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The nation’s top regulators on Thursday edged closer to bringing some money-market funds under their authority. The group, known as the Financial Stability Oversight Council, led by Treasury Secretary Timothy Geithner, met privately to talk about whether some of $ 2.7 trillion money-market mutual fund industry should be designated as systemically important, a Treasury spokesman said. This designation would trigger oversight of the funds by the Federal Reserve. The money-fund industry, so far, has successfully blocked efforts by the Securities and Exchange Commission from imposing new regulations on the industry. There are signs that the SEC may renew efforts to [...]

Leaders of the European Union agreed to a deal for a eurozone-wide banking supervisor Timetable set for legal framework by January for implementation sometime in 2013Group applauded efforts of Greece but reaffirmed the need to continue austerity measuresVan Rompuy: “Without a stable monetary union there cannot be a stable European Union” Leaders of the European Union in Brussels have agreed Thursday to a deal for a eurozone-wide banking supervisor in 2013 that is designed to help prevent future catastrophic bank failures that could threaten the monetary union.The agreement sets the stage for development of a legal framework to allow the [...]