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NEWS ABOUT: bank regulation

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... More »

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... More »

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... More »

Volcker: Obama Plan May Lead to More Bailouts

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

(AP) - 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... More »

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... More »

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... More »

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... More »

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,... More »

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... More »

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... More »

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’... More »

Change the Fed, Keep Bernanke

(Newser) - The Federal Reserve is ripe for some major changes everywhere but at the top, Steven Pearlstein writes for the Washington Post. It's finally clear that the job "involves a lot more than adjusting interest rates," and we've seen the drain that happened when we "left the previous... More »

Feds Probe Shady Market for Derivatives

Banks may have unfair edge in information on credit-default swaps

(Newser) - The Justice Department is probing the market for credit-default swaps, the largely unregulated derivatives that contributed to the financial crisis, Bloomberg reports. Justice is investigating whether big banks have unfair access to price information through their ownership of a private company that provides data to investors. The Obama administration wants... More »

'Hot Money' Prompts Small Bank Collapses

Deposits from brokers, used to ignite growth, fueled risky loans

(Newser) - A boom-time reliance on something known as "hot money" to boost growth has left many of America's small and regional banks with their fingers badly burnt, the New York Times reports. Brokers provided billions in deposits to ambitious banks seeking to grow fast, but the high interest rates needed... More »

Obama's Bank Plan Punts on Tough Parts

Krugman, Pearlstein agree: It doesn't address key problems

(Newser) - Barack Obama knows what caused the financial crisis, but his regulatory plan “basically punts on the question of how to keep it from happening all over again,” writes Paul Krugman in the New York Times. Obama’s plan takes the crucial step of regulating the “shadow banking”... More »

On Financial Reforms, Obama Is No FDR

Proposed regulatory fixes don't actually fix much: Nocera

(Newser) - President Obama is hardly living up to the hype on fiscal regulatory reform, and he's not matching Franklin Roosevelt, either. When FDR reformed financial regulation, he transformed the industry, cheerfully making enemies in the process. Obama has been timid by comparison, writes Joe Nocera of the New York Times: “... More »

Obama Plan Puts Dow Off 7

(Newser) - Markets were mixed today as a perky health-care sector was held in check by poor performance in energy stocks and wariness over President Obama’s financial regulatory plan, the Wall Street Journal reports. Oil and commodities prices slipped as investors seemed to gird for a continued lull in consumer activity.... More »

Obama Proposes More Powerful Fed

(Newser) - President Obama today proposed broad new powers for the Federal Reserve and the creation of new national regulator to ensure against another financial crisis, the Wall Street Journal reports. Under the new plan, the Fed would oversee all components of any banking concern, even its foreign affiliates, and Treasury would... More »

Obama Vows 'Light Touch' in Bank Regulation

Oversight measures aim for 'minimum' to avoid meltdown

(Newser) - Today Barack Obama will announce a major financial reform package that will give the Fed, Treasury, and FDIC new powers of regulation and oversight. It's the most substantial shift in financial regulations since the 1930s—but stops short of some of the most radical proposals, including tough limits on derivatives... More »

Geithner, Summers Outline New Regulatory System

(Newser) - The current financial regulatory system “is riddled with gaps, weaknesses, and jurisdictional overlaps,” Treasury Secretary Timothy Geithner and Obama economic guru Larry Summers write in today’s Washington Post. They outline, in broad strokes, their plan to fix it:
  • Capital and liquidity requirements will be raised across the
... More »

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