financial reform

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Financial World's 'Ray Rice Video' Has Arrived

Regulators seem cowed by banks in recordings obtained by ProPublica

(Newser) - Those interested in why federal regulators seem unable to rein in big banks might want to check out a new ProPublica report and a companion piece airing on public radio's This American Life this weekend. The reports center on secret recordings made by Carmen Segarra, a Federal Reserve specialist... More »

JPMorgan Report Brings Back Calls to Break Up Banks

'Epic breakdown' in oversight led to $6B loss

(Newser) - A Senate subcommittee report on JPMorgan Chase has slammed America's biggest financial institution so hard for trying to hide $6 billion in losses tied to the "London Whale" fiasco that business analysts are once again talking about the need to break up the biggest banks, reports Bloomberg . JPMorgan... More »

Senate Dems Blow Off Obama's Budget Wish List

Leadership struggling to pass spending bill

(Newser) - As they rush to pass a continuing resolution to fund the government, one might imagine that Senate Democrats would heed President Obama's requests for funds for health care or Wall Street reform, but that's not exactly the case. Republicans didn't include those things in the House budget,... More »

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 »

What Wall Street Reform? 77% of Deadlines Blown

Bureaucracy, opposition threaten to derail Dodd-Frank altogether

(Newser) - It's been 15 months since the Dodd-Frank financial reform bill was passed, but so far the federal agencies responsible for implementing the bill have missed 77% of the rule-making deadlines, reports Politico . But officials are divided on what the delay means: Some Democrats think Republicans are stalling in hopes... More »

5 Demands for Protesters on Wall Street

Start with ending financial monopolies: Matt Taibbi

(Newser) - Matt Taibbi of Rolling Stone loves the Occupy Wall Street protests, no surprise from the journalist who famously likened Goldman Sachs to a "vampire squid." The movement is "the logical answer to the Tea Party and a long-overdue middle finger to the financial elite," and it'... More »

BofA CEO: We Have a Right to Make a Profit

'Our customers will understand' $5 debit card fee

(Newser) - Bank of America CEO Brian Moynihan defended his bank’s controversial new $5 debit card fee in a CNBC interview yesterday, saying that most customers would avoid it, and that the bank had given customers plenty of warning about it. Asked to respond to President Obama’s statement that banks... More »

Obama Taps Ex-Ohio AG for Consumer Bureau

Elizabeth Warren passed over in hopes of avoiding Senate brawl

(Newser) - Elizabeth Warren is officially out at the Consumer Financial Protection Bureau: President Obama will tomorrow instead nominate former Ohio AG Richard Cordray to lead the agency, reports the Columbus Dispatch. Cordray is currently the bureau's enforcement director, and Obama will likely dodge the Senate dogfight that would have... More »

Banks Jack ATM Fees, Blame Reform

Chase is experimenting with a $5 fee for non-customers

(Newser) - If you’re far from an ATM belonging to your own bank, brace yourself to shell out a few bucks. Banks across the country are hiking ATM fees, Credit.com reports. Chase, for example, is charging non-customers $5 to use their ATMs in an Illinois pilot program—and that’s... More »

Very Quietly, GOP Looks to Repeal Financial Reform

But Dodd-Frank law is more popular with public than health care

(Newser) - When House Republicans began efforts to repeal Obamacare, they did so with much fanfare. Not so for their efforts to repeal another major Obama effort: the financial reform Dodd-Frank law. Republicans quietly took the first step toward repeal yesterday, introducing the first five bills targeting Dodd-Frank at a lightly attended... More »

What GOP Will Do With a House Majority

Republicans will cut off cash to key Dem initiatives

(Newser) - If Republicans win the House in November, they’ll highlight their differences with Democrats by starving signature policies—like health care—of cash, the Wall Street Journal reports. Although the GOP hopes to repeal the health care bill in the House, such a measure would likely fail in the Senate,... More »

Obama May Sneak Warren in as 'Interim' Consumer Chief

...for an indefinite period of time

(Newser) - President Obama is considering making Elizabeth Warren the quote-unquote interim director of the Consumer Financial Protection Bureau, as a way of avoiding a Republican filibuster, a White House source tells the Huffington Post. Appointing Warren on an interim basis would allow her to begin setting up the agency she invented... More »

Obama, Stop Snubbing Progressives

This one's easy: Pick Elizabeth Warren

(Newser) - President Obama is having well-documented troubles with progressives , partly because their "sky-high expectations" have collided with political reality, writes Paul Krugman. But the president deserves a fair share of the scorn because of his "consistent snubbing of those who made him what he is." The latest: his... More »

Surprise: Finance Bill Forces Diversity on Wall Street

Wording makes firms prove 'fair inclusion' of women and minorities

(Newser) - Turns out that hidden inside the massive financial reform bill that was signed into law last week were a few words that appear to give the government new leverage to push Wall Street firms to hire more women and minorities. The bill gives the government the right to terminate contracts... More »

Whistleblowers Hit Jackpot Thanks to New Finance Law

Get ready for a nation of SEC-loving paid informants

(Newser) - The new financial reform law contains a little-noticed provision that could do a lot to clean up Wall Street—a whistleblower incentive. Under the new law, anyone who provides “original information” that leads to a successful SEC fraud case will be entitled to 10% to 30% of whatever fines... More »

Ignore Carping: Let Warren Run Consumer Agency

Banks are afraid she's too tough, but she's spot on

(Newser) - Some powerful forces are lining up to ensure that Elizabeth Warren isn’t chosen to head the Consumer Protection Financial Agency, which is absurd, writes David Weidner of the Wall Street Journal , because “there really is no other choice.” Warren invented and championed the whole idea of the... More »

Goldman Sachs Boosts Lobbying Costs 40%

Banks want to shape finance reform

(Newser) - Goldman Sachs is spending more and more in Washington—The bank upped its lobbying spending by nearly 40% in the second quarter and has already spent almost as much in the first half of this year as it did in all of 2009, notes the Huffington Post . The company... More »

Congo Tucked Into Depths of Financial Reform Bill

Provision targets conflict minerals...used in your cell phone

(Newser) - Hidden in the recesses of the financial reform bill is a provision that could rock the US electronics industry. From now on, companies will be required to disclose what steps they’re taking to ensure their products—think cellphones, laptops, and medical devices—don’t contain minerals from the Congo,... More »

Obama Signs Finance Reform

Calls it the end of taxpayer-funded bailouts

(Newser) - President Obama today signed into law the most sweeping reform of financial regulations since the Great Depression, a package that aims to protect consumers and ensure economic stability from Main Street to Wall Street. The law, pushed through mainly by Democrats in Washington's deeply partisan environment, gives the government new... More »

Obama Sticks to Agenda, Polls Be Damned

He's 3 for 3 on stimulus, health care, financial reform

(Newser) - President Obama completed a legislative hat trick yesterday, as he passed a landmark financial reform bill, to go alongside his landmark health care bill, and his mammoth stimulus bill. These victories essentially line up with his campaign promises, but they’ve come at a political cost, giving plenty of ammunition... More »

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