January 14, 2010
Wall Street’s chiefs acknowledged taking on “too much risk” and having “choked” on their own cooking, but stopped short of an apology as they sparred with a commission looking into the financial crisis. The first public hearing of the Financial …
January 8, 2010
Two prominent U.S. lawmakers Friday called for U.S. Treasury Secretary Timothy Geithner to testify to help determine if the New York Federal Reserve Bank improperly influenced insurer AIG to withhold information on its payments to banks after a government bailout. …
December 3, 2009
Lawmakers in the House of Representatives voted Wednesday to give government regulators the power to break up financial firms that threaten economic stability, and to expose the Federal Reserve to unprecedented congressional scrutiny. In a milestone for the Obama administration’s …
November 18, 2009
In an open letter addressed to Barney Frank, the Chairman of the House of Representatives Committee on Financial Services, the largest U.S. insurance trade associations expressed their concerns over the recently passed Financial Stability Act’s possible implications. The letter, signed …
October 28, 2009
The Obama administration made gains Tuesday in its push for U.S. financial reform, unveiling a landmark bill to tackle systemic risk in the economy and winning congressional committee approval for a measure to expose hedge funds to more government scrutiny. …
October 28, 2009
Credit rating agencies would be more tightly regulated and more exposed to lawsuits under legislation approved Wednesday by the U.S. House Financial Services Committee. In another procedural step forward for the Obama administration’s and congressional Democrats’ push for financial reform, …
October 21, 2009
A U.S. congressional committee has dropped a key provision from a financial reform bill aimed at reducing investor reliance on credit ratings, according to draft legislation released on Tuesday. The provision, first proposed by the Obama administration, calls for across-the-board …
September 23, 2009
The following are excerpts from Rep. Barney Frank’s memo to Democratic lawmakers on the possible changes to the proposed Consumer Financial Protection Agency. Nonfinancial Businesses Exempt – Merchants, retailers and other nonfinancial businesses will be excluded from the regulation and …
September 23, 2009
U.S. Treasury Secretary Timothy Geithner argued forcefully Wednesday for creating a government watchdog for financial consumers, while giving cautious support to paring back its scope. Amid stiff resistance by banks and Republicans to the proposed Consumer Financial Protection Agency, Geithner …
September 8, 2009
The Obama administration’s ambitious plan to overhaul U.S. financial regulation was bogged down in Congress as it returned from a long recess Tuesday. With no clear path forward in the Senate, analysts and lobbyists said Democrats would be hard-pressed to …