bank regulation

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Shelby, Dodd Expect Bipartisan Financial Reform

January markup possible as fears of a partisan battle fade

(Newser) - Hoping to avoid a repeat of the health care dogfight, Chris Dodd and Richard Shelby think they’ve made “meaningful progress” on a bipartisan deal on financial regulatory reform. Dodd’s initial solo draft of the bill drew Republican jeers asked top members of his Senate Banking committee to...

McCain, Cantwell Join Forces to Break Up Banks

Unlikely duo sponsor bill to reinstate Glass-Steagall

(Newser) - John McCain, reconnecting with his inner maverick, has teamed up with liberal firebrand Maria Cantwell on a bill to break up Wall Street banks by reinstating the Glass-Steagall Act. The Depression-era law, dumped a decade ago, enforced a split between commercial banking and investment banking. The effort to bring it...

Ron Paul Poised to Finally Pass Fed Audits

For first time in nine tries, amendment goes to House floor

(Newser) - For Ron Paul, it's got to be sweet. The financial regulatory reform bill that opened for debate in the House today contains Paul's amendment to subject the Fed to congressional audit—his ninth try in 11 years in office to get a Fed-curbing proposal into play. Until now, none of...

Give Thanks We're Not Thanking Wall St.
Give Thanks We're Not Thanking Wall St.
THOMAS FRANK
Nov 25, 2009 8:04 AM CST

Give Thanks We're Not Thanking Wall St.

Be grateful for new skepticism on financial industry

(Newser) - There won't be a lot of people thanking the financial industry this Thanksgiving, and that in and of itself may be cause to be thankful, writes Thomas Frank. There's been a shift in thinking and newly skeptical Americans no longer believe that the market is omniscient or that colossal Wall...

Danger Signs Ignored at Failed Banks

Regulators knew loans were toxic but didn't act

(Newser) - "Post-mortems" on banks that failed during the financial crisis are exposing serious misjudgment by state and federal regulators. Inspectors-general are finding at bank after bank that regulators were aware that risky and potentially toxic loans were being made while the economy was booming, but failed to take action, the...

Financial Reform: How to Prevent Another Greenspan
Financial Reform: How to Prevent Another Greenspan
Thomas Frank
Nov 11, 2009 9:44 AM CST

Financial Reform: How to Prevent Another Greenspan

Reform plans may hand regulation over to fervent deregulators

(Newser) - There's a lot riding on reform of the financial industry, but the administration's plans to overhaul financial regulation carries the seeds of its own destruction, writes Thomas Frank. Taking oversight away from the present confusing array of agencies and making the Federal Reserve One Big Regulator means that when the...

Dodd Unveils Sweeping Financial Overhaul Bill

It would create new oversight agencies

(Newser) - Chris Dodd introduced a sweeping financial regulation bill that creates no fewer than three new agencies to oversee the banking industry. Dodd’s bill creates an Agency for Financial Stability to identify systemic risks to the economy as a whole. It entrusts all bank supervision to the Financial Institutions Regulatory...

Dodd Declares War With Senate Bank Bill

Senator readies radical overhaul of finance regulation

(Newser) - A Senate bill that would fundamentally change the structure of banking regulation is headed for a clash with both the House and the White House. Christopher Dodd is readying a proposal to strip the Fed and FDIC of almost all bank-supervision powers, creating in their place a new agency that...

Geithner to Bankers: Crackdown Is 'War'

Treasury secretary tells Wall Street it must accept regulation

(Newser) - Tim Geithner had tough words for Wall Street bankers yesterday, telling the financial industry's annual conference that they had no credibility to protest new regulation. The Treasury secretary said government had a responsibility to crack down on dangerous practices on the Street and design new laws allowing seizures of institutions...

Frank, Geithner to Roll Out 'Too Big to Fail' Bill

New rules will impose 'living wills' for banks

(Newser) - After months of negotiations, Congress and the Obama administration are ready to introduce new rules on financial institutions deemed "too big to fail." Barney Frank, who heads the House Financial Services Committee, will present a bill as soon as this week that will let the government seize...

