Financial reform talks break down in Senate

2010-06-12T15:43:53Z

WASHINGTON (Reuters) - Bipartisan efforts on Capitol Hill to tighten financial regulation ground to a halt in the Senate on Friday, casting one of the top domestic policy priorities of the Obama administration in a stark political light.

After months of public debate and closed-door talks, Senate Alison Vekshin and Peter Cook

[Bloomberg] -- Representative Barney Frank said the Federal Reserve Bank of New York's 2008 order to Reuters) - Some of the world's largest financial firms on Monday urged a top U.S. lawmaker not to pursue big bank break-up legislation, an idea attracting interest in Congress and causing alarm on Wall Street.

The Financial Services Forum, a lobbying group for CEOs of firms including Frank floats plan to give TARP-related loans to unemployed homeowners who can't pay mortgage

Rep. Barney Frank said Monday he is pushing a proposal to use some of the interest the government collects from the financial industry bailout to give loans to unemployed homeowners struggling to pay the mortgage.

The lack of aid to jobless homeowners has been identified as a big weakness in the Reuters) - A reserve fund must be established ahead of time to give the government the working capital it needs to dismantle large, troubled financial companies, a top U.S. bank regulator said on Tuesday.

Sheila Bair, chairman of the

U.S. Government Patching the Barn Door Instead of Catching the Escaped Horses

2010-10-22T12:49:53Z

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Fed should lose AIG-style bailout powers: Geithner

2010-06-25T20:05:55Z

WASHINGTON (Reuters) - The Federal Reserve should lose its authority to bail out big, failing financial firms like AIG and Bear Stearns under proposed reforms aimed at ...

Financial overhaul bill gets wary reception

2010-06-25T20:08:46Z

Obama administration's financial oversight proposal gets wary reception from Congress

An Obama administration plan to dissolve large, struggling financial firms rather than bail them out is encountering Republican resistance, Democratic doubts and only qualified support from regulators.

At a House Financial Services hearing Thursday, lawmakers from both parties worried that the proposal would give regul...

Obama "too big to fail" plan blasted in Congress

2010-06-25T20:16:01Z

WASHINGTON (Reuters) - The Obama administration's new proposal for tackling financial risk in the U.S. economy, unveiled just two days ago, came under attack on Thursday from Congress and regulators, with questions raised about its funding and scope.

U.S. Reuters) - Offshore funds would have to register with U.S. regulators under an amendment added to a bill mandating more oversight of private capital pools under debate on Tuesday in a U.S. congressional committee.

The bill would force hedge funds and private equity funds to register with regulators to bring more transparency to a segment of the financial world that is only loosely policed.

Passage o...

Obama readies tougher "too big to fail" strategy

2010-06-25T20:08:56Z

WASHINGTON (Reuters) - The Obama administration within days will move to get tougher with large financial firms that are in trouble by urging Congress to let the government seize control, wipe out shareholders, boot management and restructure debts, an administration official said on Monday.

The new White...

Financial Reform: The Legislative Logjam

2010-10-22T07:48:13Z

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House panel to hear Geithner on reforms: aide

2010-06-25T20:10:21Z

WASHINGTON (Reuters) - U.S. Treasury Secretary Timothy Geithner and other regulators will testify next Thursday before a House of Representatives committee on systemic risk and other financial reform issues, said a House aide.

Geithner will be joined by House panel approves Consumer Financial Protection Agency to police market for fraud, abuse

The House Financial Services Committee voted Thursday to create a federal agency devoted to protecting consumers from predatory lending, abusive overdraft f...

New bill coming on resolution authority: Rep Frank

2010-06-12T15:45:13Z

WASHINGTON (Reuters) - The Obama administration will release a new draft bill this week or next on "resolution authority," or empowering the government to deal with large, failing financial firms, the chairman of a key U.S. congressional committee said on Tuesday.

"My understanding is they will be releasi...

House panel begins push on financial overhaul

2010-06-12T15:45:23Z

Amid opposition from banks and businesses, House panel begins push on financial overhaul

A key House panel moved to tighten rules on previously unregulated financial instruments Wednesday, a long-awaited step toward governing the obscure and complex transactions at the heart of the troubles that befell some of Wall Street's most well-known financial houses.

The Reuters) - The chairman of the U.S. House of Representatives Agriculture Committee on Friday unveiled a draft bill on regulation of over-the-counter derivatives that differs in some key respects from bills drawn up elsewhere in the House and by the Obama admin...

