From: “E. ALLEN SMITH” <EALLENSMITH@mbcl.rutgers.edu>
To: cypherpunks@toad.com
Message Hash: 0d29d18d7e5bfe0996f6e6fe3658be68856f7f9930b1855b0273a4ecde894e14
Message ID: <01HYGJ5YZQHC9S3QEI@mbcl.rutgers.edu>
Reply To: N/A
UTC Datetime: 1995-12-06 00:03:09 UTC
Raw Date: Tue, 5 Dec 95 16:03:09 PST
From: "E. ALLEN SMITH" <EALLENSMITH@mbcl.rutgers.edu>
Date: Tue, 5 Dec 95 16:03:09 PST
To: cypherpunks@toad.com
Subject: [Political Noise?] Banking law changes proposed
Message-ID: <01HYGJ5YZQHC9S3QEI@mbcl.rutgers.edu>
MIME-Version: 1.0
Content-Type: text/plain
In regard to the following, I wonder if anyone knows if they're also
proposing changes that will make banking secrecy more difficult? I know about
the other proposals (Carribean treaty and all that), but this report isn't
complete enough to tell if Greenspan and the other regulators are also
suggesting things.
-Allen
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(c) 1995 Copyright Nando.net
(c) 1995 Associated Press
WASHINGTON (Dec 5, 1995 - 16:57 EST) -- Foreign banks can expect
greater scrutiny of their trading, auditing and other internal
controls in the wake of the Daiwa and Barings Bank disasters, Federal
Reserve Board Chairman Alan Greenspan and other regulators said
Tuesday.
Greenspan and others told a House Banking subcommittee that with the
lightning quick movement of money around global computer networks, a
breakdown in internal systems could cause losses that spill over into
the broader financial system.
[...]
Greenspan and a top House Republican, Rep. Marge Roukema, R-N.J.,
supported stricter audit standards for banks.
"We are considering a number of initiatives that may be implemented at
an administrative level, especially with respect to internal and
external controls," Greenspan told a House Banking subcommittee on
financial institutions.
[...]
Roukema and the panel's leading Democrat, Rep. Bruce Vento, D-Minn.,
said they want the General Accounting Office to study the adequacy of
a 1991 law aimed at improving U.S. supervision of foreign banks.
Vento cited a string of international banking scandals in recent
years, ranging from collapse of Barings Bank to the problems
surrounding Bank of Credit and Commerce International, and said that
the global supervision system suffers from "a serious problem."
[...]
Greenspan said international bank regulators are recognizing they must
work together more closely to protect the integrity of the global
banking system. Japan's Ministry of Finance drew heavy criticism in
the Daiwa case for waiting six weeks before informing U.S. regulators
about Daiwa's losses last summer.
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1995-12-06 (Tue, 5 Dec 95 16:03:09 PST) - [Political Noise?] Banking law changes proposed - “E. ALLEN SMITH” <EALLENSMITH@mbcl.rutgers.edu>