US seeks dramatic expansion of financial regulatory powers

September 14th, 2009 WASHINGTON - President Barack Obama Monday said the need for hundreds of billions of dollars in financial industry bailouts was easing as the global economy recovers, but continued to push for a drastic overhaul of financial regulation in the US. One year after the collapse of investment banking giant Lehman Brothers Holdings, a bankruptcy that sent Wall Street into a tailspin, Obama was looking to regain momentum for his proposals to prevent such a crisis from ever happening again.

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.

June 18th, 2009 Geithner defends plan to step up oversightWASHINGTON — Treasury Secretary Timothy Geithner says it is clear that the government could have done more to prevent the economic downfall. In prepared testimony, Geithner says that gaps and weaknesses in the regulatory framework governing banks and other financial institutions "presented challenges" to the government's ability to monitor and address risky market bets.

June 17th, 2009 Romer, Boehner, debate new financial regulationsWASHINGTON — White House adviser Christina Romer said Wednesday the Obama administration's proposal to overhaul the financial regulatory system should be accepted by Congress because "the status quo is not an option." At the same time, the leading House Republican Leader John Boehner said that while the GOP agrees on many aspects of financial regulatory change now being proposed, members of his party worry about the government taking too large a role. "If you look deeply ...

June 17th, 2009 WASHINGTON - President Barack Obama proposed massive changes Wednesday to how the US regulates its financial industry, hoping to win new government powers that could prevent the next economic crisis from taking place. In what has been billed the most significant overhaul since the Great Depression of the 1930s, Obama hopes to vastly expand the authority of the Federal Reserve and create a new "oversight council" of regulators to watch over financial firms.

June 17th, 2009 Obama: New rules will keep 'worst traits in check'WASHINGTON — President Barack Obama proposed new "rules of the road" for the nation's financial system Wednesday, casting the changes as an essential response to the economic crisis and the greatest regulatory transformation since the Great Depression. Obama blamed the crisis on "a culture of irresponsibility" that he said had taken root from Wall Street to Washington to Main Street, and he said regulations crafted to deal with the depression of the 1930s were "overwhelmed by the speed, scope and sophistication of a 21st century global economy." The Obama plan would give new powers to the Federal Reserve to oversee the entire financial system and would also create a new consumer protection agency to guard against credit and other abuses that played a big role in the current crisis.

June 17th, 2009 Obama to detail overhaul of finance regulationsWASHINGTON — President Barack Obama will unveil his proposal to overhaul regulations covering major financial institutions. He is calling for a new regulatory agency and expanded powers for the Federal Reserve to supervise large financial insittions considered too big to fail.

June 17th, 2009 Obama cites decades of mistakes behind recessionWASHINGTON — President Barack Obama is offering a broad-scale overhaul of the financial system, saying hard times struck largely because a post-Depression era business regulatory scheme couldn't keep up with an increasingly global economy. In remarks readied for the unveiling of new rules to govern business, Obama attributed much of the country's current problem to "a cascade of mistakes and missed opportunities" which happened over several decades.

June 16th, 2009 Obama promises to close regulatory gapsWASHINGTON — As the Obama administration prepares to unveil an overhaul of the way financial institutions are regulated, President Barack Obama says the goal will be to fill a "series of regulatory gaps." Obama told reporters Tuesday there's been a "lack of oversight" that allowed what he termed "wild risk-taking." He says it led to conditions that have been "very dangerous" for the American people. Obama says rather than adding another layer of regulatory agencies, his approach will be to streamline and consolidate, and to add protections for consumers and investors.

June 16th, 2009 Official: Obama to propose new consumer agencyWASHINGTON — An Obama administration official says the Treasury will propose the creation of a regulatory agency to protect consumers in their credit, savings and other banking transactions. The new agency is one of the central elements of President Barack Obama's overhaul of the financial regulatory system.

June 14th, 2009 Obama wants tighter checks on banks, Wall StreetWASHINGTON — President Barack Obama is ready to roll out an overhaul of the intricate rules and systems that govern America's troubled financial institutions, proposing the most ambitious revision since the Great Depression. The goal is to prevent a recurrence of the economic crisis that erupted in the United States and exploded last fall with devastating consequences still reverberating around the world.

May 13th, 2009 NEW DELHI - The current global financial crisis, the worst in six decades, is expected to bottom out from the end of this year even as India has managed to emerge largely unscathed, former central bank governor Y.V. Reddy has said.

April 25th, 2009 NEW DELHI - Unhappy with the performance of state-run carrier Air India, the government has decided to appoint an interim chairman and managing director for the carrier in place of incumbent Raghu Menon, officials confirmed Saturday. A list of names has also been forwarded to the Appointments Committee of the Cabinet for a regular chief to run the National Aviation Company of India Ltd, which was formed last year after Indian Airlines was merged into Air India, they added.

March 25th, 2009 WASHINGTON - US authorities need broad new emergency powers to take over financial firms whose collapse could threaten the wider economy, the country's top economic officials warned Tuesday in the wake of the controversial bail-out of insurance giant American International Group Inc (AIG). Facing a groundswell of public anger over Wall Street and AIG's role in the financial crisis, Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke defended their rescue of AIG before lawmakers as critical to the stability of the US economy.

January 22nd, 2009 NEW DELHI - The government will soon come up with a model regulatory act for the real estate sector, Minister of State for Poverty Alleviation and Affordable Housing Kumari Selja said here Friday. 'We will soon come up with a model regulatory act for states to follow.