Last month the White House announced they would be putting forth regulatory legislation. We feel at this time clients will need to prepare for massive regulatory changes that will occur over the next decade. Panache will begin educating itself and our people as we enter this new world and financial environment.
As the industry is rapidly changing in nature and scope, this section of the web site will be updated regularly and used to discuss those changes and the ways Panache can assist you in the new banking and regulatory environment. In early February, Congress passed and the President signed the “American Recovery and Reinvestment Act,” which will pump $787 billion into the U.S. economy over the next several years. Together with the Troubled Asset Relief Program (TARP) passed in the fall, the U.S. government intends to spend over a trillion dollars easing credit and stimulating the economy.
More importantly for the Wall Street community, on February 10, 2009, Treasury Secretary Timothy Geithner announced a plan that could mobilize well over $1 trillion in public and private support to get the frozen credit markets functioning again. These expenditures represent the most significant investment of public funds into the U.S. in the history of the country. The implications of these actions will have ramifications throughout Wall Street. Talk on Capitol Hill about the “lax” regulatory environment has lawmakers scrambling to develop new regulatory oversight of the banking community. We will, over the course of the next year, evaluate these pieces of legislation and regulation and help you understand the impact these changes will have on the way you do business. At Panache, we are always looking to partner with our clients and provide meaningful and efficient methods for you to process and manage your business objectives.