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Reform in Congress Lacking Cash Clause to Stop Lehman-Like Runs

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"In 2,615 pages of financial reform legislation introduced in the U.S. Congress, there are no rules to ensure that banks keep enough cash-like assets when credit disappears," Bloomberg reports. "Guidelines on liquidity risk management, which were published March 17 by the Federal Reserve, the Treasury Department and the Federal Deposit Insurance Corp., also avoided spelling out how much banks need to hold, and in what form, to make sure they don’t collapse if short-term lending dries up. International efforts to do that for the global banking system could take years to implement."
SOURCE:   Bloomberg