April 25, 2010 |
Unexpectedly good news about the government's auto industry bailout has bolstered the case for comprehensive federal regulations for the financial system, President Obama said in his weekly address Saturday. Obama, facing public unease over unprecedented government interventions in the economy, noted that the Treasury Department found that the bailout of General Motors Corp. and Chrysler Group "will end up costing taxpayers a fraction of what was originally feared," because those companies have performed far better than expected after getting federal help.
September 12, 2012 |
WASHINGTON - The financial crisis and the Great Recession have taken a heavy toll on the U.S., and now one public interest group said it has calculated that cost: at least $12.8 trillion. The estimate from Better Markets, which supports tougher financial regulations, came in a 72-page report released Wednesday, just days before the four-year anniversary of the collapse of Lehman Bros. That failure triggered the crisis, which dramatically exacerbated the recession that began in late 2007.
April 23, 2013 |
WASHINGTON - Republicans have stepped up their pressure to limit the wide-ranging powers of the nation's watchdog over consumers' money matters. The head of a key House committee overseeing the Consumer Financial Protection Bureau said he would no longer accept the testimony of Richard Cordray, the bureau's director, before his panel because he doesn't believe Cordray was legally appointed to his post. Cordray, who delivered his semi-annual report to the Senate Banking Committee on Tuesday, was set to do the same in coming weeks in the House, as required by law. But Rep. Jeb Hensarling (R-Texas)
June 18, 2009
Regulatory reform: An article in Business on Wednesday said that under President Obama's proposal to revamp financial regulations, the Federal Reserve would gain new authority to seize and dismantle large firms in danger of failing. In fact, that power would rest with several agencies working together, including the Fed, Treasury Department and Federal Deposit Insurance Corp.
May 31, 2012 |
WASHINGTON -- A House committee will question JPMorgan Chase & Co. Chief Executive Jamie Dimon next month on the bank's large trading loss. The House Financial Services Committee will hold its hearing on June 19, a committee spokeswoman said Thursday. The session will take place less than a week after Dimon is set to testify before the Senate Banking Committee on June 13. Lawmakers on both sides of Capitol Hill are looking at JPMorgan's trading loss of more than $2 billion to determine if it should affect the drafting of new financial regulations or if additional legislation is needed to prevent future incidents.
January 24, 2013 |
WASHINGTON - President Obama will nominate Mary Jo White, a former prosecutor and one-time director of the Nasdaq stock exchange, to lead the Securities and Exchange Commission, a White House official said Thursday. Obama plans to make the announcement Thursday afternoon at the White House. The president also will renominate Richard Cordray to continue leading the Consumer Financial Protection Bureau, the official said. The agencies are two of the country's top watchdogs for the financial industry.