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Government Regulation

November 12, 2008 | The Associated Press
The Bush administration is moving in its last weeks to adopt final regulations to enforce a controversial law that seeks to block Internet gambling. The move is drawing hot protests from Democratic lawmakers and supporters of online betting. "This midnight rule-making will tie the hands of the new administration, burden the financial services industry at a time of economic crisis and contradict the stated intent of the Financial Services Committee," the House panel's chairman, Rep.
October 2, 2008 | From the Associated Press
Royalties that digital music companies, including Apple Inc. and record labels, pay songwriters for selling their music as ring tones, CDs and permanent digital downloads are to be set today by a federal agency. This is the first time in nearly three decades that the industry has been unable to decide the fee for sales of recorded music on its own. Apple has so strongly opposed increasing the rate, now 9.
October 2, 2008 | Noam N. Levey, Times Staff Writer
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 | Peter Whoriskey, The Washington Post
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 | Michael A. Hiltzik, Times Staff Writer
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 | From the Associated Press
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.
July 29, 2008 | Louis Sahagun, Times Staff Writer
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 | Maura Reynolds and Walter Hamilton, Times Staff Writers
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.
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