Sen. Shelby questions education grant competition

2011-07-27T12:00:33Z

WASHINGTON (Reuters) - The "Race to the Top" program extends the reach of the federal government too far into states' public schools operations, a leading Republican senator said on Wednesday.

The Obama administration

Republicans Aiming to 'Re-Examine' Dodd-Frank Act

2010-09-23T07:55:35Z

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Reform bill should include Fannie, Freddie: Shelby

2010-06-26T03:51:24Z

WASHINGTON (Reuters) - Financial reform legislation being debated by the Senate needs to overhaul government involvement in U.S. mortgage finance giants Fannie Mae and Freddie Mac, Senator...

Obama warns Republicans on consumer protection row

2010-06-12T15:48:30Z

US Senate Democrats Thursday blocked a Republican bid to amend plans to shield consumers from predatory lending, after President Barack Obama warned the move would "gut" his financial reform bill.

Two Republican senators joined the Democrats to defeat the amendment to legislation that Obama has charac...

GOP circulates alternative regulatory plan

2010-04-27T14:00:19Z

Republicans circulate alternative regulatory plan in wake of filibuster of Democratic bill

Republicans are circulating an alternative plan for financial regulation that would provide more limited consumer protections than Democrats and would impose new regulations on mortgage giants Fannie Mae and Freddie Mac.

The 20-page document descr...

New bank tax picks up support in Congress

2010-06-26T03:38:28Z

New bank tax gaining support in Congress as Democrats look to finance election-year agenda

A new tax on large banks is picking up support in Congress as Democrats target financial institutions that benefited from the Wall Street bailout to help pay for their jobs program and other election-year initiatives.

One senator, Chuck Schumer, D-N.Y., s...

"Too big to fail" in crosshairs of reform debate

2010-06-26T03:29:09Z

WASHINGTON (Reuters) - A Democratic lawmaker and top bank regulator on Monday defended legislative efforts that they say would end the perception that some firms are "too big to fail," challenging Republican complaints about the financial reform bills.

The defense of the financial regulation overhaul moving through Congress comes as lawmakers are in the middle of a two-week recess. When they return next week, financi...

Regulatory Reform Goes to the Full Senate

2010-10-25T11:24:17Z

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Administration pushes for Wall Street regulations

2010-06-12T15:48:18Z

Administration calls for limits on size of financial institutions, pushes consumer protections

The Obama administration waded into negotiations over Wall Street regulations Wednesday, calling for limits on the size of financial institutions and insisting that consumer protections remain a central objective of legislative attempts to rein in the industry.

Sen Shelby counters on financial consumer watchdog

2010-06-12T15:48:12Z

WASHINGTON (Reuters) - A senior Republican U.S. senator has made at least two counter-offers to Democrats on creating a new government watchdog for financial consumers, Reuters learned on Monday from aides and documents.

Senator Ric...

Senate financial reform talks snag on watchdog

2010-06-12T15:48:12Z

WASHINGTON (Reuters) - Bipartisan agreement in the Senate on financial reform hit a snag on how much power to give a consumer watchdog office being proposed by Democrats, with marathon talks resuming on Sunday.

The legal fine points of the dispute were obscure, but aides said key lawmakers remained hopeful that a deal can be worked out on an issue that is one of Pre...

Federal Reserve comes in from Senate deep freeze

2010-06-12T15:46:21Z

Senate opposition to Fed thaws; central bank might retain some regulatory powers

The Federal Reserve, once in danger of being stripped of its bank supervision powers by the Senate, is getting a second look from key lawmakers amid a new flurry of bipartisan negotiations over a massive overhaul of the rules that govern Wall Street.

Sena...

Deal on financial reform bill near in Senate

2010-06-12T15:46:21Z

WASHINGTON (Reuters) - A bipartisan agreement on financial regulation reform was close at hand on Thursday in the Senate, with lawmakers working to overcome a key obstacle -- creating a new financial consumer watchdog.

In a sign that serious deal-making was finally getting under way, a Senate aide told Reuters that the two leaders of the PANAMA CITY (Reuters) - Efforts to tighten U.S. financial regulation advanced on Thursday, with a new bipartisan bill expected next week from two key senators who were working on it while traveling together in Panama.

Senate

Consumer watchdog agency a non-starter: Sen Corker

2010-04-16T07:07:31Z

WASHINGTON (Reuters) - Senator Bob Corker said on Friday that creating a stand-alone U.S. financial consumer protection agency is among financial reform proposals that are "nonstarters" for him and other Republicans.

Corker said on Thursday that he would negotiate with Reuters) - Republicans and Democrats in the Senate share common ground on financial regulation, but the White House's stance on how to protect consumers from banking abuses remains an obstacle to legislat...

Bankers try to put a better face before Congress

2010-06-25T18:40:59Z

Bankers seek to improve image as Senate talks on how to regulate them hit impasse

Looking to douse public and congressional anger, chief executives at some of the biggest financial institutions are on a mission to repair their image and gain more influence over legislation that would overhaul regulations that govern their industry.

They have their work cut out for them.

Attempts to reach a bipartisan agreement on new regulations hit an impasse in the <...

