HFSC Looks at NSRO Competition, Insurance Ratings
The HFSC Investor Protection Subcommittee hearing on bond markets reopens debate about the credit rating agencies that is unlikely to end in substantive action despite continuing Democratic displeasure with these agencies and the SEC standards mandated for them by the Dodd-Frank Act (see Client Report RATINGS49).
FinCEN Under Still More Beneficial-Ownership Pressure
Picking up on a theme at a recent HFSC hearing, Sens. Warren (D-MA), Grassley (R-IA), and over a dozen bipartisan senators sent a letter to Treasury demanding faster action on stalled beneficial-ownership disclosure rules. Acknowledging that FinCEN lacks the resources it needs, the senators nonetheless demand action in part to ensure effective anti-Russia sanctions enforcement.
IMF Head Calls for New Global Payment-System Infrastructure
In remarks today, IMF Managing Director Kristalina Georgieva identified financial-market fragmentation in the wake of Russian sanctions as the threat to the global order also discussed in a recent Petrou op-ed.