Quis custodiet?(international business items include the United Kingdom transferring interest rate power to the Bank of England and banking supervision power to the Securities and Investments Board)(Business This Week)(Brief Article)
Economist (US), The, May, 1997
Two weeks after granting the Bank of England the power to set interest rates, Britain's new chancellor, Gordon Brown, surprised the City by transferring responsibility for banking supervision from the Bank to a beefed-up Securities and Investments Board (SIB). Thanks to reforms that will also sweep away a tangle of other regulatory bodies, the SIB, to be run by Howard Davies, the deputy governor at the Bank, will take charge of all financial regulation.
Not to be left out, Robert Rubin, America's Treasury secretary, yet again voiced plans to break Glass-Steagall, the rigid laws regulating the financial sector. Little is likely to happen.
China sacked the head of its securities regulatory commission, while stockmarket regulators in China and Hong Kong...
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