House chairman says Congress will boost federal regulators’ power to monitor derivatives

October 7th, 2009 Regulators seek tighter oversight of derivativesWASHINGTON — Federal regulators on Wednesday asked a House panel to strengthen proposed legislation that would impose new oversight on derivatives, complex financial instruments blamed by regulators for hastening the financial crisis. Republican lawmakers contend the measure already could eliminate jobs and stifle companies' ability to manage risks.

September 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.

September 22nd, 2009 CFTC chief urges broad oversight of derivativesWASHINGTON — A key regulator on Tuesday urged Congress to go beyond an Obama administration proposal and impose comprehensive oversight on the sprawling, complex market for financial derivatives blamed for worsening the credit crisis last fall. The administration is seeking to increase the transparency of the $600 trillion global derivatives market and has proposed that big investment banks that trade derivatives be subject to requirements for holding capital reserves against risk.

September 22nd, 2009 Key regulators urge broad oversight of derivativesWASHINGTON — Two key regulators on Tuesday urged Congress to go beyond an Obama administration proposal and impose comprehensive oversight on the sprawling, complex market for financial derivatives blamed for worsening the credit crisis last fall. The administration is seeking to increase the transparency of the $600 trillion global derivatives market and has proposed that big investment banks that trade derivatives be subject to requirements for holding capital reserves against risk.

September 8th, 2009 15 big banks commit to derivatives targetsWASHINGTON — Fifteen big banks that dominate worldwide trading of derivatives have committed to greater transparency in a $600 trillion market that regulators say needs stricter oversight to protect the global financial system. The international group of banks — including Bank of America Corp., Citigroup Inc., Deutsche Bank AG, Goldman Sachs Group Inc.

August 20th, 2009 Regulator seeks tighter derivatives billWASHINGTON — A key federal regulator is asking lawmakers to tighten legislation imposing broad new oversight on derivatives by going beyond the Obama administration's proposal in several areas governing the complex financial instruments blamed for hastening the global economic crisis. Gary Gensler, chairman of the Commodity Futures Trading Commission, urged changing the measure to eliminate exemptions from new requirements for foreign-currency swaps and small firms dealing in derivatives, among other things.

August 11th, 2009 White House seeks new reins on derivativesWASHINGTON — The Obama administration on Tuesday sent Congress legislation seeking to impose broad new oversight on derivatives, the complex financial instruments blamed for hastening the global economic crisis. The plan is designed to bring transparency to, and prevent manipulation in, a $600 trillion unregulated worldwide market.

July 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.

July 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.

July 22nd, 2009 Regulators urge derivatives changesWASHINGTON — Two key federal regulators on Wednesday urged Congress to impose broad new rules on the financial instruments blamed for hastening the global crisis while Republican lawmakers chafed at constraints they said could hurt U.S. firms' competitiveness.

July 10th, 2009 Geithner says derivatives blindsided the gov'tWASHINGTON — Despite persistently high unemployment, Treasury Secretary Timothy Geithner said Friday the Obama administration plan to stimulate the economy by spending billions of dollars on construction and other local projects is on the "expected path." "There's been substantial improvements in arresting what was the worst recession globally we've seen in generations," Geithner told lawmakers Friday. Geithner's remarks came as public opinion polls show waning support for President Barack Obama's economic policies.

June 23rd, 2009 SEC, CFTC agree on derivatives oversightWASHINGTON — The heads of two federal agencies with financial oversight responsibilities have told Congress that their jurisdiction can be split over the instruments blamed for hastening the global economic crisis. The Securities and Exchange Commission, the government's primary markets watchdog, and the smaller Commodity Futures Trading Commission — which oversees the oversees the trading of oil, gas and other commodities — have battled in the past over regulatory turf and found separate supporters in Congress.

June 17th, 2009 A look at Obama's plan for the financial industryA look at President Barack Obama's plan to improve oversight of the financial industry: —Creates a council of regulators called the "Financial Services Oversight Council" to monitor risk across the financial system. The council will be chaired by the treasury secretary and include the heads of existing federal financial regulators, the Federal Reserve among them, and representatives of new regulators.

May 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.

May 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.