June 3, 2009 |
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.
May 28, 2009 |
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.
April 9, 2009 |
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.
March 25, 2009 |
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would go beyond the previous "uptick" rule curbing short selling, which had been in place since the 1930s until being rescinded in 2007.
March 14, 2009 |
A growing number of healthy bank chains across the country are bailing out of the $700-billion federal banking bailout program, saying it has tarnished the reputation of banks that took the money and tangled them in unwieldy regulations. When the program began last fall, it was billed by then-Treasury Secretary Henry M. Paulson as an investment in strong banks to make them even stronger.
February 23, 2009 |
For weeks, President Obama has been pushing hard on his plan to revive the nation's economy, driving the $787-billion stimulus package through Congress, following up with a plan for homeowners facing foreclosure and readying a strategy for reviving the moribund credit system.
February 13, 2009 |
The Federal Trade Commission's new Internet-advertising guidelines don't put enough pressure on companies to protect consumer data used in targeted marketing campaigns, privacy advocacy groups said. The agency released the voluntary standards Thursday to guide Web marketers' efforts at self-regulation. The FTC report urged advertising providers such as Google Inc.
February 4, 2009 |
Car companies brought more than just new vehicles to this year's Washington Auto Show. Executives at Volkswagen and Toyota Motor Corp., for instance, put their political goals on stage alongside fancy concept cars in their push for unified national fuel-efficiency and vehicle emission standards.
January 28, 2009 |
Savers have long been able to take advantage of the above-average interest rates that weak banks pay to attract deposits. But those days may soon be over. The Federal Deposit Insurance Corp. on Tuesday proposed new limits on rates paid by banks that have less-than-adequate capital. The agency would throw out its current complicated formulas for determining maximum interest rates at weak banks and replace them with a relatively simple formula: The new cap for each product would be 0.
January 27, 2009 |
reporting from washington President Obama moved on two fronts Monday to force automakers to produce more fuel-efficient vehicles, including a major step in permitting California and other states to regulate greenhouse gas emissions. Lawmakers and environmentalists said the president's actions paved the way to development of a national carbon standard for automobiles. Such a standard already is in force in Europe and Japan.