Dodd says bipartisan financial reform at an impasse

2010-06-25T18:38:57Z

WASHINGTON (Reuters) - Bipartisan efforts to tighten U.S. financial regulation ground to a halt in the Senate on Friday, leaving Democrats to proceed on their own and painting Republicans into an uncomfortable political ...

Dodd, Shelby voice optimism on banking regulations

2010-06-12T15:44:05Z

Key Democrat and Republican expect Wall Street regulation bill next month

The top Senate Democrat and Republican negotiating new Wall Street regulation said Wednesday they expect to resolve their differences before the end of January, an optimistic outlook for a bill that had seemed mired in partisan conflicts.

Sens. Christopher Dodd, D-Conn....

McCain backs bills that would split big banks

2010-10-13T15:02:45Z

McCain backs bills that would split up big banks as Senate looks at consumer agency compromise

Two senators, one from each party, called Wednesday for breaking up large financial firms that perform both commercial and investment banking, adding a wrinkle to already difficult talks in the Senate on how to regulate Wall Street.

Sens. John McCain, the for...

Reviewing 'Too Big to Fail' Solutions

2010-10-22T12:50:32Z

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Congress carves into Obama financial rule reforms

2010-06-25T21:52:09Z

WASHINGTON (Reuters) - Senior U.S. lawmakers launched an assault on Thursday on the centerpiece of the Obama administration's financial reform plan -- giving the Federal Reserve new powers to police broad risks in the economy.

In addition to handling monetary policy, under the Obama plan the...

Lawmakers debate Fed's role in financial overhaul

2010-06-26T01:50:26Z

Lawmakers debate Federal Reserve's role in overhaul of nation's financial rules

Greater transparency from banks, corporations and other market players will be demanded under the overhaul of the nation's financial rules that Congress is embarking on, but the role of the Federal Reserve is an early sticking point in those plans.

"We are going to send a clear message with these modernizatio...

UPDATE 1-U.S. should let some big banks fail - Republicans

2010-10-21T09:53:47Z

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Schumer says Senate, House will pass stimulus bill

2010-04-16T17:14:20Z

Top Democrat predicts Democrats in House and Senate will reach compromise on stimulus bill

A top Democratic senator predicts that an economic stimulus bill will pass Congress by the end of the coming week because the stakes are too high to let it fail.

Sen. Chuck Schumer of New Yor...

White House Opens Tarp to Auto Industry After Congress Fails to Approve Loans

2010-10-22T11:41:18Z

The Bush administration Friday dropped its opposition to using the $700 billion bank bailout fund to provide financing for U.S. automakers after the Senate balked at approving $14 billion emergency loans.

“Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry,” Treasury spokeswoman Brookly McLaughlin said in a statement.

No specific announcement of a bai...

Uses for $700 billion bailout money ever shifting

2010-04-16T12:43:36Z

Treasury tacks on uses for $700 billion bailout money with shifting economic winds

First, the $700 billion rescue for the economy was about buying devalued mortgage-backed securities from tottering banks to unclog frozen credit markets.

Then it was about using $250 billion of it to buy stakes in banks. The idea was that banks would use the money to start making loans again.

But reports surfaced that bankers might instead use the money to buy other bank...

Congress balks at huge US financial bailout

2010-06-25T23:09:45Z

A battle over the US government's financial rescue package carries on in Congress Wednesday after top finance officials urged its swift passage and lawmakers dug in their heels, while the FBI reportedly launched a probe of failed banks and mortgage giants.

Federal R...

Shelby Will Have Leading Role in Bailout Proposal

2010-04-16T13:18:39Z

WASHINGTON – Alabama’s senior senator says speed should not be the primary focus for Congress as it considers a multi-billion dollar bailout of the nation’s financial system.

“In my judgment, it would be foolish to waste massive sums of taxpayer funds testing an idea that has been hastily crafted, and may actually cause the government to revert to an inadequate strategy of ad hoc bailouts,” Sen. Richard Shelby, R-Ala., ranking member on the Senate Banking committee, speaks on Capitol Hill in Washington. (AP Photo/Charles Dharapak, File)

Financial Overhaul

2010-06-26T10:24:05Z

Senate Minority Leader Mitch McConnell, R-Ky., Sen. Richard Shelby, R-Ala., and Sen. Judd Gregg, R-N.H., confer after leaving a Republican Caucus on Capitol Hill in Washington, Wednesday, April 28, 2010.(AP Photo/Harry Ham...

Financial Reform

2010-06-26T10:21:45Z

Sen. Richard Shelby, R-Ala., ranking member on the Senate Banking committee, speaks about financial reform on Capitol Hill in Washington, Wednesday, April 21, 2010. (AP Photo/Charles Dharapak)

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Republicans

2010-06-26T07:10:03Z

Senate Minority Leader Mitch McConnell of Ky., center, accompanied by Sen. Lisa Murkowski, R-Alaska, left, and the Senate Banking Committee's Ranking Republican Sen. ...

Congress Pork

2010-04-13T13:31:52Z

The Shelby Hall building on the campus of University of Alabama in Tuscaloosa, Ala., is seen in this photo taken Friday, April 9, 2010. Few politicians have played to this attitude better than Sen. Richard Shelby, R-Al...

News on Richard Shelby