In This Issue:
Excerpt form Leading the Past Week; Legislative Branch; House of Representatives; Executive Branch; FDIC; Treasury; CFPB; SEC; CFTC; and Upcoming Hearings.
Excerpt form Leading the Past Week
What was heading to be a rather routine week of hearings and the continued implementation of Dodd-Frank was shaken by the end of the week news that JP Morgan had a $2 billion dollar trading lost. The news, which appeared, at least initially, to add fuel to the fire of proponents of the Volcker Rule, despite assurances that the trades would not have violated the proprietary trading ban as they were internal hedges, who called the loss a „stark reminder? of the need to reign in the risky behavior of „too big to fail banks.? Of course, we would be remiss if we failed to mention the other highlight of the week, which had to be the juxtaposition of the Housing passing legislation to eliminate the budget sequester created by last summer?s debt ceiling deal while nearly simultaneously Fed Chairman Ben Bernanke was warning Senate Democrats about the dangers that will be caused by the failure of Congress to resolve the impending “fiscal cliff” the country is facing. And both of these events overshadowed the news that the Federal Reserve approved, for the first time, the purchase of as US Bank by a Chinese bank as Industrial and Commerce Bank of China (ICBC) purchased an 80% stake in Bank of East Asia.
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