US submits financial sector reviews to IMFThe United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. said Monday Monday: see week. it had submitted financial sector reviews to the International Monetary Fund as part of its first examination under an IMF IMF
See: International Monetary Fund
See International Monetary Fund (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 FSAP Financial Sector Assessment Program (IMF and World Bank assessment of a country's financial system)
FSAP Financial Sector Assessment Programme (finance)
FSAP Full Spectrum Active Protection ), 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 September: see month. 24-25, hosted by President Barack Obama in Pittsurgh, Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York .
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.