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FinancialRegulation
Tighter Financial Regulation Backed by Two-Thirds of Public, Poll Finds
By Bruce Drake - Politics DailyAs Democrats and Republicans prepare to face off Monday on legislation to more tightly regulate the financial industry, a new poll says that about two-thirds of Americans support stricter federal rules on the way banks and other financial institutions conduct their business. Sixty-five percent backed proposals to rein in banks and the financial industry while 31 percent opposed them, according to a Washington Post/ABC News poll conducted April 22-25. The public is split at 48 percent each when asked if they approve or disapprove of how President Barack Obama is handling the issue, but they ...
Opinion: Financial Reforms Go Too Far
By not in system - AOL News(April 22) -- As the debate over financial reform intensifies, it's easy to forget that there is a shared desire across the political spectrum to put an end to bailouts and to the idea that any firm should be too big to fail. Supporters of the plan now pending in the Senate argue that it would achieve these goals. It would not. In fact, it would institutionalize both. Key to the Senate bill is a Financial Stability Oversight Council, made up of nine existing agencies, with broad regulatory power over companies it considers systemically important, including authority to order the firm to ...
Opinion: Bringing Shadow Banks Into the Light
By not in system - AOL News(April 22) -- With the seemingly endless congressional battle over health care reform finally concluded, the Obama administration has turned its sights this month on reforming the regulations that govern Wall Street and that failed us so massively during 2007 and 2008. The subject is a complicated one (something the banks are eager to take advantage of), and the bill drafted by Sen. Chris Dodd, D-Conn., is equally complicated. But the overall point is really quite simple: The massive bailouts undertaken in the fall of 2008 are unacceptable and reforms must be implemented to make sure they ...
Before a Polarized Fall Campaign, a Bit of Bipartisanship
By Jill Lawrence - Politics DailyDemocrats are feeling like the political winds have suddenly shifted, and are no longer blowing right in their faces. "Two major victories in one week," President Obama said of new health care and student loan laws he has signed in the past few days. And that doesn't even count the nuclear arms reduction deal with Russia that he's scheduled to sign next week in Prague. But don't cry for the GOP, because Republicans feel like winners, too. In fact, one GOP pollster, Ed Goeas, joked that he almost didn't call me back when I asked in an e-mail if the landscape had shifted for the midterm ...
Obama Offers Olive Branch to Big Business
By Joseph Schuman - AOL News(Feb. 24) -- President Barack Obama is meeting the enemy to make it his. A day before playing host to Republicans in a bid to revive health care legislation, the president reached out to the Business Roundtable, a group made up of chief executives from the largest U.S. companies and one that has worked hard to thwart his efforts to overhaul health care, enact stricter financial regulation and reverse climate change. "Contrary to the claims of some of my critics, I am an ardent believer in the free market," Obama said Wednesday, praising the job creation and technology development of big ...
Obama Will Propose New Limits on Banks
By David Sessions - Politics DailyPresident Obama is expected to propose giving bank regulators authority to limit the size of banks and prohibit the trading of accounts, the New York Times reports. In doing so, Obama will put his support behind a plan long advocated by Paul Volcker, the former chairman of the Federal Reserve. The new regulations would stop proprietary trading, including trading of mortgage-backed securities, the financial products that played a large role in the market crash of 2008. The White House will work with the House and Senate to include the new proposals in pending legislation for financial ...
New Fed Rules Will Restrict Overdraft Fees on Debit Cards
By David Sessions - Politics DailyNew rules announced by the Federal Reserve on Thursday will restrict banks from charging overdraft fees without customers' consent on some debit card purchases, the New York Times reports. Banks will be required to explicitly outline their overdraft policies in clear language and obtain the customer's written consent before charging fees to his or her account. Part of an effort to restrict predatory credit practices, the new regulations will take effect next summer and will affect both new and existing debit cards. The new rules will not apply to checks or recurring debit card purchases, such ...
House Financial Services Committee Approves Derivative Regulation
By David Sessions - Politics DailyThe House Financial Services Committee approved first-time regulation of derivatives, the obscure financial products linked to the 2008 Wall Street crash, the New York Times reported Thursday. The 43-26 party line vote was a major move toward approving President Obama's proposed overhaul of the financial regulatory system. Since the bill could affect almost every American company, it is being closely followed by a large and diverse collection of lobbyists. The financial industry has already spent $220 million on lobbying this year in anticipation of the regulation. Lawmakers said the bill ...
Will Obama Go Soft on Wall Street?
By David Corn - Politics DailyIs Barack Obama -- and everyone else -- going soft on Wall Street?To mark the anniversary of the collapse of Lehman Brothers -- which kicked-off a historic meltdown within the banking system -- the president on Monday is scheduled to give a mid-day speech at Federal Hall in New York's financial district. Before he headed to the other Ground Zero, what Obama would say was predictable. He would hail his administration's economic record, contend that its handling of the various bailouts and the stimulus package prevented further economic disaster, and outline his various proposals for financial ...
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