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  • Statement For The U.S. Treasury Borrowing Advisory Committee

    Date 30/07/2012

    Economic activity has moderated in recent months, with growth held back by a number of temporary factors, including the run-up in energy prices earlier this year, unusually warm winter weather, and the ongoing sovereign debt crisis in Europe. Nonetheless, the U.S. economy continues to heal and grow, and evidence of improvement continues to emerge, particularly from the housing sector. While the unemployment rate remains unacceptably high, underlying labor market conditions are recovering gradually. Private-sector forecasters continue to expect growth to strengthen over the second half of 2012 and into 2013, although forecasters expect additional progress in reducing the unemployment rate further this year will be limited. The Administration has proposed a variety of measures to create jobs and boost growth in the near term, including job training, incentives for small businesses to invest and hire, support for state and local governments to keep teachers, firefighters, and police on the job, as well as building and growing our essential infrastructure. The facilitation of mortgage refinancing for troubled homeowners is also expected to support economic activity. At the same time, the Administration remains firmly committed to restoring fiscal sustainability in order to preserve the economy’s long-run growth potential. According to the just-released Mid-Session Review of the FY2013 Budget, the federal budget deficit is projected to decline from 7.8 percent of GDP in FY2012 to 6.1 percent of GDP in FY2013, and then narrow to about 2.6 percent of GDP, achieving primary balance, by the end of the decade.

  • CFTC: Federal Court In Idaho Orders Michael Justin Hoopes To Pay Over $11.8 Million For Operating A Ponzi Scheme

    Date 30/07/2012

    The U.S. Commodity Futures Trading Commission (CFTC) obtained a federal court order requiring defendant Michael Justin Hoopes of Rexburg, Idaho, to pay more than $10.4 million in restitution and a civil monetary penalty of over $1.4 million for operating a Ponzi scheme that defrauded Idaho residents and others. The order also imposes permanent trading and registration bans against Hoopes and permanently prohibits him from further violations of the Commodity Exchange Act and CFTC regulations, as charged.

  • FINRA Marks Fifth Anniversary

    Date 30/07/2012

    The Financial Industry Regulatory Authority (FINRA) today marked its five-year anniversary since it was created in 2007 by the consolidation of NASD and the member regulation, enforcement and arbitration operations of the New York Stock Exchange. During that time, FINRA has launched key strategic initiatives and made significant operational changes to increase its focus on fraud detection and bring more transparency to the markets and investors.

  • CFTC Charges California Resident Victor Yu and His Company, VFRS, LLC, with Multi-Million Dollar Forex Fraud and Failure to Register As A Commodity Trading Advisor - Federal Court Issues Order Freezing Defendants’ Assets And Protecting Books And Records

    Date 30/07/2012

    The U.S. Commodity Futures Trading Commission (CFTC) today announced that on July 27, 2012, The Honorable Yvonne Gonzalez Rogers of the U.S. District Court for the Northern District of California entered an emergency order freezing the assets of defendants Victor Yu (Yu) of San Jose, Calif., and his company, VFRS, LLC (VFRS), based in Alameda, Calif.  The court’s order also prohibits the destruction or alteration of books and records, and grants the CFTC immediate access to such documents.  The judge set a hearing on the CFTC’s motion for a preliminary injunction for August 10, 2012.

  • U.S. Treasury Announces Marketable Borrowing Estimates

    Date 30/07/2012

    The U.S. Department of the Treasury today announced its current estimates of net marketable borrowing for the July – September 2012 and October – December 2012 quarters:

    • During the July – September 2012 quarter, Treasury expects to issue $276 billion in net marketable debt, assuming an end-of-September cash balance of $60 billion.  This borrowing estimate is $12 billion higher than announced in April 2012.  The increase is primarily due to lower receipts, higher outlays, redemptions of portfolio holdings by the Federal Reserve System, and higher issuances of State and Local Government securities.
    • During the October – December 2012 quarter, Treasury expects to issue $316 billion in net marketable debt, assuming an end-of-December cash balance of $40 billion.