US submits financial sector reviews to IMF

The United States said Monday it had submitted financial sector reviews to the International Monetary Fund as part of its first examination under an IMF financial stability program.

The Treasury Department and US financial system supervisors and regulators transmitted self-assessments for banking, securities, insurance and payment systems to the IMF, the Treasury said.

"These self-assessments review US observance and compliance with four international standards and core principles," it said.

The Treasury said the self-assessments were inputs into a review of the US financial sector under the Financial Sector Assessment Program (FSAP), launched by the IMF and the World Bank in 1999 to promote sound financial systems.

The Treasury noted the US had committed to participation in the FSAP in 2006 during an IMF economic review, known as an Article IV consultation. It said the financial sector review would be finished in 2010.

The announcement came ahead of the leaders summit of the Group of 20 developed and developing countries on September 24-25, hosted by President Barack Obama in Pittsurgh, Pennsylvania.

The IMF confirmed Monday that the US review under the FSAP was expected to wrap up in 2010.

"IMF staff is working closely with the US Treasury and other regulators in the US to complete the first Financial Sector Assessment Program review of the United States," an IMF spokesman said in an emailed statement.

The review was expected to "be reflected in next year's Article IV review of the US economy," he said.