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Money
January 22, 2012
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Reblogged from Climate Tech News:
Immigrants in US will face more stringent rules, according to new money sending procedures unveiled recently.
Customers who send international money transfers will soon be entitled to clearer cost disclosures.
The Consumer Financial Protection Bureau on Friday issued new rules governing remittances, which are often used by immigrants to send money to family back home.
The Washington Post reports that the rules also require companies to disclose any fees, the exchange rate and the amount that will ultimately be paid out to the recipient in local currency.
Christine Lagarde says IMF members should increase the institution’s lending capacity by as much as $500 billion. The IMF says it will need to provide over $1 trillion in support to financially struggling governments over the next few years, and existing resources aren’t enough.
The governments being asked to increase contributions will take some convincing. They suspect a scheme to bail out Europe’s struggling treasuries and think Europe has enough resources of its own to fix its problems. They are right, but they are missing a larger point.
The economic crunch of the past four years has shown that the world needs the global lender of last resort that the IMF was originally intended to be. This means not just more financial resource, a bigger increase, in fact, than Lagarde is seeking, but also new rules for access to them and a new understanding about how the IMF is run. These reforms must be all of a piece for the economic plan to succeed.
