Paulson requests a renovation of banking regulatory systems
2008-07-03 16:18:29 (GMT) (Caymanmama.com - Business News)Dallas, Texas (CaymanMama.com) — The U.S. Secretary of Treasury, Henry Paulson, said in a speech that the United States and Britain must update their obsolete banking authoritarian systems. Paulson expressed his opinion that the banking systems of both countries need to be updated in order to give a better premonition of the economic turbulence. These statements were issued in advance on Wednesday. Paulson has already held talks with Gordon Brown, the Prime Minister of Britain. He also plans to meet the chief of the British Treasury, Alistair Darling. Paulson has said that the U.S. Central Bank Federal Reserve needs extraordinary powers to give an easier solution to information needs on financial institutions.
This is a repeat call from Paulson for the overhaul of the British and American banking systems for more information access about the future financial problems. He had also pointed out the American banking and monitoring systems were outdated in terms of the current economic needs. It is important to give a warning about the future economic problems so that the investors can take the right decisions at the appropriate point of time.
The United States and Britain need to renovate the archaic methods of financial predictors to provide a premonition to the investors of the prevalent problems the world markets are facing. Paulson passed this statement in response to a Chatham House intellectual tank event held at the famous London Royal Academy of Arts. Paulson wants a change in the banking systems of monitoring so that the Federal Reserve can interfere in time. The novel economic system can easily cause the financial institutions to be unsuccessful without adversely affecting or causing economic turbulence.
These changes have become necessary in the aftermath of a global financial crisis which has severely affected the credit flow. Banks in United States as well as Britain have suffered as a result of this global credit squeeze in the recent months requiring government intervention. The public confidence in the working of the financial markets has reduced greatly when two banks in these countries had to change owners.
CaymanMama.com - Press Release Distribution Service
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