The future role of the Federal Reserve may be in question, and we fear Ben Bernanke is staying up long nights nursing multiple cups of tea (or booze). He's got good reason to worry: If all goes according to the plans of some legislators, the Fed's influence will be massively curbed.
Key senators have come together and are increasingly agreeing that the Fed, after intervening in the financial crisis, should be restricted to crafting monetary policy and being a lender of last resort. Under a new arrangement, the Fed would be stripped of its power to supervise and oversee multiple banks.
The Senate version of the financial regulation reform bill is markedly different than the House version, however, which calls for the Fed to maintain such powers.
He who giveth can taketh away. (NYT
Climbing the Ladder (FINS)
Complacency is one of the main reasons most people won't score a promotion this year. FINS shows you how to get one even if no one else does.
A New World Order (Reuters)
After the surprise retirement announcement by Senate Banking Committee Chairman Chris Dodd, Tim Johnson is set to take his place on the panel come November.
First of Many? (WSJ)
A senior U.K. banker at Morgan Stanley
is the first to resign after James Gorman took over for John Mack. If there's one, will there be others?
Nesting Eggs (InvestmentNews)
Retirement planning is the second hottest industry for 2010, according to a recent study, right after VoIP technology. Guess the threat of no Social Security has made everyone (and their mother) run to their nearest retirement pro.
Downsizing Pay (WSJ)
's investment-banking chief took home $9 million in total comp in 2009, the highest at the firm. He wasn't among the top paid execs when the pay czar did his initial sweep last year. Go figure.
And the Winners Are (Reuters)
Companies and investors that factor climate change into their decision making are likely to benefit in the long run, but most haven't heeded that advice. Old habits die hard, we guess.
Growing the Business (Bank Investment Consultant)
brokers who don't bring in the big bucks are likely to find themselves in the "penalty box," a precursor to getting laid off. Lower-producing brokers have been given six months to shape up -- or else.
Happy 2010 (DealBook)
New year, new rules. Global financial players -- primarily U.S. and E.U. participants -- are looking to hammer out new regulations and stricter limits on capital and leverage. We hate to be all Cassandra about it, but look for slimmer profit margins in the year ahead.
Duty Free, the Way to Be (WSJ)
Last year was a boon for mutual funds that diversified internationally, and the trend is likely to continue this year.
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