By Edith Orenstein, FEI Financial Reporting Blog - Earlier today (March 13) U.S. Treasury Secretary Henry M. Paulson, Jr. released recommendations in response to the credit crisis - driven in large part by the crisis in subprime lending - in remarks delivered at the National Press Club earlier today. His remarks have been posted here: http://www.treas.gov/press/releases/hp872.htm , a related press release issued today is here:
http://www.treas.gov/press/releases/hp871.htm , and the 21 page "Policy Statement on Financial Market Developments" issued by the President's Working Group on Financial Markets has been posted here: http://www.treas.gov/press/releases/reports/pwgpolicystatemktturmoil_03122008.pdf . Some key points in the plan were noted in a front page article in today's Wall Street Journal by Damien Paletta, "U.S. To Revamp Credit Rules, Drawing from Crisis Lessons."
Treasury was a busy place today, with its Advisory Committee on the Auditing Profession (ACAP) co-chaired by Arthur Levitt, Jr. and Don Nicolaisen holding a meeting at the Treasury Department as well.
Read more about these developments and other meetings taking place today here.