Free Essays on So Much For That Plan

"More than 70% of commercial bank assets are held by organizations that are supervised by at least two federal agencies; almost half attract the attention of three or four. Banks devote on average about 14% of their non-interest expense to complying with rules" (Anonymous 88). A fool can see that government waste has struck again. This tangled mess of regulation, among other things, increases costs and diffuses accountability for policy actions gone awry. The most effective remedy to correct this problem would be to consolidate most of the supervisory responsibilities of the regulatory agencies into one agency. This would reduce costs to both the government and the banks, and would allow the parts of the agencies not consolidated to concentrate on their primary tasks. One such plan was introduced by Treasury Secretary Lloyd Bentsen in March of 1994. The plan called for folding, into a new independent federal agency (called the Banking Commission), the regulatory portions of the Offic e of the Comptroller of the Currency (OCC), the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTS). This plan would save the government $150 to $200 million a year. This would also allow the FDIC to concentrate on deposit insurance and the Fed to concentrate on monetary policy (Anonymous 88). Of course this is Washington, not The Land of Oz, so everyone can't be satisfied with this plan. Fed Chairman Alan Greenspan and FDIC Chairman Ricki R. Tigert have been vocal opponents of the plan. Greenspan has four major complaints about the plan. First, divorced from the banks, the Fed would find it harder to forestall and deal with financial crises. Second, monetary policy would suffer because the Fed would have less access to review the banks. Thirdly, a supervisor with no macroeconomic concerns might be too inclined to discourage banks from taking risks, slowing the economy down. Lastly, creating a s... Free Essays on So Much For That Plan Free Essays on So Much For That Plan "More than 70% of commercial bank assets are held by organizations that are supervised by at least two federal agencies; almost half attract the attention of three or four. Banks devote on average about 14% of their non-interest expense to complying with rules" (Anonymous 88). A fool can see that government waste has struck again. This tangled mess of regulation, among other things, increases costs and diffuses accountability for policy actions gone awry. The most effective remedy to correct this problem would be to consolidate most of the supervisory responsibilities of the regulatory agencies into one agency. This would reduce costs to both the government and the banks, and would allow the parts of the agencies not consolidated to concentrate on their primary tasks. One such plan was introduced by Treasury Secretary Lloyd Bentsen in March of 1994. The plan called for folding, into a new independent federal agency (called the Banking Commission), the regulatory portions of the Offic e of the Comptroller of the Currency (OCC), the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTS). This plan would save the government $150 to $200 million a year. This would also allow the FDIC to concentrate on deposit insurance and the Fed to concentrate on monetary policy (Anonymous 88). Of course this is Washington, not The Land of Oz, so everyone can't be satisfied with this plan. Fed Chairman Alan Greenspan and FDIC Chairman Ricki R. Tigert have been vocal opponents of the plan. Greenspan has four major complaints about the plan. First, divorced from the banks, the Fed would find it harder to forestall and deal with financial crises. Second, monetary policy would suffer because the Fed would have less access to review the banks. Thirdly, a supervisor with no macroeconomic concerns might be too inclined to discourage banks from taking risks, slowing the economy down. Lastly, creating a s...

How to Check on the Status of Your Tax Refund in Canada

How to Check on the Status of Your Tax Refund in Canada The Canada Revenue Agency (CRA) does not start processing Canadian income tax returns until the middle of February. No matter how early you file your income tax return, you will not be able to get information on the status of an income tax refund until the middle of March. You should also wait until at least four weeks after you file your return before checking on the status of an income tax refund. If you file your return after April 15, you should wait at least six weeks before checking on the status of your return. Processing Times for Tax Refunds The length of time it takes the CRA to process your income tax return and refund depends on how and when you file your return. Processing Times for Paper Returns Paper returns usually take four to six weeks to process.For paper tax returns filed before April 15, wait four weeks before you check on your refund.For paper tax returns filed on or after April 15, wait six weeks before you check on your refund. Processing Times for Electronic Returns Electronic (NETFILE or EFILE) returns can take as little as eight  business days to be processed. However, you should still wait at least four weeks before you check on your refund. Tax Returns Selected for Review Some income tax returns, both paper and electronic, are selected for more detailed tax return reviews by the CRA before they are assessed, as well as afterward. The CRA may ask you to submit documentation to verify claims you submitted. This is not a tax audit, rather it is part of CRA efforts to identify and clarify common areas of misunderstanding in the Canadian tax system. If your tax return is selected for a review, it will slow down the assessment and any refund. Information Required to Check on Your Tax Refund To check on the status of your income tax refund you need to provide the following information: Your Social Insurance NumberThe month and year of your birthThe amount entered as Total Income on line 150 of your income tax return for the previous year. How to Check on Your Tax Refund Online You can check on the status of your income tax return and refund using the My Account tax service, which you can register for using your existing online banking information or by creating a CRA user ID and password. You will be mailed a security code within five to 10 days, but you dont need it to access some limited service options. (The security code has an expiry date, so it is a good idea to use it when it arrives, so you wont have to go through the process again when you want to use My Account for another service.) To access My Account, you will need to provide: Your Social Insurance NumberYour date of birthYour postal code or ZIP code, as appropriateThe amount you entered on your income tax return from either the current tax year or the one before. Have both handy. How to Check on Your Tax Refund by Phone You can use the automated Telerefund service on the Tax Information Phone Service (TIPS) to find out if your return has been processed and when to expect your refund cheque. The TIPS phone number is: 1-800-267-6999The Telerefund service is also available at: 1-800-959-1956