Finance ministry, DIPP differ over key retail issues

A quick-and-dirty guide to the housing finance reform battle

“It would defeat the government’s purpose of the policy being used as an instrument to strengthen MSMEs,” DIPP has said, a person familiar with the developments told ET. The Union Cabinet will consider the proposal on Thursday. It will also consider a proposal to set up Rail Tariff Authority, an independent body that will decide tariffs. The finance ministry’s proposal was in line with the requests made by the world’s leading retail giants Walmart, Carrefour and Tesco, who were believed to have expressed their inability to meet this mandatory sourcing requirement from small and medium enterprises. The finance ministry has also proposed allowing foreign retailers to buy out ‘brownfield’ retail ventures.

Aso has drawn outrage for the remark that Japan should study how the Nazi party stealthily changed Germany’s constitution before World War II before anyone realized it. Speaking to reporters, Aso said Thursday that he was misunderstood and only meant to say that loud debate over whether Japan should change its postwar constitution to allow a higher profile for the military was not helpful. He made the remark during a Tokyo speech Monday to an ultra-conservative group The comments have drawn complaints from Jewish groups and neighboring South Korea as an example that Japan has not learned from its militaristic past.

Japan Finance Minister under fire for comment referring to Nazis and constitutional reform

Jeb Hensarling (R-Tex.) has offered the PATH Act , which moves more aggressively toward privatization of the mortgage market. It would: Wind down Fannie and Freddie within five years Centralize all housing finance operations within a Federal Housing Administration, independent of the Department of Housing and Urban Development. Establish limits for federally-insured mortgages, including a minimum down payment of 5 percent and 3.5 percent for first-time home buyers, and caps on the price of the home depending on the area median income. It also prohibits borrowers from getting another FHA mortgage for seven years after they go into foreclosure. Set up a National Mortgage Market Utility as a nonprofit platform that develops standards for servicing, pooling, and securitizing residential mortgage loans, as well as serves as a repository for mortgage data Delay some effective dates of all Dodd-Frank mortgage rules for another year to allow community financial institutions time to comply Repeal the provision of Dodd-Frank that requires securitizers to maintain an interest in the credit risk of asset-backed securities, which was designed to incentivize viable underwriting rather than mortgage origination volume.

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