January 7, 2002 News Archive

Agencies Submit Joint Report to Congress on Retail Swaps Pursuant to the CFMA
The Board of Governors of the Federal Reserve System, Department of the Treasury, Commodity Futures Trading Commission and Securities and Exchange Commission submitted to Congress the joint report as required by the Commodity Futures Modernization Act of 2000 (CFMA ). The study principally addressed the potential uses of retail swap agreements; extent to which financial institutions are willing to offer swap agreements; and the appropriate regulatory structure to address customer protection issues. No legislative action relating to swap agreements was recommended by the agencies.

OFAC Updates Names of Specially Designated Nationals and Blocked Persons
The Treasury Department's Office of Foreign Assets Control (OFAC) has added Benevolence International Foundation, Inc., and Global Relief Foundation, Inc., to the list of Specially Designated Nationals and Blocked Persons. The financial assets and all records of Benevolence and Global are blocked pursuant to Section 106 of the U.S.A. Patriot Act of 2001. Both are known to have offices in Illinois. The full listing and OFAC bulletins issued since January 1, 2001 may be found at www.treas.gov/ofac.