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The House Financial Services Committee has voted to pull the curtain on the normally secretive Federal Reserve by subjecting the nation's central bank to a sweeping congressional audit.
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.
Senate Democrats on Tuesday proposed stripping the Federal Reserve of its supervisory powers and creating instead three new federal agencies to police banks, protect consumers and dismantle failing institutions.
The House Financial Services Committee has voted to give federal regulators more power and money to police major players in the stock market.
The House Financial Services Committee has voted to speed up the enactment of tough new credit card rules from mid-February of next year to Dec. 1 of this year.
Highlights of legislation approved by the House Financial Services Committee to create a Consumer Financial Protection Agency, or CFPA:
The House Financial Services Committee has voted to set new rules for credit rating agencies, which lawmakers say misled investors by giving high marks to risky securities tied to subprime mortgages.
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.
Despite persistently high unemployment, Treasury Secretary Timothy Geithner said Friday the Obama administration's economic stimulus plan is on the "expected path."
It's time to regulate gambling on the Internet rather than outlaw it, says Rep. Barney Frank, the chairman of the House Financial Services Committee.
The chairman of the House Financial Services Committee said Tuesday he hoped to begin writing legislation by early May on overhauling how the federal government regulates the nation's financial system.
Rep. Barney Frank asserted Thursday that the Obama administration can be more trusted than the Bush administration to ensure that banks do not misuse money they get from a $700 billion bailout fund.
Emergency aid for the nation's imperiled auto industry was thrown into jeopardy Wednesday, opposed by Republicans who were revolting against a hard-fought deal between Democrats and the Bush White House to speed $14 billion to ailing carmakers.
In a stunning vote that shocked the capital and worldwide markets, the House on Monday defeated a $700 billion emergency rescue for the nation's financial system, ignoring urgent warnings from President Bush and congressional leaders of both parties that the economy could nosedive without it. The Dow Jones industrials plunged nearly 800 points, the most ever for a single day.
The top Republican on the House Financial Services Committee struck paydirt on a stock option last year after betting that a Chinese advertising company would jump in value.
Rep. Bart Gordon, D-Tenn., chairman, House Science Committee, granted an extension to file late.
President Bush and Congress are clashing over how to address the housing crisis, clouding the prospects of an election-year rescue package. Bush said Wednesday he would veto Democrats' broad housing aid plan, saying it wouldn't help struggling homeowners.
Legislation by Rep. Barney Frank, D-Mass., the House Financial Services Committee chairman, would relax the Federal Housing Administration's underwriting standards to allow the hardest-pressed homeowners to qualify for government-backed loans.
Homeowners buckling under their mortgage payments would be allowed to refinance into more affordable government-backed loans under a proposal introduced by a House committee chairman Thursday.
Democrats in Congress and President Bush will agree on a bill to help half a million or more strapped homeowners get into lower cost mortgages, but it won't be through the bankruptcy courts, the chairman of the House Financial Services Committee said Tuesday.
The chairman of the House Financial Services Committee said Wednesday he will push for stricter federal regulation of investment banks, including making them hold reserves similar to those required of commercial banks.
Some quotes from the House Financial Services Committee's hearing on the state of the economy Wednesday featuring testimony from Federal Reserve Chairman Ben Bernanke:
Federal Reserve Chairman Ben Bernanke's prepared testimony Wednesday to the House Financial Services Committee:
High and Low Finance - Goodbye to the Accounting Reforms of 2002It took just five weeks after the WorldCom accounting scandal erupted in 2002 for Congress to pass, and President George W. Bush to sign, the Sarbanes-Oxley Act. That law required public companies to make sure their internal controls against fraud were not full of holes.
White House Quietly Working To Weaken Investor ProtectionThe White House is quietly working to undercut a key post-Enron reform, significantly weakening protection for everyday investors and threatening the administration's image as a champion for financial regulatory reform.
Remarks of Chairman Gary Gensler, OTC Derivatives Regulation, George Washington University Law School SymposiumGary Gensler is explicit on his definition of "end-user".
Fair Game - Don't Let Exceptions Kill the Rule on Derivatives Reform CONGRESS began the work of reforming our troubled financial system last week, and a bill aimed at regulating derivatives passed the House Financial Services Committee on Thursday. Skip to next paragraph Related Times Topics: Gretchen Morgenson
Volcker: Obama Plans Maintain 'Too Big To Fail'WASHINGTON — 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.
No Economic Recovery in Sight: More Financial Chaos AheadNo Economic Recovery in Sight: More Financial Chaos Ahead By Bob Chapman, The International Forecaster (reposted on DProgram.net)
Frank Said to Back Broader Fed Audits Rep. Ron Paul said he has a commitment from the chairman of the House Financial Services Committee, Barney Frank, to advance the Texas Republican's legislation opening the Federal Reserve to broader federal audits.
Michele Bachmann's latest lies: Rep falsely claimed ACORN faces criminal charges and is under IRS IinvestigationOn Wednesday, the House Financial Services Committee passed an amendment Bachmann offered to the Mortgage Reform and Anti-Predatory Lending Act, which would ban groups facing federal indictment for voter fraud from receiving federal foreclosure relief funds.
The First TARP (Bailout) Formula Had It Right"Blink," the mega-best-seller by Malcolm Gladwell, is about the importance of first impressions, and Mr.
Frank Statement on March Job NumbersHouse Financial Services Committee Chairman Barney Frank released the following statement today following the release of March job numbers by the Bureau of Labor Statistics:
A Catastrophe Foretold Unfortunately, assertions that unregulated financial markets would take care of themselves have proved as wrong as claims that deregulation would reduce electricity prices.
Legislation Would Give Shareholders a Voice on Executive Compensation PackagesSponsored by Chairman Barney Frank, D-Mass., the bill (HR 1257) would allow shareholders to cast a non-binding vote on compensation plans for a company's top executives.
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