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Posts Tagged ‘Reforms’

British Prime Minister Gordon Brown outlined the reforms that the largest world economies agreed to in the G20 summit. The call is for greater global economic cooperation to self-regulate and to prevent banking excesses from happening again.

Has history finally changed us for the better?

Some of the reforms mentioned by Gordon Brown:

  • New reforms of the global banking system, including institutions such as hedge funds, and other parts of the so-called “shadow banking system” coming under global regulatory control for the first time
  • Tighter regulation for credit rating agencies, to prevent conflicts of interest
  • A list of tax havens to be published immediately, and sanctions to be deployed against countries that do not comply with anti-secrecy regulations
  • Completion of the creation of international colleges of supervisors for national regulators
  • An agreement to do whatever is necessary to promote growth in individual countries, allowing for the possibility of the further use of fiscal stimuli in the future
  • The injection of an additional $1tn into the global economy through measures including a $500bn increase in the funding available to the IMF, an increase in the availability of money for developing countries through the IMF’s “special drawing rights” to $250bn and a total of $250bn being set aside for trade assistance
  • Reform of institutions such as the IMF to allow countries like China to have greater influence. Senior posts at the IMF and the World Bank will open to candidates from the developing world.
  • Renewed commitment to the millennium development goals.
  • $50bn for the world’s poorest countries.
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(Excerpt from a client folio published by Morgan Stanley)

Senator Barack Obama’s electoral victory, complete with expanded majorities in the House and Senate, gives the Democrats control over the legislative and administrative processes for the first time since 1994. This has significant ramifications for the new Administration’s policies to deal with the economic crisis, as well as domestic priorities on taxes, health care, energy, the environment, labor relations, and trade.

Today, President-Elect Barack Obama will shift to presidential transition following many months of campaigning. He will have just 77 days to assemble a cabinet, set critical priorities, and prepare a federal budget (which must be submitted to congress by February). Though he has not discussed it publicly, these plans are well underway. The Obama team is actively discussing potential Cabinet selections and will soon begin vetting resumes for the estimated 7,800 presidential appointee jobs which must be filled – 1,177 require Senate confirmation – and finalizing a comprehensive blueprint which will guide the incoming president through the transition.

While it is certain that the Obama presidency will mark a stark contrast from the Bush years, what remains to be seen is how much external factors like the economic crisis will impact his first 100 days and beyond. The following examines what we are likely to see under an Obama administration on an array of pressing issues.
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