White House adviser Summers says banks must accept new rules, help reform systemOctober 16th, 2009 Summers: banks must accept gov't regulationNEW YORK — A top White House official called on financial institutions to accept new rules in order to help the economic system avoid future "devastating consequences for workers, consumers and taxpayers."
"Financial institutions that have benefited from government support can, should, and must use this moment to think about what they can do for their country — by accepting the necessary regulation to protect the American people," White House chief economic adviser Lawrence Summers said Friday at a conference sponsored by The Economist magazine. Banks and other financial institutions must accept the Obama administration's push for the proposed Consumer Financial Protection Agency that would oversee mortgages, credit cards and overdraft practices.
House panel votes to regulate derivatives, first major step toward rewriting financial rulesOctober 15th, 2009 House banking panel votes to regulate derivativesWASHINGTON — A House panel voted Thursday to regulate for the first time privately traded derivatives, the kind of exotic financial instruments that helped bring down Lehman Brothers and nearly toppled American International Group. The 43-26 vote by the House Financial Services Committee, was a first major step for President Barack Obama's plans to overhaul federal regulations governing the nation's financial institutions.
House panel to begin push on financial overhaul amid opposition from banks and businessesOctober 14th, 2009 House panel to begin push on financial overhaulWASHINGTON — Small neighborhood banks and the U.S. Chamber of Commerce are overshadowing the nation's biggest banks in influencing lawmakers as Congress begins the initial phase of its long-awaited overhaul of how the government regulates financial companies.
Amid opposition from banks and businesses, House panel begins push on financial overhaulOctober 14th, 2009 House panel begins push on financial overhaulWASHINGTON — 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 House Financial Services Committee this week was poised to adopt a proposal close to the Obama's administration's plan to move most private trading in over-the-counter derivatives to regulated exchanges.
Unregulated financial instruments draw scrutiny from House panel considering new rulesOctober 14th, 2009 House panel looks at tighter rules on transactionsWASHINGTON — 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 House Financial Services Committee was poised to adopt a proposal close to the Obama's administration's plan to move most private trading in over-the-counter derivatives to regulated exchanges.
Moderate Democrats draft proposal that would shield major banks from tighter state regulationSeptember 30th, 2009 Dems debate shielding banks from state lawsWASHINGTON — 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 proposal to give states a role in regulating large financial institutions that operate nationwide.
Expert panel to examine petroleum products' pricingSeptember 3rd, 2009 NEW DELHI - The government has constituted an expert group to examine and give its recommendations on pricing of petrol, diesel, cooking gas and kerosene, the petroleum ministry said Thursday. The panel, to be headed by former Planning Commission member Kirit S.
R.J. Reynolds sues over FDA act to regulate cigarette makers, claims speech violatedAugust 31st, 2009 R.J. Reynolds sues over new tobacco lawWINSTON-SALEM, N.C. — R.J. Reynolds, seller of Camel cigarettes, and some other tobacco makers have filed a lawsuit saying their free-speech rights have been violated by a new tobacco law.
House Dems join Republicans in questioning Obama's plan to create consumer protection agencyJuly 8th, 2009 Democrats skeptical of consumer protection agencyWASHINGTON — President Barack Obama's plan to create a new government agency to protect consumers from risky mortgages and credit cards ran into resistance from several House Democrats on Wednesday. House lawmakers who oversee the Federal Trade Commission said they were concerned the proposal would weaken the FTC and suggested that the commission be given more resources instead.
House banking chairman supports administration's plan to create a consumer protection agencyJuly 8th, 2009 Frank backs plan for a consumer protection agencyWASHINGTON — The chairman of the House Financial Services Committee is throwing his weight behind President Barack Obama's plan to create a government agency to protect consumers from risky mortgages and credit cards, although some of his colleagues are skeptical of the details. Rep. Barney Frank, D-Mass., said in a brief interview Wednesday that he plans to introduce legislation that would establish a "Consumer Financial Protection Agency."
Frank said his proposal would mostly track with Obama's plan but make some small changes.
Supreme Court rules that national banks are subject to some state lawsJune 29th, 2009 Court: State can apply some laws to national banksWASHINGTON — The Supreme Court on Monday ruled that states can apply some of their own laws to big national banks operating within their borders, a decision proponents called a huge win for consumers and for states seeking more power to regulate financial activities. The high court ruled that a state attorney general cannot on his own issue a subpoena against a bank that has branches in that state and others.
Supreme Court says state attorneys general must go to court to investigate national banksJune 29th, 2009 Court: AG must go to court to probe nat'l banksWASHINGTON — The Supreme Court said Monday that state attorneys general can investigate national banks for discrimination and other crimes, but only with a court's help. The high court ruled that a state attorney general cannot on his own issue a subpoena against a bank that has branches in that state and others.
Main provisions of bill giving FDA powers over tobacco productsJune 11th, 2009 Main provisions of FDA tobacco legislationMain provisions of legislation giving the Food and Drug Administration authority to regulate the production and marketing of tobacco products:
— Creates a tobacco control center within the FDA and gives the FDA authority to regulate the content, marketing and sale of tobacco products to protect public health. — Requires tobacco companies and importers to reveal all product ingredients and seek FDA approval for any new tobacco products.
Supreme Court to hear arguments over states' right to investigate banksApril 28th, 2009 Court to hear case on power to investigate banksWASHINGTON — States are arguing that they should be able to investigate banks for racial discrimination in lending, despite claims from the federal government that such financial oversight is its exclusive domain. The state of New York, with the backing of the other 49 states, wants the Supreme Court to overturn a federal appeals court decision that blocks states from investigating the lending practice of banks.
Supreme Court hears arguments over states' right to investigate national banksApril 28th, 2009 Court hears case of state investigations of banksWASHINGTON — New York officials on Tuesday asked the Supreme Court to let states enforce their anti-discrimination laws against national banks, despite arguments from the federal government that it is the only entity that can regulate those financial institutions. Several justices questioned whether it made sense to allow states to make laws that could be used to investigate illegal actions at banks that operate within their borders, but then only let the federal government enforce them against national banks.
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