Financial reform
Image via REUTERS/Alessandro Bianchi/RNS
The Vatican has put a stop to the work of international auditors just months after they were hired to review the city-state’s bookkeeping — a move said to have surprised Pope Francis’ handpicked financial czar, Cardinal George Pell. The suspension earlier this month of the audit, well underway by the global firm PricewaterhouseCoopers, was also viewed as threatening the pope’s broader efforts to clean up the Vatican’s murky finances.
OMB Watch reports that the lame-duck Senate may move forward on a bill that could hamstring the SEC as it works to fight fraud and implement financial regulatory reform, tying up the agency in needless red tape and lawsuits:
A pending anti-regulatory bill that targets independent regulatory agencies would significantly curtail the Securities and Exchange Commission's (SEC) ability to protect investors from financial fraud and other economic hazards. The Independent Agency Regulatory Analysis Act of 2012 (S. 3468) would require independent agencies to conduct formal cost-benefit analyses for all significant rules and would allow the Office of Information and Regulatory Affairs (OIRA) to review those analyses. This would cause lengthy delays in implementing the financial oversight contained in the Dodd-Frank law. The Senate Committee on Homeland Security and Governmental Affairs (HSGAC), chaired by Sen. Joe Lieberman (I-CT), may mark up this bill during Congress’ upcoming lame-duck session, even though no hearings have been held on the bill.
The bill would also hamper the essential work of the FDIC, the Commodities Futures Trading Commission, and other government watchdog agencies.
Elizabeth Palmberg is an associate editor of Sojourners and tweets @ZabPalmberg.
Chart showing predicted skyrocketing food prices, from New England Complex Systems Institute.
The advocacy group Stop Gambling on Hunger reports world food prices are predicted to rise sharply in the coming months, due partly to speculation:
"The New England Complex Systems Institute, [which has] developed a quantitative model able to very closely predicted the FAO’s food price index, released a new report predicting sharply higher food prices due in part to excessive speculation.
"Their model, originally released in September 2011 matched the FAO’s index from 2004 to 2011. Since then it has continued to closely follow the real world numbers.
"Unfortunately, the model now predicts, 'another speculative bubble starting by the end of 2012 and causing food prices to rise even higher than recent peaks.'
"While the researchers acknowledge that the drought in the Midwest U.S. will cause prices to rise, their model shows that excessive speculative activity will have an even larger effect. Though some key financial reforms passed in 2010 may finally begin to be implemented in early 2013, that may be too late to avoid the coming price bubble."
Read the rest of the article here.
“Time to Move Your Money?” combines a pastoral heart with prophetic passion.