Wall Street regulation

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Biden Crashing Tampa During GOP Convention

He compares Wall Street reform critics to 'squealing pigs'

(Newser) - Top Republicans arriving in Tampa for the Republican National Convention next week are going to have a rival for attention: Joe Biden is coming to town. The Obama campaign has confirmed that the vice president will be in the Tampa area for campaign events early next week, Politico reports. RNC...

JPMorgan Fiasco Exposes Hapless Regulators
JPMorgan Fiasco Exposes Hapless Regulators

JPMorgan Fiasco Exposes Hapless Regulators

Nicole Gelinas complains that too big to fail is still all too real

(Newser) - How pathetic was the supposed financial reform of the Dodd-Frank bill? So bad that not only did it not prevent JPMorgan's massive trading loss, no one is sure if it was even supposed to, writes Nicole Gelinas of the New York Post . The bill is supposed to prohibit "...

Hey, Wall Street: Shut Up About Bonuses
 Hey, Wall Street: 
 Shut Up About Bonuses 
Matt Taibbi

Hey, Wall Street: Shut Up About Bonuses

Matt Taibbi says bankers are still overpaid

(Newser) - Matt Taibbi was incredulous when he read a recent New York piece in which Wall Street denizens whined that Dodd-Frank was limiting their bonuses. "I watch what I spend," one banker lamented, "but my girlfriend likes to eat good food," which adds up fast. "Quelle ...

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...

Jon Corzine's Company Missing $700M

Feds probe MF Global after today's bankruptcy

(Newser) - A financial firm headed by former New Jersey Governor Jon Corzine is missing about $700 million, federal investigators say. MF Global, which filed for bankruptcy today , was trying to sell part of itself to a brokerage firm when the shortfall was discovered. Regulators will likely pounce if MF Global used...

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...

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...

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...

Most Productive Congress Since 1960s Adjourns

111th passed vast legislation in 'dysfunctional' environment

(Newser) - The 111th Congress adjourned last night, after passing more key legislation that affected more Americans than any since Lyndon Johnson’s 1960s “Great Society,” Bloomberg reports. That included $1.67 trillion spent to save the economy, health insurance for 32 million people, and new regulations on Wall Street;...

Senate Passes Landmark Financial Reform

Measure goes to President Obama for his signature

(Newser) - Congress sent legislation to President Obama today that imposes sweeping new regulations on Wall Street and creates new protections for millions of US consumers. The Senate's 60-39 vote came nearly two years after a financial crisis knocked the US economy to its knees. At a whopping 2,300 pages, the...

Brown, Snowe Give Dems 60 Votes to Pass Wall Street Bill

GOP yeas mean they don't need Byrd replacement

(Newser) - With New England Republicans Olympia Snowe and Scott Brown on board, Senate Democrats appear to have the 60 votes they need to pass the Wall Street reform bill. The move by Snowe and Brown means Dems won't have to wait for the appointment of a successor to the late Sen....

GOP Blocks 3 Anti-Wall Street Moves

Senate Republicans slam amendments

(Newser) - Maybe Dems don't have the momentum they thought they had: Senate Republicans yesterday blocked three amendments Wall Street hates. The first and most controversial, known as Levin-Merkley, would have banned commercial banks from trading for their own benefit with taxpayer money. The second would regulate payday loans, while the third...

Congress Arms Finance Reform With Big Guns

Unlike health care, bill is anything but watered down

(Newser) - After the pinball-esque drubbing health reform took before Congress spit it out, it's Wall Street's turn. But, reports Politico , the financial reform bill making its way through the Capitol is actually picking up fangs rather than being rendered toothless. Democrats know they have the wind at their backs, Republicans can't...

Why We Need a Bank Tax
 Why We Need a Bank Tax 

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...

Democrats Defy Wall Street, GOP on Bank Reform

Banks trying mightily to kill restrictions on derivatives

(Newser) - Democrats defied Wall Street lobbyists’ push to kill new reforms on derivative trading yesterday, and got an earful from Republicans for their troubles. Goldman Sachs, JPMorgan, and Morgan Stanley have been leaning heavily on Blanche Lincoln’s Agriculture Committee to scrap a plan to force derivatives—which, incidentally, played a...

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