• Monday, April 20, 2015 - 12:31


    By Henriette Vogt

    WASHINGTON (MNI) - In order to prevent the next financial crisis, it is crucial to have a stronger financial regulatory framework and reshape the U.S. financial oversight regime, Paul Volcker, former Chairman of the Federal Reserve and a strong proponent of the rule that bears his name, said Monday.

    "Amending and fixing Dodd-Frank is necessary and now is the time to do it," Volcker said during a press conference held by The Volcker Alliance, a public policy group.

  • Saturday, April 18, 2015 - 16:38


    --To Revise Growth Strategy at Mid-Year

    WASHINGTON (MNI) - Japan Finance Minister Taro Aso Saturday told the IMF that Japan's inflation expectations remain "on an upward trend" toward maintaining a 2% rate this year and monetary accommodation will continue to be accompanied by efforts to shrink the budget deficit.

    With lower oil prices dragging inflation back into negative numbers so far early this year, Aso said his government is cutting the effective corporate tax rate while broadening the tax base, easing some regulations and will "revise the growth strategy by the middle of this year to further promote these efforts."

    Central bank estimates see Japan's inflation rate "likely to reach around 2%" this fiscal year, noting the consumption tax rate increas

  • Friday, April 17, 2015 - 16:00


    WASHINGTON (MNI) - Here's the statement from U.S Treasury Secretary Lew prepared for the International Monetary and Financial Committee Meeting:

    "These meetings provide an important opportunity to take stock of the global economy and our efforts - both individually and collectively - to achieve strong, sustainable, and balanced growth. While the U.S. economy continues to show strength, global activity is still falling short and becoming increasingly uneven. Policy makers in advanced and emerging economies alike must redouble efforts to boost domestic demand so we can realize our economic potential. Surplus countries in particular are best positioned to do so.

    "The U.S. economy continued to strengthen last year, underpinned by strong private demand.

  • Friday, April 17, 2015 - 16:00


    WASHINGTON (MNI) - Here's the statement from U.S Treasury Secretary Lew prepared for the International Monetary and Financial Committee Meeting:

    Continued:

    "Globally, our efforts to achieve real global rebalancing are at risk. Some key surplus economies appear increasingly dependent on external demand to boost growth, rather than pursuing more balanced policies to catalyze domestic demand. We are concerned that the global economy is reverting to the pre-crisis pattern of heavy reliance on U.S. demand for growth. As we all know, such a pattern will not lead to strong, sustainable, and balanced global growth.

  • Thursday, April 16, 2015 - 17:17


    --World Bank's Kim: 'I Want to Congratulate China'
    --With 188 Fin Ministers Gathering, China's AIIB Hits 57 New Mbrs
    --US Left Explaining Why No IMF Quota Vote

    WASHINGTON (MNI) - At the world's biggest showcase of international policymakers this week, the World Bank-IMF spring meeting, China is basking in the praise for its creation of a smaller version of the World Bank while the United States is left explaining why it can't deliver the one remaining necessary vote to recalibrate the IMF.

    China's Finance Ministry had earlier announced that the number of founding countries has reached 57, including 22 outside Asia, an international endorsement that has surprised not only the Chinese, but many analysts who had initially expected the Asian Infrastructure Investme

  • Thursday, April 16, 2015 - 12:17


    --House Speaker Boehner: Bill First Entitlement Reform in 20 Years
    --Senate Majority Leader: Looking For Areas of Accord With Democrats

    WASHINGTON (MNI) - House Speaker John Boehner, Senate Majority Leader Mitch McConnell and House Minority Leader Nancy Pelosi gathered Thursday in a ceremonial reception room near the House floor to declare victory on Congressionally approved legislation to alter the formula by which Medicare reimburses doctors, extend funding for community health centers, and renew the children's health insurance program.

    The event with more dozen lawmakers transformed a routine enrollment task by congressional leaders into a public ceremony.

  • Wednesday, April 15, 2015 - 18:54


    WASHINGTON (MNI) - The following is a readout from a Treasury spokesperson on a bilateral meeting between Secretary Jacob J. Lew and Korean Deputy Prime Minister and Finance Minister Choi Kyung Hwan:

    "This evening, U.S. Treasury Secretary Jacob J. Lew spoke with Korean Deputy Prime Minister and Finance Minister Choi Kyung Hwan on the sidelines of the World Bank-International Monetary Fund Spring Meetings.

    "Secretary Lew opened the conversation by congratulating Finance Minister Choi's successful hosting of the IDB Annual Meetings last month. Secretary Lew and Finance Minister Choi also discussed the regional and global outlook, and policies necessary to promote global growth.

  • Wednesday, April 15, 2015 - 18:17


    --Retransmitting 16:26 ET Story, Fixing Punctuation in 1st Paaragraph
    --'Persistent Stagnation' Needs 'Decisive Policies'

    WASHINGTON (MNI) - The finance ministers gathering for the Group of 20 meeting this week will not be surprised to hear U.S. Treasury Secretary Jack Lew telling them that the top priority remains combatting the challenges of advanced economies' prolonged low inflation and "persistent stagnation" since it has been his message since he took the job.

    Lew has been calling for "decisive policies" since 2013 as massive post-crisis programs of U.S. stimulus and central bank quantitative easing domestically and in Europe and Japan have had less impact on growth than desired.

    "While the U.S.

  • Wednesday, April 15, 2015 - 18:08


    By Denny Gulino

    WASHINGTON (MNI) - Increasingly desperate to save the Export-Import Bank, the U.S. Treasury Wednesday promised House Republicans it will advance a number of reforms and push other countries to limit their export credits, although conceding there is scant chance South Korea and China will go along.

    U.S.

  • Wednesday, April 15, 2015 - 16:26


    --'Persistent Stagnation' Needs 'Decisive Policies'

    WASHINGTON (MNI) - The finance ministers gathering for the Group of 20 meeting this week will not be surprised to hear U.S. Treasury Secretary Jack Lew telling them that the top priority remains combatting the challenges of advanced economies prolonged low inflation and "persistent stagnation" since it has been his message since he took the job.

    Lew has been calling for "decisive policies" since 2013 as massive post-crisis programs of U.S. stimulus and central bank quantitative easing domestically and in Europe and Japan have had less impact on growth than desired.

    "While the U.S.