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Government

Economists Warn, 'Don't Expect Return to High Growth of Past'

According to a panel of financial experts at the 2009 Economic and Investment Forecast Dinner in Los Angeles last week, more pain lies ahead for the U.S. and global economies as they adjust from a long period of credit-fueled prosperity to a new era in which both economic growth and investment returns are likely to be lower.

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Lawmakers Reach Stimulus Deal

Congressional leaders have announced that negotiations between House and Senate officials over the terms of the economic stimulus package have led to a sooner-than-expected compromise. The new bill, now pared down to $789 billion, will be put to the House for a final vote on Thursday, sent to the full Senate on Friday, and make it to President Obama’s desk for his signature by President’s Day next Monday, government officials said.

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Geithner Plan Receives Mixed Reviews

Treasury Secretary Timothy Geithner outlined the Obama administration’s economic recovery strategy on Tuesday – dubbed the Financial Stability Plan – and on Wednesday, Geithner was called before Congress to defend the tactics he proposed.

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Banking Advisors Offer Mark-to-Market Forum

Chicago-based Performance Trust Investment Advisors, LLC, a banking and investment advisory firm, has created a virtual forum at a new Web site (marktomarketdebate.com) to help the financial sector and the public better understand how fair value standards, also known as mark-to-market, and related accounting and bank regulatory rules impact bank lending.

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Geithner Unveils New Economic Plan

Treasury Secretary Timothy Geithner laid out the new administration’s highly-anticipated blueprint for the nation’s economic recovery Tuesday morning in Washington. In his remarks, Geithner said, The financial system is working against recovery, and that’s the dangerous dynamic we need to change.

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Senate Approves Stimulus Bill

The U.S. Senate voted 61-to-37 to approve an $838 billion stimulus package on Tuesday. Dissension over the bill fell largely along party lines. Next come negotiations with the House, who approved their own version of the stimulus in late January, with an $820 billion price tag.

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CARES Prepares for Capitol Hill

In the first 30 days of the new presidential administration, the urgency to deal with the nation’s banking and financial crisis has taken top priority. The crisis has escalated and many potential resolutions are being explored – case in point, on Friday, President Obama named former Federal Reserve chairman Paul Volcker, along with 15 other leaders from various industries to an independent committee designed to help the White House combat a growing recession.

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Texas Bankers Endorse Wolters Kluwer Financial Services

The Texas Bankers Association (TBA), the largest and oldest state banking association in the nation, has expanded its endorsement of Wolters Kluwer Financial Services’ regulatory compliance and risk management solutions to include several of the company’s mortgage compliance documentation solutions.

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