FACTBOX-Major U.S. financial regulation reform proposals

2010-10-22T07:47:05Z

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Draft bill frees some from derivatives clearing

2010-10-13T15:16:00Z

WASHINGTON (Reuters) - Firms ranging from airlines to agribusiness would be exempt from new rules on compulsory clearing of derivatives transactions under a bill in Congress aimed at tightening oversight of the financial system.

The draft bill from Representative Barney Frank, chairman of the Reuters) - A key U.S. senator reiterated on Wednesday that full Senate consideration of a bill to overhaul financial regulation may not come until early next year.

Christopher Dodd, chairman of the Moderate Democrats draft proposal that would shield major banks from tighter state regulation

Moderate House Democrats are drafting a proposal that would continue to shield big banks from potentially tougher state regulations of credit cards, mortgages and savings accounts.

The plan would differ from President Barack Obama's propo...

Fresh bailouts for smaller banks being weighed

2010-04-16T10:08:21Z

Officials consider fresh bailouts from $700 billion fund to prop up struggling community banks

Treasury officials and regulators are weighing a fresh round of bailouts for banks that were deemed too risky to qualify for earlier aid.

Representatives from the Treasury Department, Reuters) - Powerful U.S. lawmaker Barney Frank bowed to some of the financial industry's demands and softened parts of his bill to create an agency to protect consumers from risky financial products, according to a copy of the draft bill first obtained by Reuters on Friday.

Financial Services Committee Chairman Frank expanded on plans to rid the bill...

Democrats introduce bill to speed up credit card rules

2010-04-16T10:09:13Z

WASHINGTON (Reuters) - Two Democratic lawmakers on Thursday introduced legislation that could speed up the implementation date of new credit card rules by nearly three months.

Representatives Carolyn Maloney and Barney Frank cited reports that interest rates have spiked as credit card issuers brace fo...

Geithner urges watchdog, Frank cites death panels

2010-06-12T15:45:44Z

WASHINGTON (Reuters) - An Obama administration proposal to create a government watchdog for financial consumers inched forward in Congress on Wednesday, with House Financial Services Chairman Barney Frank calling for "death panels" to close down troubled financial firms.

Reuters) - U.S. lawmakers on Wednesday dismissed bank regulators' calls to preserve their consumer protection duties, saying their dismal track record reinforces the argument for a powerful new independent agency.

"It seems like a new interest for you," Barney Frank, chairman of the Reuters) - The Congress' chief author of financial regulatory reform moved on Tuesday to kill the most controversial part of an Obama administration proposal for a new government watchdog for financial consumers.

Banks would not be required to offer so-called "plain vanilla" versions of financial products, such as mortgages, under draft legislative l...

Rep. Frank plans key changes to consumer agency

2010-06-12T15:45:50Z

WASHINGTON (Reuters) - U.S. lawmaker Barney Frank is making key changes to the White House plan for an agency to protect consumers from risky financial products, according to a congressional document obtained by Reuters on Tuesday.

Financial fi...

Top lawmakers stress financial reform agreement

2010-06-12T15:45:54Z

WASHINGTON (Reuters) - The U.S. Congress' two top legislators on financial reform stressed their points of agreement on Tuesday, despite lingering differences and a prediction from one that the reform debate may be prolonged.

Senate Banking Committee Chairman Christopher Dodd said he wants his pan...

Congress wary of 'plain vanilla' bank proposal

2010-06-12T15:45:56Z

Congress expected to reject Obama's proposed mandate that banks offer 'plain vanilla' products

Congress is expected to reject President Barack Obama's proposed mandate that banks offer customers "plain vanilla" financial products, such as a 30-year fixed mortgage.

The defeat would be a victory for the industry, which contends that such a proposal would give the government an unprecedented role in the ma...

Rep. Frank lashes out at protester for Nazi remark

2010-04-16T10:44:53Z

Rep. Frank lashes out at protester at Mass. meeting who held poster depicting Obama as Hitler

Rep. Barney Frank lashed out at protester who held a poster depicting President Barack Obama with a Hitler-style mustache during a heated town hall meeting on federal health care reform.

"On what plan...

House votes to clamp limits on Wall Street bonuses

2010-06-25T21:15:09Z

Limit those bonuses, House votes, in measure aimed at restraining risky Wall Street behavior

Bowing to populist anger, the House voted Friday to prohibit pay and bonus packages that encourage bankers and traders to take risks so big they could bring down the entire economy.

