By Steven K. Beckner

(MNI) - Kansas City Federal Reserve Bank President Thomas Hoenig laments that little was learned from the financial crisis of the 1980s in the run-up to the recent crisis in the foreword to a newly released book published by his Bank.

The small but entertaining book, written by Kansas City Fed public affairs officer Timothy Todd, is a biographical tribute to the late and well-respected Bill Taylor, former head of banking supervision for the Fed and former chairman of the Federal Deposit Insurance Corporation.

By Yali N'Diaye

WASHINGTON (MNI) - The Securities and Exchange Commission Wednesday unanimously voted to adopt rules curtailing the practice in which investment advisors pay elected state officials or make political contributions in order to be selected to manage money from public pension funds, retirement or even college plans.

The rule, however, does not impose a full ban on the use of third party placement agents, which could change should the latter show no sign of improving behavior.

ROME (MNI) - Today's lower-than-expected allotment in the European Central Bank's three-month refinancing operation was part of the orderly transition expected and intended by the European Central Bank, ECB President Jean-Claude Trichet said Wednesday.

Referring to the various measures the ECB is relying on to manage liquidity, Trichet said, "all this in our view has been designed to permit as orderly as possibly a transition and it is what we think will come."

BERLIN (MNI) - None of the candidates for the German presidency received the required absolute majority in a second round of voting this afternoon, thus leaving the outcome still undecided.

A third round of voting is scheduled for around 16:00 GMT today.

The German President, who has a principally ceremonial role, is elected by parliamentarians from the federal and the state governments in the so-called Federal Convention. In the first two rounds of voting an absolute majority is required. In the third round a plurality will suffice.

WASHINGTON (MNI) - The following is the text of a European Commission statement on the WTO ruling regarding EU subsidies for Airbus released Wednesday:

European Commission Statement on the Publication of the Final Report in the "Airbus" WTO case

By John Shaw

WASHINGTON (MNI) - The House is scheduled to vote Wednesday afternoon on legislation that would provide for the most sweeping changes in the U.S.'s financial regulatory system since the Great Depression.

WASHINGTON (MNI) - The following is the text of a statement from the U.S. Trade Representative on the WTO ruling on EU Airbus subsidies released Wednesday:

WASHINGTON (MNI ) - The following is the text of a release Tuesday the U.S. Securities and Exchange Commission, which is considering a rule banning 'Pay to Play' Practices by investment advisers: