Reforms

As the Sunset Commission review of the Texas Department of insurance continues, several Senate Democrats have made it clear that the Texas Department of Insurance should do more to focus on consumer rights and the high cost of property and health insurance during the upcoming debate surrounding reform of the agency. One senator, Juan “Chuy” Hinojosa (D-McAllen), went so far as to recom

Federal Reserve Bank of New York President Timothy Geithner hosted a meeting of 17 major financial institutions who represent 90% of trading in credit derivatives, to discuss the creation of a central clearing house for credit default swaps, and automation of trading and settlement of credit derivatives, and a protocol for managing future defaults. Mr. Geithner’s remarks came after a speech to

Legislation Will Transform Buildings Department Oversight of Construction Sites and Expand Enforcement Powers Mayor Bloomberg and city officials, with the support of construction developers, contractors and organized labor, announced an aggressive legislative agenda that will equip the Buildings Department with additional oversight and enforcement powers to further the safety of New Yorkers and co

A plan to regulate of what is called an unfair or deceptive billing practices by credit card companies is in the offing. The US Office of Thrift Supervision (OTS) who has approved the plan, made a proposal that would generally prohibit credit card companies from increasing the annual percentage rates on a customer’s outstanding balance [...]

Business Week has put together a video with the basics about the credit card industry practices, why the credit crisis has escalated the problem of increasing interest rates, and a brief discussion of the credit card reforms in Congress. Here is the video:

The Albany Times Union has an editorial here that declares that the credit card reforms proposed by the federal reserve are too weak.  The substance of the argument is that (a) they’ve let them get away with too much in the past; (b) they’re making lots of money; and (c) they still can charge a [...]

As a US Immigration Visa Lawyer, I have come to believe this country desperately needs new US immigration reforms. I formed this belief a long time before our Congress began its immigration debates.In my work, I had come to see many faults of our current policies. Particularly, there are some injustices that "go on" in today's system.What are they?People who should stay are being deported. People who should leave USA are staying regardless of their current immigration status.All immigration policies have to be based on one principle. People who contribute to USA's economy the most should always be allowed to stay. People who create more problems by committing crimes, for instance, should be deported.It is a very simple principle that will work. By the way, when I talk about contribution to

Top financial leaders, faced with the biggest crisis to hit the global economy in at least a decade, are pledging to strengthen their regulation of banks and other financial institutions while anxiously hoping the slump in the United States will be a short one. After an opening round of talks among the world’s seven richest industrial [...]

Since Raul Castro took the reins in Cuba, the government has announced a succession of reforms; first went restrictions on Cubans staying in hotels, then restrictions on the purchase of mobile phones, DVD players, microwaves and other sundry goods. Now it's taken aim at the agricultural industry. As the BBC reports, It will now be easier for state workers to own their homes and pass them on to their children. Wage limits are to be removed to allow more incentives. As the more unjust policies of the Cuban government fall out, so too should the belligerent sentiments in D.C. Though the Cuban-American lobby is virulently pro-embargo, our legislators shouldn't be so adamant. The U.N. has condemned our embargo 16 years running and, despite the Bush administrations increased hostility towards C

The Maryland Senate has unanimously approved mortgage lending bills aimed at addressing the state’s rising foreclosure rate. Senators voted without debate to approve three bills. The measures include setting up a new crime of mortgage fraud and a bill to give homeowners more time before a foreclosure can be made final. Read Full Article

If there was any doubt in anyone's minds that Venezuela was a democracy with a bad leader, here's your proof.Chavez says he will respect the voice of the people. I have my doubts he'll go quietly in 2012, but the moral of the story is...Venezuela is a democracy and Chavez is a democractically elected leader, whether you like it or not.