Passage of the bill on a 237-185 vote follo...

Lawmakers support restrictions on executive pay

2010-06-25T21:18:34Z

House panel votes to prohibit financial firms from offering pay packages that encourage risk

A House panel voted Tuesday to prohibit large financial firms from offering corporate pay packages that encourage executives to take big risks, going further than what President Barack Obama wanted to curb excessive salaries and ...

Executive pay bill approved in House committee

2010-06-25T21:17:55Z

WASHINGTON (Reuters) - Legislation that would slap new limits on U.S. executive pay won approval on Tuesday by a congressional committee, advancing a component of the Obama administration's broad plan to tighten financial regulation.

The bill was expected to go to the floor of the Reuters) - Congress will consider steps to curb speculation in the $39 trillion credit default swaps market and could prohibit investors from speculating on a borrower's credit quality, according to a U.S. House of Representatives Committee document obtained by Reuters.

Congress and the Reuters) - The chairman of the House of Representatives financial services committee said on Monday that Congress can complete a regulatory reform overhaul by the end of this year.

Barney Frank said Reuters) - The Obama administration's proposal to form a U.S. Consumer Financial Protection Agency needs more work, Representative Barney Frank, chairman of the Bank of America, Morgan Stanley, other bailout firms up lobbying spending in second quarter

As Congress spent much of the last three months looking at ways to tighten regulations on financial institutions, some of the biggest recipients of the government's $700 billion bailout increased their spending on influencing legi...

House panel delays action on new consumer agency

2010-06-25T21:24:03Z

WASHINGTON (Reuters) - A key U.S. congressional committee has delayed action on legislation to create a consumer financial protection agency, in order to give consumer advocates a chance to weigh in, a congressional aide said on Tuesday.

The House Fi...

TARP Dividends Should Be Used to Reduce Debt

2010-10-22T07:18:19Z

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Rep. Frank introduces U.S. consumer agency bill

2010-06-25T21:34:33Z

WASHINGTON (Reuters) - The powerful chairman of the U.S. House of Representatives Financial Services Committee on Wednesday introduced legislation to create a new consumer financial protection agency that would strip some powers away from current regulators.

Reuters) - A top U.S. lawmaker said on Friday he was considering proposing new capital rules for big banks that would get tougher as their assets increased.

Barney Frank, the Democrat who chairs the Reuters) - Advisers of hedge funds, private equity, venture capital funds and other private investment pools would be required to register with the Securities and Exchange Commission, according to Senate legislation introduced on Tuesday.

Senator Jack ...

Treasury won't pitch new insurance regulations: sources

2010-06-25T21:52:55Z

WASHINGTON (Reuters) - The U.S. Treasury Department will not propose a new regulatory framework for the insurance industry when it outlines sweeping new rules for the financial services sector, sources familiar with the plans said on Tuesday.

Rep. Barney Frank, chairman...

US bailout repayment seen bigger than expected-report

2010-10-21T10:00:32Z

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Treasury, key lawmaker differ on risk overseer

2010-06-25T22:02:00Z

Obama wants Fed, Frank wants council to watch over potential financial meltdowns

The Obama administration and House Financial Services Committee Chairman Barney Frank are at odds over how the government can best spot potential institutional...

Barney Frank on the Financial Road Ahead

2010-10-26T20:40:16Z

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Waste, Fraud, Abuse

2010-10-21T10:01:24Z

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Key US lawmakers see regulatory overhaul in 2009

2010-06-26T01:37:41Z

Two key US lawmakers promised President Barack Obama on Monday they would work with the White House to enact a sweeping overhaul of US financial regulatory structures by year's end.

Senate Banking Committee Chairman Christopher Dodd and

Frank hopes to draft financial overhaul bill soon

2010-04-16T16:00:10Z

Frank hopes to begin writing financial overhaul legislation in May

The chairman of the House Financial Services Committee said Tuesday he hoped to begin writing legislation by early May on overhauling how the federal government regulates the nation's financial system.

But Rep. Barney Frank, D-...

Ramping Up Regulation

2010-10-21T09:53:35Z

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The Burning Platform (Part 1 of 2)

2010-10-21T09:21:53Z

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Frank: New bank bailout grants will be protected

2010-04-16T14:34:29Z

Rep. Barney Frank assumes more protection for disbursement of Part 2 of $700B bailout fund

Rep. Barney Frank asserted Thursday that the Obama administration can be more trusted than the Bush administration to ensure that banks do not misuse money they get from a $700 billion bailout fund.

