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NEWS ABOUT: bank regulation

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Volcker Rule Too 'Complicated,' Says ... Volcker

Financial lobbyists added too much, claims former Fed chair

(Newser) - How’s this for irony: The Volcker rule is too complex and long … according to the guy whose name is on the rule. "It's much more complicated than I would like to see," said Paul Volcker during a talk in Singapore today. Who’s to blame... More »

Global Bank Rules 'Anti-US': JPMorgan CEO

Jamie Dimon suggests US exit Basel group

(Newser) - A new set of international banking regulations are “anti-American,” the CEO of JPMorgan Chase tells the Financial Times —so much so that the US should seriously consider quitting the regulatory group that set the rules. The Basel group’s new regulations require banks to balance risk-taking by... More »

World's New Banking Rules Are 'Welcome Stuff'

Tough standards are more than lip service

(Newser) - The new rules for the world's banking industry emerging from Switzerland today have some real bite to them, writes Felix Salmon at his Reuters financial blog . In broad strokes, banks will be required to hold more capital in reserve to fend off another meltdown. Banks complain that the new standards—... More »

Credit Card Rates Hit 9-Year High

Card makers jack prices in face of new regulations

(Newser) - Interest rates are tumbling for US Treasuries, companies, and home-buyers. The prime rate is extremely low. Yet for some reason, credit card companies are charging more and more, with average rates hitting a nine-year high of 14.7% in the second quarter, the Wall Street Journal reports. Companies say they’... More »

Democrats Break Financial Reform Filibuster

Scott Brown, Olympia Snowe and Susan Collins cross party line

(AP) - Congress is all but guaranteed to pass the most sweeping financial regulatory reform since the Great Depression this afternoon. In the early session this morning, the Senate voted 60-38 to end debate on the Dodd-Frank bill, setting up a final vote that is scheduled for 2pm this afternoon. Republicans could... More »

Big Banks Laundered Money for Mexican Drug Gangs

Wachovia handled $378.4 billion in drug money

(Newser) - Some of the biggest banks in the US have been helping to funnel hundreds of millions of dollars to Mexican drug gangs, Bloomberg reports. Wachovia, for example, has admitted in court that it didn’t do enough to spot the $378.4 billion in drug money the cartels handed off... More »

Kiss Your Free Checking Account Goodbye

Banks raise fees to make up for lost overdraft bonanza

(Newser) - The free checking account could soon be a thing of the past, as Bank of America and other banks introduce a pile of new fees, telling the Wall Street Journal that they need to replace revenue lost because of new regulatory rules protecting consumers from surprise overdraft fees. To avoid... More »

Banks Secretly Pleased With Wall Street Reform Bill

It'll curb profits, but won't reduce their power

(Newser) - Despite their public protestations, behind closed doors, Wall Street executives are pretty pleased with how financial reform legislation is shaping up, sources tell the New York Times . “If you talk to anyone privately, there's a sigh of relief,” says one investment banker. “It'll crimp the profit pool... More »

GOP Focuses on Single Word in Financial Reform Fight

And the bill's offending word is: 'significantly'

(Newser) - Republicans have found another reason to oppose financial reform: They claim it will impose regulations on dentists, florists, and plenty of other small businesses, all because of a single word: “significantly.” The Senate bill states that the Consumer Protection Agency will only regulate those who provide significant consumer... More »

Hedge Funds Get 'Sweet Deal' in Finance Bill

Thanks to an army of lobbyists, they've dodged reforms

(Newser) - While Wall Street banks are being hauled before Congress for public reprimand, hedge funds and private equity firms have floated blissfully above the fray, thanks to an army of well-connected lobbyists. More than half of the 83 new lobbyists who signed up with the industry's two main trade groups last... More »

Liberals Push to Toughen Bank Bill

See Goldman troubles as opening to break up banks, restore firewall

(Newser) - The Left is suddenly playing offense in the push for financial reform legislation, with liberal senators preparing a barrage of amendments to beef up the bill. One would break up the nation's six largest banks—Goldman Sachs, JPMorgan, Bank of America, Wells Fargo, Citigroup, and Morgan Stanley—whose combined assets... More »

Why We Need a Bank Tax

There will be future bailouts, so make banks pay their share

(Newser) - The recent financial crisis wasn't the first time banks needed a taxpayer bailout, and it won't be the last. That's why a bank tax is the best way to protect taxpayers from the cost of future crises, David Leonhardt writes in the New York Times —better than the current... More »

Voinovich to Break GOP's Finance Filibuster

And he expects 'a whole bunch' of Republicans to join him

(Newser) - If Senate Republicans don't strike a deal with Democrats on financial reform soon, George Voinovich is going to cross party lines to insist on a floor debate—and he expects “a whole bunch” of other Republicans to make the same decision, he said yesterday. The American people “want... More »

Republicans Want to Abolish Financial Firemen

McConnell is doing Wall Street's bidding

(Newser) - Mitch McConnell wants to abolish fire departments—they just bail out burning buildings. We won’t get out of this mess until the biggest buildings are allowed to burn! That’s essentially what McConnell’s latest assault on financial reform amounts to, writes Paul Krugman in the New York Times ... More »

Obama to GOP: Go Ahead, Make My Day

He won't compromise on financial reform; dares them to vote nay

(Newser) - After a tense meeting on financial reform with GOP leaders yesterday, Barack Obama put on his Michael Corleone face and told them his final offer was this: nothing. The president made it clear that he wouldn’t accept any compromise that would weaken the legislation, and essentially dared Republicans to... More »

Republicans Say Financial Reform Will Pass

'This is so unlike the health care debate,' says Bob Corker

(Newser) - Two top Republican Senators say Barack Obama’s bid to overhaul the financial regulatory system is sure to get through the upper chamber. “This is so unlike the health care debate,” Bob Corker told Politico , saying Republicans had made a “major strategic error” by refusing to negotiate... More »

Boehner to Bankers: Beware Pro-Reform 'Punk Staffers'

Still, House minority leader says bill will take a year to pass

(Newser) - John Boehner gave comfort to an “enthusiastic” gathering of bankers yesterday, telling them that even if the Senate passes financial reform legislation it will languish in the House for many moons. “It’s just as likely that we’ll be talking about the same issue a year from... More »

SNL Presidents Return to Push Financial Reform

Will Farrell, Dana Carvey and more return

(Newser) - The SNL presidents—from Will Ferrell’s George W. Bush to Chevy Chase’s Gerald Ford—have teamed up to produce a sketch advocating financial regulatory reform. OK, Phil Hartman wasn’t brought back from the dead to do Reagan, but Jim Carrey provides a worthy fill-in. The video was... More »

Krugman on Finance Reform: Go Big, or Go Home

No reform better than current Senate bill

(Newser) - Paul Krugman comes out against passing a watered down financial regulatory reform bill today, saying the current Senate bill would provide only a “false sense of security and a fig leaf for politicians opposed to any serious action.” Republicans, driven by bank lobbyists and their strategy of opposing... More »

Obama Ready to Compromise on Finance Reform

Would sacrifice standalone consumer agency to pass bill

(Newser) - The Obama administration says it’s willing to scrap elements of its financial regulatory reform effort—particularly a standalone consumer protection agency—if it’ll help the bill sprint through Congress. Republicans have complained that a standalone agency would be a new bureaucracy, so team Obama says it’s open... More »

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