The BBC reports that Venezuelan President Hugo Chavez’ proposed constitutional reforms were defeated by a narrow 51% to 49% vote. The leader was quoted saying “Now, Venezuelans, let’s put our trust in our institutions.” The opposition could “barely hide their delight,” correspondents reported. This defeat could be a pivotal moment in the Chavez administration, and not only because this is the first real defeat Chavez and his socialist vision have suffered at the polls. The way he handles the result will be indicative of the type of ruler he is — if he attempts to circumvent the vote with authoritarian decrees, the image his detractors paint of an autocrat bent on subverting democracy will be strengthened. If he handles the situation with nobility, and humility, he will have shown that this image was overblown and, to a large extent, undeserved. Though it is still too early to determine, initial indications seem to point to the latter. As such,

I'd like to point out two key moves made by Tony Blair during his life. Two decisive acts of allegiance that may well explain a third one ; the most famous - allegiance to Bush and his suicidal crusade in Iraq. These two events didn't happen during his PM mandates but set a perfect frame around them :- the first act of allegiance ? before taking power, and actually in order to take it : Blair made a pact with a curious devil named Ruppert Murdoch- the second act of allegiance ? not long after leaving power : Blair clinched a deal with the most controversial Pope since WWII, to embrace the ultraconservative Roman Catholicism Benedict XVI dreams of restoringAs far as economy is concerned, Blair and Murdoch symbolise reforms and conservatism, but what strikes me most about Blair is the gap between his very pragmatic sense of reform and his very utopic mysticism... and Murdoch is not only obsessed by money but by the success of candidates with a messianic touch. This Citizen Kane didn't

Moree: Financial Services Sector Needs Serious Reforms - By Candia Dames: Nassau, Bahamas - The Bahamas aspires to become a more competitive financial services sector, but it is not prepared to do what is necessarily to get more business, including reform its immigration policies, according to attorney Brian Moree. "If you’re out trying to get that business, do one thing or the other. Either understand what the market demands are and be prepared to do them or don’t go after the business and don’t expect them to come here," said Mr. Moree, who chaired the Financial Services Consultative Forum, which was commissioned under the Christie Administration. He said the reality of the current situation is that some multinational companies are just not prepared to Bahamianize some of their positions. "That’s just the fact of life. These are the senior positions. They’re not always very many of them – it may be three or four of the top positions. They’re going to say to you ‘W

Today’s post comes from Andrew Loumena, a mortgage broker with Evergreen Home Loans in Portland.  He has news to share about FHA loans and potential upcoming changes to the program.      ——————————————————————————————————— Don’t believe you can qualify for a home loan?  Don’t fit in the conventional box? In over your head?  Have less than perfect credit? Well, FHA can help! What is FHA you ask?  FHA stands for the Federal Housing Authority http://www.fha.gov/; this home loan program is run by (HUD) http://www.hud.gov/, the U.S. Department of Housing and Urban Development.  The FHA loan program has insured nearly 34 million homes since its inception in 1934 though FHA-approved lenders.  Here are some important details on the FHA Loan Program: • Low down payment

India must move with the times by reforming tax and pricing regimes for different fuels as well as take a unified approach to energy security by cutting red tape to ensure that efforts to sustain an... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Investors in French property could be in line to benefit from recent changes in the country's tax regime. French president Nicolas Sarkozy has introduced widespread reforms that will have a direct impact on property owners, such as trebling the inheritance tax (IHT) threshold. This will mean that only the richest people will be subject to the tax, with 95 per cent of property owners now exempted.

News out of Ankara, Turkey which makes me quite suspicious. From the AP: Turkey’s prime minister on Friday laid out a policy vision for the next five years that focuses on pursuing European Union membership and defending the state’s secular and democratic principles. Prime Minister Recep Tayyip Erdogan, who won a second term in July elections, also said in his speech to parliament that the government will press ahead with economic and judicial reforms, overhaul the constitution, and establish “zero tolerance” against torture. His speech came three days after his close ally, the Islamic-leaning Abdullah Gul, won the presidency in a parliamentary vote after months of confrontation with the military-backed, secular establishment. Gul approved a new Cabinet comprising politicians with Islamist and secular backgrounds, underscoring the government’s commitment to winning EU entry. “Our government sees the EU entry talks both as a way of integration and