Frank, D-Mass., denied in a nationally broadcast interview t...

Stocks Poised for a Rebound After Selloff

2010-10-23T23:18:51Z

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Republicans, House Democrat wary of stimulus bill

2010-04-16T17:14:21Z

For different reasons, Republicans and House Democrat wary of compromise Senate stimulus bill

Republican congressional leaders and a key House Democrat are voicing misgivings — but for different reasons — over the Senate version of an economic recovery plan costing more than $800 billion.

Sen. John Ensign of Obama advisers say financial crisis will require more government assistance

A top economic adviser to President Barack Obama said Wednesday that the financial wounds at the center of the economic downturn will require "lots more billions of dollars" to mend.

"It's going to cost more money to deal with this financial crisis," Paul Volcker, chairman ...

GOP leaders doubt stimulus bill will pass Senate

2010-06-26T00:50:39Z

Senate Republican leaders cite lack of support for stimulus bill, call for major changes

Senate Republican leader Mitch McConnell said Sunday the massive stimulus bill backed by President Barack Obama and congressional Next financial rescue, including asset purchases, could cost hundreds of billions more

The Obama administration is developing proposals to help rescue the banking system that could cost taxpayers hundreds of billions of dollars beyond the $700 billion bailout Congress already has approved.

Details are still being worked out. But the administration is looking to spend hundreds of billions more to address...

Why Politics and Banking Are a Bad Mix

2010-10-23T22:41:52Z

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Early Afternoon Update

2010-10-27T14:24:59Z

Barney Frank and the politics of TARP disbursement. [WSJ]

A truly dismal December for new-home construction nationwide. [NY Times]

Volume of mortgage applications falls. [TRD]

Maybe! It looks like Marc Jacobs may be renting in Balazs' 40 Mercer. [

THE HEAVY HITTERS WORKING TO SAVE THE ECONOMY

2010-06-26T02:56:04Z

THE HEAVY HITTERS WORKING TO SAVE THE ECONOMY

THE INSIDE PLAYERS

A new Administration always spawns new power networks--clusters of players whose relationships with each other can determine the outcome of public policy and the success or failure of a Presidency. This year these networks are especially important, given that they revolve around a young, untested President who must quell a once-in-a-lifetime economic crisis if he is to have any chance of overhauling healt...

Highlights of new bailout proposals

2010-06-25T18:27:38Z

Highlights of proposed changes to bailout program from Obama, key lawmaker

Under separate proposals from the incoming Obama administration and Democratic lawmakers to release the final $350 billion in bailout funds, the financial sector would face tough new conditions and a more defined mission to expand lending and reduce foreclosures.

Here are key elements of both plans, based on a letter to congressi...

Strings On The TARP

2010-10-21T09:48:36Z

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Big Uncle Knows Better

2010-10-26T12:05:10Z

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UPDATE 2-Proposal would drop labor targets in US auto bailout

2010-10-21T09:48:36Z

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Key lawmaker sees action on bailout bill

2010-06-25T18:25:15Z

Committee chairman says House could act soon to put conditions on new release of bailout funds

A key lawmaker said Friday he expects the House to act soon to impose conditions on any new release of the second $350 billion in federal bailout funds, with a mandate that between $40 billion and $100 billion go to help struggling borrowers avoid foreclosure.

Treasury provides an additional $4.7 billion to 92 banks as part of financial rescue

The Treasury Department says it has provided an additional $4.7 billion to 92 banks as part of the government's $700 billion rescue of the financial system.

The department released a list of 49 banks that got final approval last Friday to receive $2.8 billion. It said an additional ...

Government Intervention in the Markets: At What Cost?

2010-10-21T09:15:31Z

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Obama: Financial bailout must help homeowners, too

2010-06-15T10:10:02Z

In wake of critical audit, obama says financial bailout must also help homeowners

President-elect Barack Obama signaled a clear desire Wednesday to use a significant portion of $700 billion in financial bailout funds to stanch foreclosures by helping struggling homeowners with their mortgages.

"The deteriorating assets in the financial markets are rooted in the deterioration of people being able to pay ...

