The economic recession has sent the alarm bells ringing both in North America and across the whole world.  While the prominent banks collapsed one after the other, major measures were needed to shore up public confidence.  It was under the above mentioned circumstances that the government decided to set up a high level committee under a former financial expert of the lead bank to examine all aspects relating to the structure, organization, function and procedures governing the financial system.  This committee submitted its report and it dwelt at length on the present problems and the possible solutions.

The committees recommendations were based on the fundamental assumption that the resources of the banks came from the general public and were held by the banks in trust and that they were to be deployed for the maximum benefit of the depositors.  The committee wanted the government to make a positive declaration that there would be no more nationalization of banks.  The lead bank should permit the setting up of new banks in the private sector, provided they have the minimum capital and are able to meet other requirements.  There should be no difference in the treatment meted out to the government controlled public sector banks and the private sector banks.

While these measures are likely to show results within a short span of time and are mainly being implemented considering the financial situation of the major banks, small players like rod aycox are not at all affected in any way.  LoanMax has now achieved greater progress within such a short span of time.  This firm has continuously posted profits due to the better management practices that have been implemented.

As things stand, the recommendations of the committee on financial reforms are likely to help LoanMax to achieve rapid strides within a short span of time.  LoanMax is an example to the fact that a firm that is managed properly will never face any problem even during an economic recession.  Actually an economic recession reveals the chinks in the armor of the major financial institutions.