Capital market reforms to continue: SECPThe Chairman, Securities and Exchange Commission of Pakistan (SECP), Razi-ur-Rahman Khan said here on Monday that the SECP will continue its reforms process to improve the existing risks mitigation standards, introduce specialized market monitoring techniques and to ensure transparency and fair-trade practices in the market. New textile policy to help increase export of products: PMPrime Minister Shaukat Aziz on Monday said that the proposed textile policy would help increase export of textile products, improve competitiveness and generate employment in the industry.BoI, CSF to sign MoU for Pak competitive edgeThe Board of Investment (BoI) and the Competitiveness Support Fund (CSF) will sign a memorandum of understanding (MoU) on August 16 to support the structured economic reform process for improving investment climate and enhancing competitiveness of Pakistan's economy.

Moody’s Investors Service upgraded China’s foreign-currency credit rating by a notch to A1, while Standard & Poor’s Ratings Services revised the outlooks on its long- and short-term China ratings. The upgrade wasn’t a surprise, given that Moody’s previous rating had a positive outlook and given the steady improvements in China’s credit fundamentals. Read Original Post Here

The Friday ruling of Delhi High Court in which it took a serious note of the observations made by the Comptroller and Auditor General’s report on power privatisation process here could force the government to answer some serious questions. The CAG in its report for 2002-03 had indicated that the state has suffered a loss of over Rs 6,000 crore due to decisions take during the unbundling of the Delhi Vidyut Board (DVB). The report had pointed that there was a significant dilution of the transmission and distribution (T&D) loss targets. This alone, according to the CAG, had caused a loss of Rs 3,928.70 crore. The report also questioned the process of choosing consultant to map the privatisation process in Delhi and pointed that the details of asset valuation were not made available to the auditors themselves. According to the report, the government received bids from Hyderabad’s Administrative Staff College of India (ASCI), SBI Caps and ICICI for consultancy work but SBI Caps

The Friday ruling of Delhi High Court in which it took a serious note of the observations made by the Comptroller and Auditor General’s report on power privatisation process here could force the government to answer some serious questions. The CAG in its report for 2002-03 had indicated that the state has suffered a loss of over Rs 6,000 crore due to decisions take during the unbundling of the Delhi Vidyut Board (DVB). The report had pointed that there was a significant dilution of the transmission and distribution (T&D) loss targets. This alone, according to the CAG, had caused a loss of Rs 3,928.70 crore. The report also questioned the process of choosing consultant to map the privatisation process in Delhi and pointed that the details of asset valuation were not made available to the auditors themselves. According to the report, the government received bids from Hyderabad’s Administrative Staff College of India (ASCI), SBI Caps and ICICI for consultancy work but SBI Caps

(John Gittelsohn writes...) State Insurance Commissioner Steve Poizner says the state's title insurance industry "is broken and I intend to fix it." Poizner proposed reforms Thursday, saying there's no meaningful competition and that consumers are paying "unnecessarily high rates." The title insurance industry trade group vehemently disagreed, noting that title insurance rates in California have fallen 29 percent in the past five years. A December 2005 report by Poizner's predecessor, John Garamendi -- also disputed by the industry -- reported that homebuyers in Southern California pay escrow and title insurance fees that are almost double those in Northern California because of a lack of competition and extra layers of service.

