House panel puts financial overhaul focus on investor protection, supervising investment fundsOctober 6th, 2009 Ahead of the Bell: House hearing on overhaulWASHINGTON — House lawmakers crafting legislation to overhaul the system of financial regulation are focusing on the key elements of investor protection and bringing investment funds under government supervision as they hear the views of regulators, industry officials and investor advocates. The House Financial Services Committee was scheduled to begin a hearing Tuesday at 10 a.m.
Fed Reserve Chairman Bernanke says regulators should prevent the next 'too big to fail' firmSeptember 30th, 2009 Bernanke asks Congress to empower regulatorsWASHINGTON — Federal Reserve Chairman Ben Bernanke says federal regulators should be responsible for ensuring that the financial institutions they oversee don't become so big and unwieldy that their failure could bring down the economy. In testimony prepared for a House hearing on Thursday, obtained in advance by The Associated Press, Bernanke said Congress should establish a council of regulators to monitor large, influential firms like insurance giant AIG.
A look at key elements of the Obama plan to overhaul financial regulationSeptember 15th, 2009 Key elements of the Obama financial overhaulHere's a look at key parts of the Obama administration's financial overhaul plan. __
CHANGES IN OVERSIGHT OF FIRMS
— Federally chartered banks would be overseen by a new national bank supervisor.
Senators want to give FDIC power to dismantle bank holding companiesJuly 31st, 2009 Senators' proposal would empower FDICWASHINGTON — Two senators are pushing legislation that would give the Federal Deposit Insurance Corp. unilateral power to dismantle bank holding companies on the brink of collapse but not take them over on behalf of the government.
House chairman wants to toughen Obama's pay rules for Wall StreetJuly 28th, 2009 Frank wants tougher rules for Wall Street payWASHINGTON — A senior House Democrat wants to toughen President Barack Obama's new restrictions on Wall Street pay by banning salaries and bonuses that encourage what the government considers "inappropriate risk."
The proposal by Rep. Barney Frank, D-Mass., which was under consideration Tuesday by the House Financial Services Committee, would give the government unprecedented power in how financial executives are rewarded.
House panel votes to ban Wall Street pay that encourages excessive risk takingJuly 28th, 2009 House panel takes harder line on Wall Street payWASHINGTON — A House panel has voted to ban corporate pay practices at financial firms that encourage "inappropriate risk," going farther than President Barack Obama wanted in trying to rein in excessive salaries and bonuses on Wall Street. Lawmakers, including Republicans who rejected the proposal because they said it went too far, said they were under tremendous pressure from constituents.
Administration sends Congress bill on overhaul proposals, Fed as systemic risk regulatorJuly 23rd, 2009 Administration unveils financial overhaul billWASHINGTON — The Obama administration on Wednesday sent Congress legislation that would make the Federal Reserve the financial system's top cop, an effort designed to avoid a repeat of last year's crisis when troubles at a handful of major firms threatened the entire economy. Designating the Fed as a systemic risk regulator was included in a package of draft legislation that also would establish a new Financial Services Oversight Council to boost coordination among regulators and a plan to raise capital requirements for financial institutions.
Administration proposes greater independence of company pay panels, less management influenceJuly 16th, 2009 Administration proposes company pay changesWASHINGTON — The Obama administration on Thursday sent Congress legislation seeking to rein in compensation at public companies by giving shareholders a say on executives' pay packages and diminishing management's influence on pay decisions. The legislative proposal is designed to ensure that boards of directors' compensation committees are truly independent from company management.
No. 2 Fed official faces tough questions over proposed systemic risk role for central bankJuly 9th, 2009 Fed official questioned on systemic regulator roleWASHINGTON — With many lawmakers wary of giving the Federal Reserve more power under a proposed financial overhaul, the Fed's No. 2 official on Thursday defended the central bank's ability to take on more oversight responsibilities.
Obama wants Fed, Frank wants council to watch over potential financial meltdownsJune 6th, 2009 Treasury, key lawmaker differ on risk overseerWASHINGTON — The Obama administration and House Financial Services Committee Chairman Barney Frank are at odds over how the government can best spot potential institutional meltdowns that could spread and put the nation's financial system at risk. The differences between Treasury Secretary Timothy Geithner and Frank, a key and influential congressional voice on banking, come as the administration prepares to send Congress a package of proposed regulatory changes designed to avert the crisis that struck the financial sector last year.
AP Sources: White House tells industry it's leaning toward Fed to become financial supercopMay 9th, 2009 AP Sources: White House likes making Fed supercopWASHINGTON — The White House is telling industry officials it is leaning toward wanting the Federal Reserve to become the supercop for "too big to fail" companies capable of causing another financial meltdown. Officials who attended a private one-hour meeting Friday said the administration made it clear it was not inclined to divide the job among various regulatory agencies, as suggested by industry and some federal regulators.
AP Sources: White House tells industry it's leaning toward Fed becoming financial supercopMay 9th, 2009 AP Sources: Obama wants Fed to be finance supercopWASHINGTON — The Federal Reserve could become the supercop for "too big to fail" companies capable of causing another financial meltdown under a proposal being seriously considered by the White House. The Obama administration told industry officials on Friday that it was leaning toward making such a recommendation, according to officials who attended a private one-hour meeting between President Barack Obama's economic advisers and representatives from about a dozen banks, hedge funds and other financial groups.
SEC chief Mary Schapiro favors idea of shared regulator powers in monitoring against riskMay 8th, 2009 SEC chief backs 'systemic risk council' ideaWASHINGTON — The head of the Securities and Exchange Commission favors a new proposal for federal regulators sharing oversight of companies that pose financial risks to the economy. SEC Chairman Mary Schapiro said she's "inclined toward" the idea floated this week by the head of the Federal Deposit Insurance Corp.
FDIC chief Sheila Bair says new oversight power could be shared by FDIC, Fed, other regulatorsMay 6th, 2009 FDIC's Bair calls for 'systemic risk council'WASHINGTON — The head of the Federal Deposit Insurance Corp. says new powers are needed to oversee companies that pose financial risks to the economy, an authority that could be shared by the FDIC and other regulators.
Details of government 'stress tests' of 19 big financial companiesApril 24th, 2009 Details of 'stress tests' of financial firmsSome details of the government's stress tests of financial companies with at least $100 billion in assets:
— The 19 companies on the list include an insurer, an auto finance company, lending-only institutions, Wall Street banks and big regional banks. — The tests project how the companies will perform over two years under two scenarios.
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