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- W261351356 abstract "ABSTRACT This article intends (i) identify the recent rapid development of the phenomenon in the context of financial services, while noting its relative lack of definition and practical application in jurisprudence and regulatory usage; and (ii) focus on select oversight issues and conflicts related the Treasury (in the administration of the Troubled Asset Relief Program (TARP)) and the Federal Reserve (the Fed). The article will suggest some possible limits related expectations. I. INTRODUCTION: THE TRANSPARENCY PHENOMENON President Obama's first act on taking office on January 21, 2009, was sign the Memorandum on Transparency and Open Government, launching the President's Open Government Initiative. (1) The Memorandum stated: Government Should Be Transparent. Transparency promotes accountability and provides information for citizens about what their Government is doing. Information maintained by the Federal Government is a national asset. My Administration will take appropriate action, consistent with law and policy, disclose information rapidly in forms that the public can readily find and use. (2) During the financial crisis that first developed in 2007 and continued through 2008-2010, the use of in reference a desirable regulatory quality has multiplied exponentially as the causes of the crisis have been debated and proposals advanced stabilize, fix, and reform the financial The many reform recommendations include repeated calls for greater transparency in the operation of the financial markets and the practices of government banking regulators. (3) The speed and force with which has entered the national lexicon has been a phenomenon in itself. Transparency is not a traditional legal or business term; however, as it has developed, has a close relationship with the governance and regulatory principles of disclosure and accountability. Transparency falls squarely within the disclosure lineage articulated by Justice Brandeis ([s]unlight is said be the best of disinfectants). (4) Usage of transparency, however, has come encompass and go beyond the established meaning of disclosure, (5) which is associated with highly specific requirements of existing securities and consumer regulation and implies an action taken by a disclosing party reveal some defined or agreed upon desirable set of information. With transparency, the emphasis shifted embrace a broader and ongoing state of voluntary disclosure that includes characteristics such as simplicity and understandability, access and availability, and appropriateness, among others. While disclosure is in effect a regulated norm for communicating, transparency, at least at present, implies a more idealized, ongoing state of communicating. There might be limits such high expectations. Transparency is also closely associated with accountability. In 1998, in response the global Asian financial crisis, finance ministers and central bankers from major countries met and issued a series of reports to strengthen the architecture of the ... financial system. (6) The report of the Working Group on Transparency and Accountability laid some important groundwork on and accountability: Transparency refers a process by which information about existing conditions, decisions and actions is made accessible, visible and understandable.... Accountability refers the need justify and accept responsibility for decisions taken. Accountability imposes discipline on decision-makers, thereby helping improve the quality of decisions taken. Transparency helps promote accountability by obliging decision-makers make their decisions and the reasoning behind them known. (7) Thus, by 1998, international supervisors had begun speak the language of transparency, but U. …" @default.
- W261351356 created "2016-06-24" @default.
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- W261351356 date "2010-01-01" @default.
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- W261351356 title "Transparency and Bank Supervision" @default.
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