As part of any larger reform, the Congress should consider granting the Federal Reserve explicit oversight authority for systemically important payment and settlement systems.
Of course, like other central banks, the Federal Reserve continues to monitor systemically important payment and settlement systems and to compare their performance with international standards for reliability, efficiency, and safety.
Instead, we rely on a patchwork of authorities, largely derived from our role as a banking supervisor, as well as on moral suasion, to help ensure that the various payment and settlement systems have the necessary procedures and controls in place to manage the risks they face.
Using unique alphanumeric identifiers for financial firms would improve OTC derivatives markets, make it easier for regulators to see aggregated risk, and, once systems were changed over, would simplify record keeping, improve operational efficiency for firms and eliminate a lot of reconciliation work, according to a report the BIS issued from the Committee on Payment and Settlement Systems and the Technical Committee of IOSCO.
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McGowen, who lacked knowledge and experience in tax law, reasonably believed that a portion of her settlement payment was not taxable and in good faith did not report that portion of the settlement payment on her 2006 return.
Visa earns revenues by charging fees for its transaction processing service, which involves routing payment information to facilitate the authorization, clearing and settlement of transactions.
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Also included is a new Department of Defense (DOD) General Provision that would authorize the Secretary of the Navy to receive and retain payment in-kind for the settlement of the longstanding A-12 aircraft contract litigation.
Hallford's lawyer in the Liberty National suit, Stephen Gudac, argues the settlement payment was for "mental anguish "and other not taxable compensation.
There are echoes of the 1996 election, when Boris Yeltsin's campaign was marked by a nationwide tour which saw him respond to complaints about non-payment of wages by making some back payments and giving promises of full settlement.
Such an admission, if it were ever to be made, would usually occur orally as part of the sheepish smile, half-hearted handshake, and shrug that would accompany the handing over of a settlement payment from the offending party to the victim.
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