Obama, Dems Are Free Market Crusaders
Obama, Dems Are Free Market Crusaders
OPINION
Oct 21, 2009 11:01 AM CDT

Obama, Dems Are Free Market Crusaders

Wall Street, health industry are the ones opposed to competition

(Newser) - The champions of the free market are on the march, but it's not who you think. It’s the Democrats who want to put health insurance on open exchanges where consumers can easily compare them, with a public option to inject competition into an “oligopolistic market,” points out...

Wall Street Doing Its Best to Buy Schumer

Hands NY Dem $1.65M as vote looms on new financial regulations

(Newser) - With a vote looming on Barack Obama’s plan to revamp financial regulations, Wall Street has shoveled $10.6 million into Senate campaign chests this year. Most of that money, $7.7 million, has gone to Democrats, and more than 15% has gone to one man: Chuck Schumer. Schumer’s...

Volcker: Obama Plan May Lead to More Bailouts

Former Fed chief faults strategy of 'too big to fail'

(Newser) - A top White House economic adviser says the Obama administration's proposed overhaul of financial rules preserves the policy of "too big to fail" and could lead to future bailouts. Former Fed chief Paul Volcker told Congress that by designating some companies as critical to the broader financial system, the...

Goldman May Break Charter to Duck Pay Rules

Investors see financial giant shedding year-old bank status

(Newser) - With the Federal Reserve busily drafting rules to limit pay for bank executives, some investors believe Goldman Sachs will simply stop being a bank, Reuters reports. By shedding its year-old commercial banking charter, acquired in the heat of the financial meltdown to ensure access to credit, Goldman could elude restrictions...

US, Europe Clash on Banking Reforms

G-20 agreement on capital requirements likely to remain elusive

(Newser) - The US and Europe are moving further apart on plans for post-financial crisis banking reform ahead of this week's G-20 summit, the Wall Street Journal reports. Both sides agree that banks should be required to keep more capital on hand to cushion them from crises, even at the cost of...

Obama to Wall Street: Prepare for Reform

(Newser) - President Obama visited Wall Street’s historic Federal Hall today, on the anniversary of Lehman Brothers' collapse, to make the case for the financial regulatory reforms wending their way through Congress. He spoke of the need for “strong rules of the road” for the financial system. “History cannot...

Post-Lehman, 'Washington Is the New Wall Street'

Nation's political and financial capitals

(Newser) - For decades, more than just 228 miles separated Wall Street from Washington, as financiers cast a casual eye at government regulators. But a year after Lehman Brothers’ dramatic implosion, the nation’s financial and political capitals are forging a new, closer relationship that has some concerned, David Cho, Steven Mufson,...

Greenspan: 'Crisis Will Happen Again'
Greenspan: 'Crisis Will Happen Again'
INTERVIEW
Sep 9, 2009 5:26 AM CDT

Greenspan: 'Crisis Will Happen Again'

Former Fed chairman denies responsibility, blames human nature

(Newser) - Another financial crisis is inevitable "unless somebody can find a way to change human nature," says Alan Greenspan in an interview with the BBC. The former Fed chairman—who has faced stinging criticism for his own role in precipitating the 2008-09 global recession—denied any responsibility for the...

Stanford 'Fraud Scheme Sealed With Blood Oath'

Banker accused of giving bribes, Super Bowl tickets to Caribbean regulator

(Newser) - Alleged Ponzi schemer Allen Stanford cut his wrist and made a secret blood pact with the banking regulator of the island of Antigua, where his bank operated, according to court documents. Stanford and the official pressed their bloody wrists together in a "brotherhood ceremony," after which the...

Frank Rewriting Wall Street Rules as Public Yawns

(Newser) - Barney Frank is working on the biggest legislation of his career, and no one seems to care. Frank, the chairman of the House Financial Services Committee, is preparing for markup sessions on a bill to revolutionize America’s financial regulatory structure. “It’s been eclipsed obviously in the public’...

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