September 14, 2009 |
A year after the demise of legendary Wall Street investment bank Lehman Bros., calls for far-reaching reforms to rein in the financial industry's excesses remain unanswered -- and may be stymied by increasing signs of a budding economic recovery. President Obama is headed today to Founders Hall on Wall Street, steps from the heart of the business world, to try to reignite support for his proposed overhaul of financial regulations. The legislation would permanently expand Washington's role in overseeing the financial system by creating a new agency to protect consumers, reining in the dark world of derivatives and giving government officials the ability to seize and dismantle large companies whose failures could be catastrophic.
CALIFORNIA | LOCAL
August 18, 2009 |
Despite the governor's pledge to better discipline errant health professionals there are signs that it will be difficult to enact sweeping changes as quickly or easily as the administration has suggested. At meetings in Sacramento on Monday and last week, regulators and state attorneys generally spoke of the need for reform but picked apart potential solutions presented to them. They offered no concrete time frames for having a workable system in place. Even officials within the same agency couldn't agree on solutions.
CALIFORNIA | LOCAL
August 11, 2009 |
Ventura County's newest and most reluctant vagabonds are hidden in plain sight. They pass the night inside aging recreational vehicles at busy shopping mall parking lots. For privacy, they hang bedsheets in windows. They rumble away in the morning. A knock on the door brings a round of barking or a wary face. They're embarrassed -- and tired of being told to move along. More than anything, they want to be left alone."We've had some tough times," said Mike, an electrician parked with his girlfriend, Denise, in his 1973 RV at a Sam's Club in Oxnard.
August 9, 2009
What's on Congress' to-do list The Senate left town Friday for its August recess, a week after the House. Both chambers are scheduled to reconvene Sept. 8. When the lawmakers return, a proposed overhaul of the nation's healthcare system will be just one of the weighty matters on their agenda. Here is a look at the status of several measures before Congress. Healthcare reform President Obama's effort to expand and improve insurance coverage is likely to dominate Capitol Hill for most of the fall.
July 7, 2009 |
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.
June 19, 2009 |
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.
June 18, 2009 |
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.
June 17, 2009 |
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.
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.
June 3, 2009 |
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.