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NEWS ABOUT: bank regulation

Obama to Launch Radical Bank Reform

Changes will be the most ambitious since the Great Depression

(Newser) - President Obama will unveil next week sweeping new changes to the nation’s governance of troubled financial institutions, the AP reports. Unlike Washington’s temporary ownership stake in automakers and major financial companies, the new regulatory protocol will be permanent and will present the most ambitious revision since the 1930s.... More »

Brown's Woes Offers Obama Reality Check

Voters don't reward economic competence after crisis: Krugman

(Newser) - The Bush administration has taken much of the blame for the American recession, but a "huge housing bubble and a financial crisis" were always on the cards, as Paul Krugman writes for the New York Times. Writing from London, where voters gave Gordon Brown a pummeling in Thursday's elections,... More »

US to Expand Executive Pay Supervision

Administration to announce new rules, add pay-oversight chief

(Newser) - The Obama administration is set to announce new executive pay guidelines for banks and other corporations that have received bailout funds, the New York Times reports. Any company that’s taken two rounds of TARP cash—including Citigroup, Bank of America, AIG, GM and GMAC—will have to get pay... More »

New SEC Chair Stakes Out Her Territory

Schapiro moving decisively to overhaul troubled agency

(Newser) - As soon as she took over the SEC, Mary Schapiro started making changes. She scrapped rules that had hindered investigators, hired a new enforcement director, and refocused regulators on high-profile financial crisis-related cases. “I wanted to be clear from my first day—not just with words, which are pretty... More »

Obama's Financial Regulation Plan Nearly Ready

(Newser) - The Obama administration is finalizing a legislative proposal that would strengthen the reach of financial regulatory agencies, the New York Times reports. The plan wouldn’t likely consolidate the four major bank regulators, which could meet with fierce opposition in Congress. “I don’t mind overlap as much as... More »

Banks Privately Chafe Against Derivatives Reform

Embrace change in public but quietly fight it

(Newser) - The Obama administration is pushing to reform the market for financial derivatives by requiring new reporting to make trades more transparent. In public, Wall Street is saying it's in favor of the changes, but as the Wall Street Journal reports, the banks are pushing hard against reforms behind the scenes.... More »

White House Plans Unified Banking Regulator

New agency would replace hodgepodge of regulators blamed for financial crisis

(Newser) - The Obama administration is working on plans to create a single agency to do the work of the mishmash of regulators who failed to see the financial crisis coming, the Wall Street Journal reports. The new agency, which may be proposed to Congress next month, would strip powers from the... More »

Geithner Back From the Dead, Politically

Once-ridiculed Treasury chief now on top of his game

(Newser) - After a rough start, Timothy Geithner has found his sea legs. Many were calling for the Treasury secretary’s head after his botched handling of February's bailout speech and the AIG bonuses. But, reports Politico, as the economy stabilizes, Geithner’s getting the hang of things. His regular meetings have... More »

Geithner: Pay Changes Ahead for Bank Execs

(Newser) - The Obama administration intends to push for “very, very substantial change,” in the way Wall Street pays executives, Treasury Secretary Tim Geithner tells Bloomberg. “I don’t think we can go back to the way it was,” he said, arguing that the current big-bonus status quo... More »

How Wall Street Went Hollywood (and Brought Down Our Economy)

(Newser) - During the Great Depression, legend has it a group of Wall Street bankers went to Hollywood to see if it was worth investing in, only to be immediately repulsed by the brazen displays of wealth they saw there. Now that it's the bankers being pilloried for their excesses, writes Neal... More »

Banking Should Go Back to Being Boring

(Newser) - When Paul Krugman was in grad school, nobody wanted to be a banker. Sure, it paid more than being an academic economist, but “everyone knew that banking was, well, boring,” he writes in the New York Times. That was before deregulation came into vogue in the 1980s, turning... More »

At NY Fed, Geithner Saw Risk, Didn't Act

Legacy of missing red flags trails onetime regulator to Treasury

(Newser) - Timothy Geithner spent a lot of time thinking about the derivatives trade as president of the New York Federal Reserve—in 2005 he convinced banks to digitize the market, making it far more efficient. But he never convinced them to scale back risk and never exercised his powers to force... More »

DC Still Turns Blind Eye to Banks: Spitzer

Regulators attempt to save face after failing to prevent crisis

(Newser) - There’s a reason the government seems to have no control—darn the luck—over the banks it’s poured billions into: It’s trying to save face, writes Eliot Spitzer for Slate. Washington has struck a tacit bargain with Wall Street, the ex-governor says: Taxpayers bail out the financial... More »

Thatcher's 'Big Bang' Free-for-All Led to Bust

Pioneers of British '80s deregulation dismayed at unforeseen 'side effects'

(Newser) - The British regulatory reforms that changed the face of the financial industry in the '80s allowed banks to become bloated giants, two architects of the so-called "Big Bang" changes tell the Wall Street Journal. The deregulation let London's financial sector flourish, the men say, but also allowed banks to... More »

Will the Real Chris Dodd Please Stand Up?

Senator part populist, part bank ally

(Newser) - Chris Dodd is a man of contradictions, writes David Whitford for Fortune. The Democratic senator portrays himself as a populist; he’s passed consumer-protection and family-issues laws, and he staunchly opposed the bankruptcy bill. But he’s also received loads of cash from financial companies, including AIG, and played a... More »

Geithner Pitches Overhaul of Financial Oversight

(Newser) - Tim Geithner today proposed a major expansion of federal regulatory powers, reports the Washington Post. In testimony before Congress, the Treasury chief called for hedge funds, derivatives markets, private equity firms, and major insurers like AIG to be brought under strict federal supervision for the first time. His plan, which... More »

Geithner Asks Congress for Broad Takeover Powers

Defends actions during AIG bailout

(Newser) - Timothy Geithner today asked Congress for expanded power to take the helm of big, failing  institutions like AIG and wind them down in an orderly fashion, Reuters reports. “AIG highlights broad failures of our financial system," Geithner said in unusually spirited testimony before the House Financial Services Committee.... More »

Feds Seek Expanded Power to Seize Shaky Companies

Treasury sec should be able to seize non-bank firms, says administration

(Newser) - The Obama administration is expected to ask Congress for expanded powers that would let the Treasury secretary seize insurers, hedge funds, and other non-bank financial companies whose failure would imperil the economy, reports the Washington Post. While negotiations are ongoing, the plans to expand Treasury authority would represent a major... More »

Bernanke: Time to Prevent Next Crisis

(Newser) - Even as the financial crisis rages, Ben Bernanke says it’s time for broad regulatory reforms to stem future crises. Bernanke said today “too big to fail” institutions should be more tightly watched, perhaps by his Federal Reserve. He also admitted that the US hadn’t been prudent with... More »

Madoff Scandal Turns Up Heat on Financial Advisers

Loophole lets Madoff types profit from bad advice, they say

(Newser) - Wall Street advisers and brokers are tussling over the details of a looming regulatory overhaul as Washington takes steps to prevent another Bernard Madoff scandal, Bloomberg reports. Advisers want brokers who counsel clients to be subject to the same oversight they’re under; currently, their brokerage counterparts can profit by... More »

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