RealNews

U.S. Plan for Wall St. Firms Drops Provision for a Move

Federal regulators have recommended that companies critical to the nation’s financial system should try to resume operations within hours of a disaster or terrorist attack. The regulators did not require that Wall Street firms move their operations out of Manhattan, as many executives and city officials had feared. A white paper issued jointly Tuesday by the Securities and Exchange Commission, the Treasury Department and the Federal Reserve said financial firms involved in processing market transactions should establish separate backup operations to help prevent wide-scale disruption of financial markets. Tuesday’s report, and an earlier version, were issued for the first time after Sept. 11, when the terror attack on the World Trade Center disrupted financial transactions for days. Industry executives and city officials said yesterday that they were heartened that the federal agencies did not think it necessary that backup operations be a minimum distance from main offices. An earlier version suggested that backup sites be as much as 300 miles away. City officials had feared that such a requirement would encourage the flight of financial jobs from New York. Full Story

OODA Analyst

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