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I wouldn't say that stimulus rules out significant banking measures.
But the banking measures will not be completed until 2019, so that they will not spur growth any time soon.
Besides, two other important banking measures, a credit union bill and a bill dealing with burdensome banking regulations, are still before the committee, creating a logjam.
The new banking measures and other concerns about the course of the crisis in Argentina contributed to sharp declines today in stock indexes in neighboring Brazil and in Spain, where a number of major banks, utilities and other companies have major interests in Argentina.
The banking measures include allowing the secretary of the Treasury to impose sanctions -- up to cutting off all dealings with United States financial institutions -- on banks in a nation whose bank secrecy laws deny information to the Federal Bureau of Investigation or other agencies.
It also calls for "robust action to tackle unacceptable bonuses in the financial services sector," and raises the possibility of separating retail and investment banking — measures the City will resist, and Britain depends more than America on its huge financial sector.
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To roughly paraphrase Oregon Democratic Senator Jeff Merkley, who sponsored the banking measure that got voted down, if you launder money, steal or are in the Mafia, that's par for the course.
While the banking measure passed easily in the House, it must now pass the Senate, where the medical marijuana protections measure still languishes.
"With fiscal space tight and structural policies largely dormant, central bank measures were seen to be approaching their limits".
If a bank measures VaR at the 1% level, it should exceed its VaR roughly 1% of the time.
The chief judge in the hearing said it was irrelevant whether the central bank measures had been successful.
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