The failures that led to this crisis require bold action. We must restore responsibility and accountability in our financial system to give Americans confidence that there is a system in place that works for and protects them. We must create a sound foundation to grow the economy and create jobs. HIGHLIGHTS OF THE NEW BILL Consumer Protections with Authority and Independence Creates a new independent watchdog housed at the Federal Reserve with the authority to ensure American consumers get the clear accurate information they need to shop for mortgages credit cards and other financial products and protect them from hidden fees abusive terms and deceptive practices. Ends Too Big to Fail Bailouts Ends the possibility that taxpayers will be asked to write a check to bail out financial firms that threaten the economy by creating a safe way to liquidate failed financial firms imposing tough new capital and leverage requirements that make it undesirable to get too big updating the Fed s authority to allow system-wide support but no longer prop up individual firms and establishing rigorous standards and supervision to protect the economy and American consumers investors and businesses. Advance Warning System Creates a council to identify and address systemic risks posed by large complex companies products and activities before they threaten the stability of the economy. Transparency Accountability for Exotic Instruments Eliminates loopholes that allow risky and abusive practices to go

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