Berlin is also suggesting it wants to go slow even on a resolution authority.
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It had been expected that the Disputes Resolution Authority would consider their cases on Monday night.
She also got her wish for resolution authority over important non-bank companies on the brink of failure.
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It had been assumed the same agency would both be systemic risk regulator and wield the new resolution authority.
It also needs a central resolution authority to restructure or wind up failed banks (if necessary by bailing in creditors).
This would allow a country's bank resolution authority to use its funds to stabilize a bank without touching large depositors at all.
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Yesterday was a good day in terms of the resolution authority piece.
With resolution authority, the idea is to take the same method the government has for seizing small banks and apply it to very large holding companies.
Resolution authority, all three panelists agreed, is a paper tiger that will fall apart the minute it is tested in a real-life financial crisis.
The banking industry, arguing against defining Fannie and Freddie as financial companies under the resolution authority, say Congress should deal with the two separately.
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Some Fin Reg provisions like prop trading and hedge funds phase in over many years, but resolution authority containing these wind-down provisions starts immediately.
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The introduction of the bill would coincide with a House Financial Services hearing scheduled for Thursday on systemic regulation, resolution authority and other financial reform hot topics.
How, we asked, given their thousands of international connections, could they be resolved in any acceptable time frame when there was no provision for resolution authority across international borders?
The Fed for its part, frustrated with the lack of alternatives to bailing out AIG, has been emphatic about the need for some kind of resolution authority but open minded about who wields it.
The lack of an appropriate and modern regulatory regime and resolution authority helped cause this crisis, and it will continue to constrain our capacity to address future crises until we put in place fundamental reforms.
The most important provision is the resolution authority under which federal regulators can seize any financial company whose failure threatens the financial system, and quickly pay off secured creditors while imposing losses on shareholders and unsecured creditors.
Such resolution authority already exists for banks, but for other companies like Lehman Brothers and American International Group, regulators face a dreadful choice of either bailing out the company and its creditors or letting it go bankrupt.
The focus now, he said on March 18th, should be on giving the government the tools to prevent a repeat: resolution authority over non-banks, similar to the power the Federal Deposit Insurance Corporation has to shake up sick banks.
This week, for instance, Frank is set to introduce a bill giving the government resolution authority for faltering non-bank financial institutions, an idea that is supposed to go a long way toward ending the notion that any one company is too big to fail.
Mr Frank said the Fed would almost certainly have some role in whatever is created, but it may be necessary to create the resolution authority first, and endow it on a group of agencies, and decide later who the systemic risk regulator will be.
On Tuesday Mr Geithner told Congress that the AIG mess underlines the need for an expanded resolution authority so that regulators could have the same authority over any systemically important financial institution that is not technically a bank, as was the case with Bear Stearns, Lehman Brothers and AIG.
That resolution transferred authority for expenditures from Iraq's oil revenue from the UN to the DFI.
Then there is the expiration of the latest continuing resolution, the authority by which Congress is spending money.
American officials, however, continue to make it clear that they still regard the resolution to be all the authority Mr Bush needs to act against Iraq.
And so we are going to be working hand in hand to make sure that we come up with a better approach, and urge Israel to work with all parties involved -- Egypt, the Palestinian Authority, and the international community -- to find a resolution to this issue.
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Although Resolution 1483 gave all the last words to the Coalition Provisional Authority (in other words, the Americans with British help), the UN has been quietly taking on more responsibility.
That resolution expires on December 3rd, leaving the federal government without the authority to spend any money.
The resolution for change was filed by Christian Brothers Investment Services (CBIS) and members of the Local Authority Pension Fund Forum (LAPFF), organisations that own B shares.
Security Council Resolution 1973, which is guiding the mission that NATO now has commanding control over and is the lead authority in, and which the United States military is still participating in, in an advise and support role -- advisory and support role, which is -- continues to be important -- intelligence gathering, jamming, refueling, and the like.
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