Congressional Hearing On Systemic Risk
Congressman Paul Kanjorski (D-PA), Chairman of the Capital Markets, Insurance and Government Sponsored Enterprises Subcommittee (a subcommittee of the House Financial Services Committee chaired by Congressman Barney Frank (D-MA)) announced that his subcommittee will hold a series of hearings on systemic risk, with the first taking place this week.
The hearing slated for Thurs. March 5, will "examine how to improve the ability of the government to prevent private sector activities from putting at risk the stability of the U.S. economy [and] ...will assist the Financial Services Committee in crafting legislation to create a systemic risk regulator for the financial services industry."
In other news on the systemic risk front, the New York Times online is reporting AIG Reports $61.7 Billion Loss as U.S. Gives More Aid, with the additional government support coming to up to $30 billion. New initiatives were announced with respect to the government's role in assisting Citigroup as well; as reported in the New York Times on Feb. 27: U.S. Agrees to Raise its Stake in Citigroup. Read more on these topics here.