Indonesia's War on Corruption:What matters the most to the majority of Indonesians is a country free of corruption. Ranked among the world's most corrupt countries, Indonesia surely needs much stronger anti-graft measures to deal with even half of its problems. The sense of urgency is in the air that everywhere one goes in Indonesia people talk about ways of eradicating corruption in the country. In most cases, they want swift action that will curb power abuses and drag perpetrators to long overdue trial.Many Indonesians share the belief that they deserve to be prosperous given the country's talented human resource, immense natural resources and the size of territory, not to mention the numerous islands that are potential for world-class tourism. Alas! Affluence proves to be much more elusive than it has been popularly imagined. Eradication of graft and corruption in the country will then provide a firm foundation to a better life.Politically, the reshuffle might boost the administr

France eventually said yes to something. After saying no to extreme right in 2002 and no to Europe in 2005, the country decided to embrace reforms. In order to implement his ambitious program, Nicolas Sarkozy must now get a clear majority at the National Assembly. And these legislative elections will be a very interesting moment in French politics.As early as next thursday, Francois Bayrou will know whether his new Democratic Movement can keep the bulk of today's UDF MPs, who supported Sarkozy and refused to join the opposition.As early as yesterday night, a surrealistic replay of the PS primaries started. Segolene Royal, as expected, refused to admit her own failure and the failure of ideological indecisiveness, claimed the leadership of the "anything but Sarko" movement. Laurent Fabius, as expected, denounced her solo campaign and called for unity with the left of the left. Dominique Strauss-Kahn, as expected, denounced the candidate's hollowness and the party's refusal to reform

From Taipei TimesBy Wang Dan 王丹Some people have praised China's recent passage of a property rights law. They believe it is a key step in China's move toward market economics, and even a sign of the imminent end of China's "socialism." But if one steps outside the framework of economic law to look at things objectively, there are three serious issues to consider.First, those who are ethusiastic about the law mistakenly believe that economic growth is the only facet of China's development and that perfecting market economics represents progress.Structural issues concerning the economic system are not the only obstacles to building a market economy. Without an independent legal system loyal to the rule of law, without an informed and independent public opinion free from government control, and without a progressive spirit and culture, market economics are just deformed capitalism. China's economic development is, for the most part, precisely this. This model cannot be corrected

Eliot Spitzer was lauded by many for instituting new ethics rules that apply to him, the Lieutenant Governor and their staff. Neither the Governor nor the Lieutenant Governor will hold or participate in any fundraisers within the Capitol Region during the legislative session. That sounds like a very good rule EXCEPT for the nefarious meaning of the term Capitol Region.  We are currently in the midst of a legislative session, yet that did not stop Eliot Spitzer from being the main draw at a $25,000 per head democratic party fundraiser in New York City yesterday. The club (New York Young Republican Club) noted in its press release Spitzer's reform pledge that neither he nor LG David Paterson would attend fund-raisers in the Capital Region during the legislative session, adding: "Apparently, (Spitzer) feels that it is alright to host fundraisers during the legislative session as long as it is outside Albany" I guess Eliot forgot the one important question - Is it right

Gainesville, Florida - Payday loan companies, which often charge annual interest rates well into the triple digits, cluster around military bases, according to a study co-authored by University of Florida associate law professor Christopher Peterson.

Chicago, Illinois - Governor Rod R. Blagojevich announced today that the Payday Loan Reform Act (PLRA) he signed into law last year has helped thousands of Illinois borrowers save $6.4 million in loan fees and interest charges in just ten months.

ROSTOCK, Germany - President Bush arrived here Tuesday for the Group of Eight industrial nations summit, having just a few hours earlier stoked a testy dispute with Russia over a new U.S. missile defense system by saying that Moscow has “derailed” once-promising democratic reforms. In a speech in Prague celebrating democracy’s progress around the globe — and calling out places where its reach is either incomplete or lacking — Bush said that free societies emerge “at different speeds in different places” and have to reflect local customs. But he said certain values are universal to all democracies, and rapped several countries for not embracing them. “In Russia, reforms that once promised to empower citizens have been derailed, with troubling implications for democratic development,” Bush said, speaking at a democracy conference  organized by former dissidents. The president asserted that this discussion of democratic backslidi

The most important positive impact of Google is its ever green dynamism and endless enthusiasm about offering some new experience to the users, keeping in synchronization with the ever cherished tradition that a rolling stone gathers no moss. We have seen Google to come out with various utilities like Webmaster ...