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Opinion: Will Financial Reform Work? It Depends
By not in system - AOL News(July 16) -- In speaking about the financial regulation bill he will soon sign, President Barack Obama said that the bill "will prevent a financial crisis like this from happening again." This is oversimplified -- there is no way to prevent every crisis and this bill doesn't come close. In leaving Fannie Mae and Freddie Mac untouched, for example, the legislation fails to address a key factor behind the recent crisis. Still, there are elements of the bill that will help prevent future crises even as other parts are likely to have unintended negative consequences. An important innovation is ...
As Democrats Trumpet Financial Reform, GOP Targets 'Obamacare'
By Jill Lawrence - Politics DailyDemocrats call it Wall Street reform to protect Main Street from greed and economic trauma. Republicans call it a job-killing, overpriced morass of regulation. With passage of the financial-regulations reform bill, headed for President Barack Obama's signature next week, another battle line has been drawn for November. For Obama and his party, it is another mark in the win column. As Democratic Party Chairman Tim Kaine put it, "We now have added Wall Street reform to health care, credit card and student loan reform," all to curb the "abusive practices" of "corporate special interests." That ...
Financial Reform Will Become Law, So What's in the Bill?
By David Sessions - Politics DailyThe Senate voted 60-39 Thursday to pass a Democratic financial reform bill, which would put in place broad federal authority to oversee Wall Street and attempt to prevent practices like those that led to the 2008 crash of the financial markets. It now goes to President Obama, who is expected to sign it next week. Congressional Republicans have staunchly opposed -- even temporarily filibustered -- the bill, but Sen. Scott Brown of Massachusetts, along with his Republican colleagues Sen. Olympia Snowe and Sen. Susan Collins of Maine, cast deciding votes in favor. In the House, only three ...
Democrats Begin Drive to Push Through Priorities Before Elections
By Patricia Murphy - Politics DailyLeaders of the House and Senate will begin a summer sprint this week to push through a huge list of Democratic priorities amid a backdrop of a still-weak economy, an out-of-control disaster in the Gulf of Mexico, a jittery electorate with a distaste for incumbents, and a federal deficit that is already projected to hit a record $1.5 trillion this year. It's a tough environment for Democrats, made doubly precarious by the looming November mid-term elections, but Senate Majority Leader Harry Reid said Monday he's ready to get started. "The work period between now and July 4 is short, but our ...
Banks, CDOs and Prison Futures
By Robert and Donna Trussell - Politics Daily...
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 ...
Obama Takes Tough Wall Street Reform Pitch to NYC
By Patricia Murphy - Politics DailyNEW YORK -- More than 18 months after the U.S. economy nearly collapsed under the weight of dangerously over-leveraged investments, President Barack Obama went to New York City on Thursday to make the case for significantly reforming the way Wall Street does business. He also delivered a pointed message to CEOs and financial executives, long the focus of his populist ire, that they share the blame for nearly taking the country into "a second Great Depression," and urged them to call off the legions of lobbyists now working in Washington to blunt the effects of his reform efforts. "I want to ...
Wall Street Reform: Derivatives Bill Aims for More Transparency
By Christopher Weber - Politics DailySen. Blanche Lincoln (D-Ark.) introduced a bill Friday that would increase transparency in the $450 trillion derivatives market and prohibit swaps dealers from receiving any federal assistance. The bill is more comprehensive than derivatives legislation approved as part of bank-reform legislation in the House last year, and in the Senate Banking Committee last month, MarketWatch reported. "The days of backroom Wall Street deals are over," Lincoln said. No Republicans supported the bill. The Senate Agriculture Committee, which Lincoln chairs, will vote on the legislation next week. After ...
Chaos Theory: The Banks Are Back; Break Out the Chianti
By Robert and Donna Trussell - Politics Daily...
Taming Financial Weapons of Mass Destruction
By Joseph Schuman - AOL News(March 9) -- The campaign to rein in a type of risky investment villainized in the economic crisis and blamed for the government bailout of AIG and the financial collapse of Greece is gaining momentum in Washington and other capitals, where officials are comparing it to piracy of another age. On Tuesday, a key U.S. regulator added his voice to the call for tighter rules and less secretive practices for credit default swaps, while the European Union said it is looking into a ban on the complicated financial instruments that have mushroomed into a multitrillion-dollar market. Mario Tama, Getty ...
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