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.
Key regulators want new interagency council to be financial supercop, not Fed aloneJuly 23rd, 2009 SEC, FDIC heads want new council to be supercopWASHINGTON — Key regulators on Thursday broke with the Obama administration, reaffirming their belief that some new powers to monitor big institutions against financial threats should go to an interagency council, not the Federal Reserve. Some Republican lawmakers also continued to warn against endowing the Fed with new powers in an overhauled system as Congress slogs through a complex deliberation that could reshape the financial landscape in the wake of a historic crisis.
Administration proposes legislation to give regulators power over at-risk financial companiesJuly 23rd, 2009 Administration unveils more overhaul legislationWASHINGTON — The administration on Thursday sent Congress legislation that would enable the federal government to take over large financial institutions whose collapse could undermine the entire financial system. The administration's proposal, designed to correct problems exposed by the financial crisis that struck last fall, would give the Treasury Department the authority to appoint either the Federal Deposit Insurance Corp.
Obama: Congress must act before August recess on health care overhaulJuly 15th, 2009 Obama praises progress on health care overhaulWASHINGTON — President Barack Obama says his administration will push through an overhaul of the nation's health care system and is urging Congress to finish the work before leaving for an August recess. Obama on Wednesday praised House and Senate versions of a bill to expand health care coverage to millions of Americans.
HHS Secretary Sebelius says all options remain on table for health care overhaulJuly 12th, 2009 Sebelius: All options on table for health planWASHINGTON — Health and Human Services Secretary Kathleen Sebelius says the administration wants a health care overhaul this year but is still leaving the details to Congress. Sebelius said on Sunday that a health care overhaul "needs to be owned by the House and the Senate" and won't be dictated by President Barack Obama.
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 says Bernanke is doing good but does not comment on reappointmentJune 23rd, 2009 Obama: Bernanke doing good jobWASHINGTON — President Barack Obama says Federal Reserve Chairman Ben Bernanke is doing a fine job under difficult circumstances but he declines to say whether he will reappoint the chairman in January. Obama said he would not make news about Bernanke at a White House press conference Tuesday.
Congress sends Obama $106 billion bill to fund wars in Iraq and AfghanistanJune 18th, 2009 Congress sends Obama $106B war spending billWASHINGTON — Congress is sending President Barack Obama a $106 billion bill ensuring that the military will have the money to fight the wars in Iraq and Afghanistan during the final months of this year. The emergency spending bill contains $80 billion to fund ongoing operations in the two countries.
Obama's financial overhaul could reshape Fed; some worry about 'supercop' roleJune 16th, 2009 A new role as 'risk regulator' could reshape FedWASHINGTON — The Obama administration's plan to revamp regulation and prevent any more crashes like those that felled AIG and Lehman Brothers includes a bold new idea: Empower the Federal Reserve to oversee the biggest financial players whose failure could threaten other institutions and the economy. But some lawmakers and economists say making the Fed a "systemic risk regulator" would itself be a high-stakes risk that would distract from its core mission: reviving the economy.
Lawmakers wrestle with insurance industry oversight; some push for federal regulatorJune 16th, 2009 Lawmakers split on insurance oversight reformWASHINGTON — House lawmakers are divided about how to supervise the insurance industry as Congress awaits the Obama administration's blueprint for a broad overhaul of the nation's financial rule book. Rep. Paul Kanjorski, D-Pa., chairman of a House Financial Services subcommittee, said Tuesday he was "confident" the administration's broader proposal would include a new federal office of insurance information to collect data on the industry and advise the new systemic risk regulator on possible threats.
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 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.
Plan to prevent another economic meltdown slows on Hill, Democrats point to challenges aheadApril 23rd, 2009 Plan to regulate financial market slows on HillWASHINGTON — A key piece of President Barack Obama's plan to prevent another economic meltdown already has slowed in Congress, and Democrats acknowledged Thursday that the task of approving the proposal may be tougher than initially thought. Rep. Barney Frank, D-Mass., and chairman of the House Financial Services Committee, has delayed plans to take up during the first week of May a bill that would enable the government to wind down failing financial institutions like insurance giant American International Group.
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