News release: “The President’s Working Group on Financial Markets issued its policy statement update today, before the G-7, IMF and World Bank meetings, to report on implementation of its March 2008 policy recommendations to improve the state of U.S. and global financial markets…The report [Progress Update on March Policy Statement on Financial Market Developments, The President’s Working Group on Financial Markets, October 2008] includes six sections describing progress towards implementing the recommendations:

• Reforms to the mortgage origination process
  Improvements to investors’ contributions to market discipline

• Reforms to rating agencies’ processes and practices for securitized and structured products
• Strengthening of global financial institutions’ risk management practices
• Enhancements to prudential regulatory policies
• Enhancements to the infrastructure for OTC derivatives markets
  • Related postings on financial system
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