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Government Regulation

BUSINESS
July 7, 2009 | Kimi Yoshino
The nation's cruise ship industry, in a turnaround from its long-standing position that no additional government oversight is needed, endorsed proposed federal safety legislation Monday, paving the way for increased security measures on cruise ships. Cruise Lines International Assn., the industry's chief lobbying and advocacy organization representing 24 member cruise lines, sent a letter of support to Sen. John F. Kerry (D-Mass.), one of the bill's sponsors.
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BUSINESS
June 19, 2009 | Tom Petruno
Regulators should consider requiring money market mutual funds to float their share prices rather than maintain the constant $1-a-share value that has made the industry a popular haven for investors' cash, the Obama administration says. The idea is mentioned in the wide-ranging plan released this week by President Obama to revamp financial-industry oversight.
BUSINESS
June 18, 2009 | Walter Hamilton and Jim Puzzanghera
At its core, President Obama's overhaul of regulations for the financial industry seeks a fundamental change: Make the federal bureaucracy work for consumers, not just Wall Street. And Wall Street, not surprisingly, doesn't like it. Striking a populist tone, Obama complained in a White House speech Wednesday that average Americans were often baffled by such intricacies as the terms of credit cards, home loans and other financial products.
BUSINESS
June 17, 2009 | Jim Puzzanghera
The financial regulation plan that President Obama will roll out today will impose stricter and broader government oversight of the nation's banking system -- including tough new requirements on companies whose failure would threaten the economy, and creating new agencies to regulate banks and to protect consumers.
BUSINESS
June 3, 2009 | Binyamin Appelbaum, Appelbaum writes for the Washington Post.
Several large banks may get government approval to repay billions of dollars in federal aid next week after completing a series of tests to prove they can stand without crutches. JPMorgan Chase & Co., Goldman Sachs Group Inc. and American Express Co. are among the most likely candidates to get the Treasury Department's blessing, according to financial analysts. Together they owe the government $38.4 billion. Other banks bidding for approval include credit card giant Capital One Financial Corp.
BUSINESS
June 3, 2009 | Lisa Girion
California Insurance Commissioner Steve Poizner plans to unveil proposed regulations today to combat the health insurance industry practice of dropping members with costly illnesses. Poizner's draft regulations would require insurers to write applications for coverage in plain English and allow applicants a "not sure" answer to questions about their preexisting medical conditions.
BUSINESS
May 28, 2009 | Binyamin Appelbaum and Zachary A. Goldfarb, Appelbaum and Goldfarb write for the Washington Post. Post staff writers Michael D. Shear and Neil Irwin contributed to this report.
Senior administration officials are considering the creation of a single agency to regulate the banking industry, replacing a patchwork of agencies that failed to prevent banks from falling into the worst financial crisis since the Great Depression, according to three people familiar with the matter.
BUSINESS
May 20, 2009 | Zachary A. Goldfarb, Binyamin Appelbaum and David Cho, Goldfarb, Appelbaum and Cho write for the Washington Post.
The Obama administration is actively discussing the creation of a regulatory commission that would have broad authority to protect consumers who use financial products as varied as mortgages, credit cards and mutual funds, according to several people familiar with the matter. The proposed commission would be one of the administration's most significant steps yet to overhaul the financial regulatory system.
BUSINESS
April 9, 2009 | Zachary A. Goldfarb, Goldfarb writes for the Washington Post.
The Obama administration's plan for a sweeping expansion of financial regulations could have unintended consequences that increase the very hazards that these changes are meant to prevent. Financial experts say the perception that the government will backstop certain losses will actually encourage some firms to take on even greater risks and grow perilously large. Although some financial instruments will come under tighter control, others will remain only loosely regulated, creating what some experts say are new loopholes.
BUSINESS
March 25, 2009 | TIMES WIRE REPORTS
Chief executives from four U.S. stock exchanges sent a joint letter to the Securities and Exchange Commission seeking to have new rules instituted to restrict short selling. In a letter to SEC Chairwoman Mary Schapiro, the heads of NYSE Euronext, Nasdaq OMX Group Inc. and two smaller exchanges proposed a rule that would curb "abusive" short selling, which "destroys the overall confidence in our capital markets." The new rules would go beyond the previous "uptick" rule curbing short selling, which had been in place since the 1930s until being rescinded in 2007.
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