So once again, and to be clear, this deal does not add money to discretionary accounts
. It merely reduces the cuts scheduled to take place in fiscal years 2014 and 2015 by $63 billion, spread between defense and non-defense--a $22.5 billion reduction for each in fiscal year 2014 and a $9 billion reduction for each in fiscal year 2015, And the Budget Control Act totals for fiscal years 2016 through 2021 remain the same.
The discretionary account
- around $20 million - is used predominately for art acquisition and museum promotion.
These private banks and wealth managers typically manage clients' assets through defined mandates in discretionary accounts
(often labeled 'conservative', 'balanced' or 'growth') that are very similar to the investment strategies of mutual funds.
In 1990, the Omnibus Budget Reconciliation Act, which at the time was the largest deficit reduction package ever enacted, extracted 45 percent of its savings from discretionary accounts
(Reischaner 1997: 123).
HSBC's private banking division had last week announced that it was discontinuing its service for advisory accounts that have below GBP1m under management and discretionary accounts
that have below GBP300,000 under management.
Finally, two different percentage cuts are provided in the Energy-Water Development division of the act--a 1.6% cut from discretionary accounts
that contain congressionally directed projects, and a 0.91% cut from other discretionary accounts
That improvement was due overwhelmingly to a 49 per cent increase in profits derived from managing discretionary accounts
allow the broker to make trades in a customer's account without obtaining prior approval.
Still a standard brokerage technique, discretionary accounts
allow brokers to buy or sell in a customer's account without prior approval for each transaction.
The data cover contracts held by 126 investment advisory companies authorized to not only advise investors but also manage their assets in discretionary accounts
The fund said authorities should seek to contain spending by restricting the use of the ministerial discretionary accounts
and containing wage increases, moves which would free up funds for spending on education, health, justice and security;