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A key senator has agreed with the head of the Federal Deposit Insurance Corp. to change new Senate legislation to ensure an end to the "too-big-to-fail" approach that brought the government rushing in to bail out big banks in the financial crisis.
Federal Reserve Chairman Ben Bernanke waged a fresh battle against Senate efforts to strip the Fed from banking supervision.
The House passed the most ambitious restructuring of federal financial regulations since the New Deal on Friday, aiming to head off any replay of last year's Wall Street failures that plunged the nation deep into recession.
A top bank regulator is throwing cold water on a financial overhaul plan the Obama administration wants to see passed quickly.
Taking aim at Wall Street and the U.S. central bank, an important House committee voted Thursday to assess fees on large financial firms to pay for the failure of their peers and to require a sweeping congressional audit of the secretive Federal Reserve.
Measures that would significantly boost funding for the Securities and Exchange Commission as well as give shareholders a say on executive pay are included in draft financial overhaul legislation in the Senate, a person familiar with the matter said Monday.
The Obama administration's financial overhaul must prevent banks from getting so large that the government would rather bail them out than see them fail, a Federal Reserve official says.
Liberal Democrats struggled Thursday to give states new powers to protect consumers from fraud and abuse, but banks may be able to nix the idea when a financial overhaul bill reaches the House floor.
A top White House economic adviser says the Obama administration's proposed overhaul of financial rules preserves the policy of "too big to fail," and could lead to future bailouts.
Recognizing that many people see them as villains, the financial industry and big business groups working to stop key elements of President Barack Obama's financial overhaul are taking a new tack.
The head of the Federal Deposit Insurance Corp. is arguing against key pillars of the Obama administration's plan to overhaul the financial system, saying they would not survive in Congress and that she has better ideas.
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.
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.
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.
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.
If President Barack Obama gets his way, consumers who take out mortgages would automatically get a "plain vanilla" loan — such as a traditional 30-year fixed-rate mortgage — unless they opted for a riskier variety.
Of all the financial regulatory changes the Obama administration has proposed, one stands tallest as a threat to bank industry profits: the creation of an agency to protect consumers from risky products.
President Barack Obama's plan to increase oversight of banks and other financial institutions ran into skepticism Thursday on Capitol Hill where senators sharply questioned whether it was enough to prevent another economic meltdown. The lack of a ringing endorsement suggests the proposal was headed for a rewrite by a Congress sensitive to voter frustration with the government's handling of the economy.
Hispanic Caucus Aims To Shift Focus To ImmigrationThe packed legislative agenda of 2009 left little room after health care, climate change and the financial overhaul to tackle immigration issues.
House Dems reach deal on regulatory reform after threats by party centristsHouse Democrats reached a deal on a thorny provision in financial overhaul legislation that held up debate on Wednesday, Rep. Barney Frank (D-Mass.) said.
Greenspan Backs Key Obama Wall Street Reform EffortA keystone of Obama's Wall Street reform agenda is getting support from the unlikeliest of corners.
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