Congress Offers Big Three Automakers Help, Makes Demands in Exchange

2010-10-21T09:12:21Z

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Naming New Treasury Chief Will Calm Markets

2010-10-23T20:38:32Z

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Obama Gays In Military

2010-12-22T15:03:09Z

Rep. Barney Frank, D-Mass., an openly gay member of Congress, collects himself during President Barack Obama's signing ceremony for "don't ask, don't tell" repeal legislation that would allow gays to serve openly in the military, Wednesday, Dec. 22, 2010, at the House Speaker Nancy Pelosi of Calif., center, talks with Rep. Barney Frank, D-Mass., left, and Rep. Zoe Lofgren, D-Calif., outside of the Democratic Caucus room on ...

Massachusetts Congress Frank

2010-10-27T13:56:22Z

Candidate for Massachusetts Fourth Congressional District incumbent Democrat Rep. Barney Frank, center, is followed by reporters as he departs the television studios of New England Cable News following a taping session of a debate against Republican challenger Sean Bielat, in Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, addresses an audience at the John F. Kennedy School of Government, on the campus of President Barack Obama hugs Rep. Barney Frank, D-Mass., right, as Sen. Chris Dodd, D-Conn., looks on after he signs the Dodd-Frank Wall Street Reform and Consumer Protection financial reform bill at the Ronald Reagan...

News on Barney Frank

Sandoval chooses reality over principle

Of Course Bank Bond Investors Should Absorb Losses

Why We Need to Reform Derivatives Trading

Wall Street overhaul clears Senate, heads to Obama

Lawmakers urge guidance for clean energy loans

Financial Reform: What Are We Getting?

Rep. Barney Frank Says Financial Reform Will be Law Soon

Barney Frank on Housing: No Wonder the Economy's a Mess

US Congress faces more hard work on Wall Street overhaul

Rep. Frank shuns staffer for cashing in on reform

Principal Writedowns and the Fake Stress Test

Government Banking 'Reform': Fox Continues to Watch the Henhouse

Frank backs Dodd on financial consumer watchdog

Financial reform talks break down in Senate

U.S. Government Patching the Barn Door Instead of Catching the Escaped Horses

Fed should lose AIG-style bailout powers: Geithner

Financial overhaul bill gets wary reception

Obama "too big to fail" plan blasted in Congress

Obama readies tougher "too big to fail" strategy

Financial Reform: The Legislative Logjam

House panel to hear Geithner on reforms: aide

New bill coming on resolution authority: Rep Frank

House panel begins push on financial overhaul

FACTBOX-Major U.S. financial regulation reform proposals

Draft bill frees some from derivatives clearing

Fresh bailouts for smaller banks being weighed

Democrats introduce bill to speed up credit card rules

Geithner urges watchdog, Frank cites death panels

Rep. Frank plans key changes to consumer agency

Top lawmakers stress financial reform agreement

Congress wary of 'plain vanilla' bank proposal

Rep. Frank lashes out at protester for Nazi remark

House votes to clamp limits on Wall Street bonuses

Lawmakers support restrictions on executive pay

Executive pay bill approved in House committee

House panel delays action on new consumer agency

TARP Dividends Should Be Used to Reduce Debt

Rep. Frank introduces U.S. consumer agency bill

Treasury won't pitch new insurance regulations: sources

US bailout repayment seen bigger than expected-report

Treasury, key lawmaker differ on risk overseer

Barney Frank on the Financial Road Ahead

Waste, Fraud, Abuse

Key US lawmakers see regulatory overhaul in 2009

Frank hopes to draft financial overhaul bill soon

Ramping Up Regulation

The Burning Platform (Part 1 of 2)

Frank: New bank bailout grants will be protected

Stocks Poised for a Rebound After Selloff

Republicans, House Democrat wary of stimulus bill

GOP leaders doubt stimulus bill will pass Senate

Why Politics and Banking Are a Bad Mix

Early Afternoon Update

THE HEAVY HITTERS WORKING TO SAVE THE ECONOMY

THE HEAVY HITTERS WORKING TO SAVE THE ECONOMY

Highlights of new bailout proposals

Strings On The TARP

Big Uncle Knows Better

UPDATE 2-Proposal would drop labor targets in US auto bailout

Key lawmaker sees action on bailout bill

Government Intervention in the Markets: At What Cost?

Obama: Financial bailout must help homeowners, too

Congress Offers Big Three Automakers Help, Makes Demands in Exchange

Naming New Treasury Chief Will Calm Markets

Obama Gays In Military

Massachusetts Congress Frank