October 2, 2008 |
As financial collapse threatened Wall Street and consumed Washington, John McCain appeared to undergo a dramatic transformation. The candidate who would shrink government became the candidate who would bulk it up. Just a day after debuting a television ad warning that "big government casts a big shadow on us all," the Republican presidential hopeful told business leaders in Wisconsin that a new federal agency was needed to intervene in the markets.
October 1, 2008 |
The multibillion-dollar implosion of insurance giant American International Group Inc. has state and federal officials pointing fingers of blame at each other. Who should have raised alarms that the company, which had to be rescued with an $85-billion federal bailout, was in trouble?
September 25, 2008 |
Once the smoke clears from the conflagration in the financial markets, Congress and the next administration will face a new challenge: how to keep the next fire from burning down the house. New regulations, or better enforcement of the old, are certain to be high on the agenda. "We've got to have the most dramatic rethinking of our regulatory structure since the New Deal," says former Securities and Exchange Commissioner Harvey J. Goldschmid, now a law professor at Columbia University.
July 31, 2008 |
The House on Wednesday overwhelmingly passed legislation that for the first time would subject the tobacco industry to regulation by federal health authorities charged with promoting public well-being. Its backers call the Family Smoking Prevention and Tobacco Control Act "landmark" legislation. Though it appears to have enough support to pass this year, it's unclear whether the Senate will have time to act, and the Bush administration is strongly opposed.
CALIFORNIA | LOCAL
July 29, 2008 |
The nation's largest trucking association filed a lawsuit in federal court Monday alleging that portions of a landmark program to upgrade a fleet of 17,000 old trucks servicing the ports of Los Angeles and Long Beach place an "unreasonable burden on interstate commerce" and could harm the U.S. economy. Port authorities said they intended to proceed with the air quality initiative. "Truck pollution is a serious threat to public health, including the health of truck drivers," said Richard D.
July 15, 2008 |
The Federal Reserve clamped down hard on mortgage lenders Monday, issuing rules designed to curb the sorts of risky and deceptive lending practices that helped trigger the subprime mortgage crisis. The Fed's action, although criticized by some for not going far enough, was widely seen as a crucial step in reasserting control over a financial market that had been allowed to run wild. "There's lots more to come," said Thomas Lawler, a former Fed official who is now a housing market consultant.
July 5, 2008
Re "Trading in politics? Don't sell it short," Opinion, June 27 Joel Stein's foray into prediction markets is a smart exploration of the benefits of betting. But there's a reason he found "so few people" in one online marketplace and "lots of action" in another: government regulation. Prediction markets in the United States are subject to nebulous gambling laws and strict financial rules. In fact, the Iowa Electronic Markets is only allowed to operate thanks to a special "no action" letter from the federal government.
June 28, 2008 |
Federal Reserve Chairman Ben S. Bernanke and Securities and Exchange Commission Chairman Christopher Cox were warned by two top senators not to proceed with a plan to take on more oversight of Wall Street until they consult with Congress. "We ask that no action" be taken before legislators can decide whether it's in the economy's "best interests," Christopher J. Dodd (D-Conn.) and Richard C. Shelby (R-Ala.), the Senate Banking Committee's ranking members, said in a letter to Bernanke, Cox and Treasury Secretary Henry M. Paulson Jr. Congress is asserting its authority over how financial markets should be regulated.
CALIFORNIA | LOCAL
June 25, 2008 |
Los Angeles County supervisors on Tuesday proposed a radical shift in the way the county monitors children who have been reported neglected or abused, saying "opportunities were missed to intervene earlier" in the recent case of a 5-year-old boy who allegedly endured ritualistic torture at the hands of his mother and two other women.