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 blamed for helping bring down Lehman Brothers and nearly toppling American International Group. The 43-26 vote by the House Financial Services Committee, was a major step toward completing President Barack Obama's proposed overhaul of the regulations governing the nation's financial institutions.
CFTC chief urges Congress to impose broad oversight on financial derivativesSeptember 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.
SEC, CFTC chiefs urge Congress to impose broad oversight on financial derivativesSeptember 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.
Labor Department again tries to rollback Bush-era regulation on temporary farm workersSeptember 3rd, 2009 Labor Department proposes new rule on farm workersWASHINGTON — The Labor Department is taking another crack at rolling back a Bush administration regulation that made it easier for farmers to hire temporary foreign farm workers. The agency is proposing a new rule that would boost wages and increase safeguards for thousands of seasonal workers brought in each year to help farmers pick their crops.
Head of major exchange worries about SEC, CFTC "harmonizing" regulations, oversightSeptember 2nd, 2009 SEC, CFTC coordination worries exchange chiefWASHINGTON — Two agencies with oversight of the financial markets on Wednesday started coordinating their rules to eliminate differences involving similar types of investments, while the head of a major U.S. exchange said those efforts could do "more harm than good."
The Securities and Exchange Commission, the government's primary markets watchdog, and the Commodity Futures Trading Commission — which oversees the trading of oil, gas and other commodities as well as financial instruments — have battled in the past over regulatory turf.
Regulator asks lawmakers to tighten legislation for derivatives oversight beyond Obama planAugust 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.
2 key lawmakers announce agreement on guidelines for legislation to rein in derivativesJuly 31st, 2009 Lawmakers say have accord on derivatives oversightWASHINGTON — Two influential House lawmakers on Thursday announced an agreement on guidelines for legislation to impose broad new oversight on the financial instruments blamed for hastening the global economic crisis. They said the House could vote in September on a bill to regulate derivatives, legislation that is a crucial element of Congress' effort to overhaul the system of financial rules.
Two regulators urge new rules for derivatives; Republicans chafe at constraintsJuly 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.
House chairman says Congress will boost federal regulators' power to monitor derivativesJuly 10th, 2009 Rep. Frank: Congress to clamp down on derivativesWASHINGTON — The chairman of the House Financial Services Committee says that Congress will "substantially" increase the power of federal regulators to monitor derivatives, a type of financial instrument that contributed to the economic turmoil. Rep. Barney Frank, D-Mass., said at a hearing Friday that he cares less about which agency will be given the task than about making sure that it's done.
SEC, CFTC chiefs agree on derivatives oversight as Congress works to overhaul financial rulesJune 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.
House panel divided on oversight for complex financial instruments; key lawmaker urges balanceJune 9th, 2009 House panel divided on new financial rulesWASHINGTON — Debate on new oversight for complex financial instruments moved to the House on Tuesday as lawmakers struggle to determine how tight the government reins on a massive global market should be. A key lawmaker said a balance must be struck in crafting a new regulatory system for derivatives, the mostly unsupervised instruments blamed for hastening the global financial crisis.
Key Democrat questions plan for regulating complex financial instrumentsJune 4th, 2009 Key Democrat questions financial oversight planWASHINGTON — Fault lines emerged in Congress Thursday over new oversight for exotic financial instruments blamed for hastening the global crisis as a key Democratic senator questioned whether the government's proposed plan is robust enough. Gary Gensler, the chairman of the Commodity Futures Trading Commission, said a new regime — anchored on a network of clearinghouses to provide transparency for transactions in credit default swaps and other derivatives — was needed to reduce the risks of another financial meltdown.
Labor Department suspends Bush-era regulation on temporary farm workersMay 29th, 2009 Labor Department suspends farm worker rulesWASHINGTON — The Labor Department on Friday suspended a regulation adopted shortly before President George W. Bush left office that would have made it easier for farmers to bring in foreign workers.
Treasury asks Congress for authority to clamp down on shadowy derivatives marketMay 14th, 2009 Treasury asks for control of derivatives marketWASHINGTON — The Obama administration is asking Congress to extend its oversight of the financial system to include the shadowy market of derivatives, the kind of complex financial instruments that helped catapult the world into an economic crisis. In a two-page letter sent Wednesday to congressional leaders, Treasury Secretary Timothy Geithner said he wants to create a central electronic-based system that would track the buying and selling of derivatives.
Treasury says it wants to clamp down on credit default swaps, privately traded derivativesMay 13th, 2009 Treasury wants more financial regulationsWASHINGTON — The Obama administration is asking Congress to extend its oversight of the financial system to include the shadowy market of derivatives, the kind of complex financial instruments that helped bring down the giant insurer AIG. In a draft two-page letter to congressional leaders, the Treasury Department says it wants to create a central electronic-based system that would track the buying and selling of derivatives.
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