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Economic Effects of the United Nations Moratorium on High Seas Driftnet Fishing
This report presents documentation of the status and trends in the driftnet fleet (Asian fishing vessels carrying large driftnet fishing gear), a summary of the industry and governmental plans for the near future, and an assessment of possible fleet adaptations to the moratorium from a political/economic perspective.
The Federal Reserve's Arrangement for Emergency Loans to Japanese Banks
The U.S. Federal Reserve reportedly has an arrangement with the Bank of Japan to provide emergency loans to Japanese banks operating overseas in exchange for U.S. Treasury securities. The collateralized loans would be extended on short notice for banks facing emergency liquidity needs. The purpose of the arrangement is to forestall the possible sale by Japanese banks of large amounts of U.S. Government securities (thereby raising U.S. interest rates) and to boost confidence in Japan's financial system. The loans would not risk U.S. taxpayers' funds. The Chairmen of both House and Senate Banking Committees have made statements about the arrangement, thus making it a matter oflegislative interest.
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