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Showing results for tags 'Financial Reform'.
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Government directive regarding the banking sector in Iraq Oct 15, 2023 Today, Sunday, Prime Minister Muhammad Shiaa Al-Sudani directed the simplification of all banking procedures, and he also directed the preparation of a proposed list of facilities and simplified procedures to be submitted within a week. Al-Sudani's office said in a statement, "Within the framework of his follow-up to the plan to implement financial and administrative reforms in the financial and banking sectors, Prime Minister Muhammad Shia' al-Sudani chaired, this evening, Sunday, a meeting that included the Governor of the Central Bank and the directors of government banks, in which the procedures and work mechanisms taken to achieve... Banking reform, which constitutes one of the basic steps of financial and economic reform that the government adopts in its executive approach." Al-Sudani stressed, according to the statement, that "financial reform is not just a slogan, but rather a series of terms and procedures that the government is determined to implement without hesitation, and will face all the challenges and obstacles that impede the progress of implementing systematic and thoughtful reform plans." According to the statement, Al-Sudani stressed that "financial reform is not just a slogan, but a series of vocabulary and measures that the government intends to implement without hesitation, and will face all challenges and obstacles that hinder the implementation of systematic and studied reform plans." -
Chaired by Al-Kazemi, the Council of Ministers issued 11 decisions, among them speeding up the legislation of the budget law 5/12/2020 The Cabinet issued, on Tuesday, during its second regular session headed by Prime Minister Mustafa Al-Kazemi, 11 decisions, including speeding up the legislation of the budget law. The media office of the Prime Minister stated in a statement that Mawazine News received a copy of, "The cabinet issued during its regular session headed by Al-Kazemi, a number of decisions, including: Reducing and rationalizing the administrative structures of the state through the provision by each government agency of its vision in this field, and taking Appropriate measures to legislate the laws required for the success of the e-government process and for ministries and government agencies to expedite their procedures to automate their work, especially in the field of customs and tax and provide monthly reports on rates submitted to the General Secretariat of the Council of Ministers. The Cabinet decided, "To re-examine the draft laws related to fighting corruption, and to activate the measures to combat it and strengthen their efficacy, and to emphasize strengthening the role of relevant institutions from the Integrity Commission and the Federal Financial Supervision Bureau in coordination with the General Secretariat of the Council of Ministers, and emphasizing the freedom to exchange information and the right to obtain it By expediting the legislation on the right to access information. " The Council also decided, "Assigning the Ministry of Planning in coordination with the relevant authorities to review the instructions for implementing government contracts in a manner that ensures updating the standards adopted in the awarding of tenders, and also to update the standards adopted in the selection of investment projects, and to provide the Federal Service Council with appropriate job ownerships in order to take its role and exercise its tasks." The Council agreed, "The Reconstruction Fund for the regions affected by terrorist operations implemented mobile hospitals to quarantine and treat patients with HIV in the regions that are agreed with the Ministry of Health and the provinces through the grant provided by the Federal Ministry for Economic Cooperation and Development through the German Development Bank (amount of) 15 million) fifteen million euros, and expediting the legislation of the general budget in line with the requirements of the financial situation, the low level of the oil price, and the diversification of budget sources. The Cabinet urged the Ministry of Oil to “accelerate the completion of the draft oil and gas law, and for the Ministry of Labor and Social Affairs in coordination with the Ministry of Planning and the Ministry of Finance to study the expansion of the base covered by the Social Protection Law by improving the inclusion mechanism by demographic targeting by adopting poverty and social research data and the study is presented during Duration of one month. " He decided to "form an emergency cell for financial reform, and to form a cell to manage the financial situation in light of the current financial crisis and to develop the necessary solutions to achieve financial reform and improve the performance of financial institutions. The cell will be headed by the Prime Minister and he may authorize the Minister of Finance to manage the sessions in his absence and the membership of each of the Minister Finance, Minister of Foreign Affairs, Minister of Planning, Governor of the Central Bank, Advisors to the Prime Minister who he calls His Eminence, Secretary General of the Council of Ministers, and a representative of the General Secretariat of the Council of Ministers, and the cell undertakes the following tasks: Ensuring the provision of financial liquidity, and taking decisions related to Financial reform through the rationalization of expenditure and to maximize resources and reform of financial institutions, including the restructuring, and the development of financing plans for projects of reconstruction and development and investment, including funding mechanisms resources outside of government spending, improve procedures and automation systems in financial institutions ".
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Bloomberg Businessweek There appears to be a push to get this implemented before another 2008 crisis hits. President Obama rounded up a bevy of financial regulators yesterday and pushed them to get busy finishing the rules laid out in the 2010 Dodd-Frank financial reform law. Many of the law’s details still haven’t been spelled out, years after its passage. Dodd-Frank was epically complex, and in honor of the law’s third anniversary in mid-July, the law firm Davis Polk issued a report (PDF) summarizing its status. The firm found that regulators missed about 60 percent of the law’s 279 deadlines; more than two-thirds of past-due rules are in progress but not final. Below, a tally of what’s yet to be nailed down: Mortgage regulations: Two major parts of Dodd-Frank tackle the mortgage market. One focuses on consumer protections, and the other oversees how Wall Street bundles loans into securities. Regulators are close to releasing a revised and slightly weakened version of the Wall Street rule, in a move that will bring it closer in line with the law’s consumer regulations, which were finalized in January. Banks have asked for delays in implementing the consumer rules starting in the new year, but in an interview with Politico, Consumer Financial Protection Bureau Director Richard Cordray says that’s not in the cards. Derivatives: Slowly but surely, some of these regulations are starting to fall into place. According to the Davis Polk report, the U.S. Commodity Futures Trading Commission has made more progress than other regulators. It’s finished 35 of its 43 new derivatives rules, and another four are already in the works. The Securities and Exchange Commission, which also has oversight over derivatives, is further behind on its to-do list, having finished only about a third of its derivatives rules. The CFTC is steaming ahead with the rules it can complete on its own. By Sept. 8 all trades of certain interest-rate swaps and credit-default swaps must be run through clearinghouses, requiring parties to post collateral on the deals. In January about $250 billion of interest-rate swaps traded over CME Group’s (CME) clearinghouse, and by June that number had quintupled to $1.25 trillion a month. One of the biggest outstanding debates came to a close in July, as CFTC Chairman Gary Gensler forcefully insisted that European affiliates of banks that also operate in the U.S. must adhere to the new rules. He relented some, granting an extension for complying with the rules and allowing banks, in some cases, to follow yet-to-be-written European rules instead of the new U.S. ones. The Volcker Rule: This piece of the law, named after former Fed Chairman Paul Volcker, is intended to curb risky trading that banks make for their own profit. Banks strongly oppose it, and the rule’s been tied up over exactly what constitutes forbidden proprietary trading and what’s considered just a bank hedging its positions. Compass Point analyst Isaac Boltansky said in a note yesterday that the Volcker Rule faces the “longest road to finalization” of the big outstanding issues. It probably won’t be ready until early next year.
