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In Victory for Trump, Congress Approves Dodd-Frank Rollback

Legislation heads to president's desk

(Newser) - Congress moved Tuesday to dismantle a chunk of the rules framework for banks, installed to prevent a recurrence of the 2008 financial crisis that brought millions of lost jobs and foreclosed homes. The House voted 258-159 to approve legislation rolling back the Dodd-Frank law, notching a legislative win for President...

Senate Votes to Roll Back Post-Crisis Bank Safeguards

Some Democrats join GOP in vote to loosen Dodd-Frank

(Newser) - The Senate passed bipartisan legislation Wednesday designed to ease bank rules that were enacted to prevent a relapse of the 2008 financial crisis that caused millions of Americans to lose their jobs and homes. The Senate voted 67-31 for a bill from Republican Senator Mike Crapo of Idaho that would...

Trump Takes on Dodd-Frank, Says Friends 'Can't Borrow Money'

He signed an executive order targeting financial restrains on banks

(Newser) - President Trump launched his long-promised attack on banking rules that were rushed into law after the nation's economic crisis, signing new orders Friday, the AP reports. Wall Street cheered him on, but Trump risks disillusioning his working-class voters. Trump directed his Treasury secretary to review the 2010 Dodd-Frank financial...

Obscure Act, Used Only Once, Could Undo Obama Rules

House Republicans voted to repeal 2 regulations

(Newser) - Moving to dismantle Barack Obama's legacy on the environment and other issues, House Republicans approved a measure 228-194 Wednesday that scuttles a regulation aimed at preventing coal mining debris from being dumped into nearby streams. Lawmakers also voted 235-187 to rescind a separate rule requiring companies to disclose payments...

Trader Gets 3 Years in First 'Spoofing' Conviction

He was found guilty of 'spoofing' trades

(Newser) - Futures trader Michael Coscia has earned himself a footnote in books about financial crime and a cell in a federal prison for three years after becoming the first person ever convicted of "spoofing" in the US. Coscia, the 54-year-old chief of the Panther Energy Trading firm, was the first...

Hillary Clinton to Jeb Bush: Americans 'Don't Need a Lecture'

The Democratic candidate outlines her economic ideas in New York

(Newser) - Hillary Clinton outlined her economic ideas today at The New School in New York City, taking cracks at Republican candidates and even a subtle jab at the Obama administration, the AP reports. Among the highlights:
  • Clinton took umbrage at Jeb Bush's remark that Americans "need to work longer

The Volcker Rule Is Here! Will It Work?

FDIC, Fed unanimously approve regulation banks have lobbied against

(Newser) - The FDIC and Federal Reserve both unanimously approved the long-debated Volcker Rule today, and three other regulatory agencies plan to before the day is out, making it official. The rule, named for and originally proposed by Paul Volcker, aims to ban proprietary trading, "or in plain English," as...

Lame-Duck Congress Back as Fiscal Cliff Looms

Postal Service, Sandy relief may also be on agenda

(Newser) - Congress is back in Washington today, bracing for battle over how to avoid the fiscal cliff. Legislators have seven weeks to hit on a deal, with tax cut extensions taking center stage, notes Reuters . But analysts warn that "the longer it takes the president and Congress to negotiate a...

Obama: Romney's a Bullsh***er

President gives wide-ranging cover interview with 'Rolling Stone'

(Newser) - President Obama sat for a wide-ranging cover interview with Rolling Stone, and took a not-very-subtle jab at his opponent right off the bat, reports Politico , which notes the president's "genuine disdain" for Mitt Romney. When told by his interviewer that his 6-year-old told him to tell the president,...

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 "...

JPMorgan Chase Pushed for Trading Loophole

What could possibly go wrong?

(Newser) - Jamie Dimon and other top executives at JPMorgan Chase personally pushed for loopholes in the nation's new regulatory laws allowing for the type of risky trading that resulted in the bank's new $2 billion loss , reports the New York Times . In fact, one meeting in February between bank...

Shareholders to Citi CEO: No $15M Payday for You!

'There's good pay, and there's obscene pay'

(Newser) - Do you think Citigroup CEO Vikram Pandit deserves to make $15 million? Neither do Citi's shareholders, who yesterday voted against a proposed pay package for the company's top five executives that would have given Pandit that payday, the New York Times reports. It's one of the few...

Bank of America Readying New Fees

Will likely drive off free checking customers

(Newser) - The public relations disaster that was Bank of America's plan to charge customers monthly debit card fees was apparently so much fun that bank execs can't wait to try it again: In what the Wall Street Journal calls a sign of "stresses" in the banking industry, BofA...

Fed Rule Writing Shrouded in Secrecy

Public meetings are rare, and dissent isn't disclosed

(Newser) - The Federal Reserve has been busily rewriting the rules of the financial system for years now, and it's been doing almost all of it behind closed doors. The Fed has held 47 votes on new regulations since Dodd-Frank was passed in July 2010, and only two of those were...

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 ...

Feds Test Simplified Credit Card Agreement

Short form in plain English could become industry standard

(Newser) - The government's consumer finance watchdog has created a credit card agreement that's five times shorter than usual and written in plain English. The Consumer Financial Protection Bureau is asking for the public's feedback on the prototype, which can be viewed here . The agreement is just over 1,...

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...

Barney Frank Ridicules 'Outlandish' Gingrich

Former speaker should be blaming Republicans for financial mess, he says

(Newser) - Barney Frank is still firing back at Newt Gingrich's suggestion that Frank and Chris Dodd be jailed because of their roles in the financial mess. In a new statement, Frank reminds Gingrich that Republicans ran the show in Congress from 1995 to 2006, and he says the GOP did...

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...

Geithner on BofA Fees: We Will Prevail

Treasury secretary slams new debit card charges

(Newser) - Tim Geithner joined President Obama in railing against Bank of America last night on CNN , promising that the White House will get tougher in the fight against new fees. The Obama administration is "going to push back harder,” said the Treasury secretary, who noted that the $5 monthly...

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