The Washington Independent

Posts Tagged finance reform

Senate Banking Panel Passes Sweeping Finance Reforms

By | 03.22.10 | 6:20 pm

They weren’t kidding when they said this evening’s markup of finance reform legislation would be a speedy affair.

The Banking Committee took less than an hour to pass the bill — along a party-line vote of 13 to 10 — and send it to the chamber floor. The quick process More…

Obama to Drop Push for Consumer Financial Protection Agency?

By | 02.25.10 | 10:42 am

So says The Washington Post, reporting this morning that, for the sake of passing banking reforms this year, the White House is willing to drop its insistence on a stand-alone consumer protection agency — an idea championed by a number of consumer advocates, including Elizabeth Warren, More…

Corker: Forget the Consumer Financial Protection Agency

By | 02.12.10 | 5:31 pm

Bad news for consumer advocates who experienced a flutter of hope this week when Sen. Chris Dodd (D-Conn.) swapped Sen. Richard Shelby (R-Ala.) — an opponent of creating a consumer financial protection agency — for Sen. Bob Corker (R-Tenn.) at the finance reform negotiation table: Corker More…

Gibbs: Consumer Financial Protection Agency Still ‘Great Priority’ of White House

By | 02.12.10 | 3:55 pm

Robert Gibbs, White House press secretary, was asked today whether the administration will insist on the creation of a separate consumer financial protection agency as part of the year’s plans for banking reform. His response should encourage the consumer advocates pushing for that agency.

The president still believes

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A Rocky Start to the New Era of Bipartisanship

By | 02.05.10 | 11:51 am

And not just on health care reform. Sen. Chris Dodd (D-Conn.), head of the Banking Committee, announced this morning that, after weeks of financial reform negotiations with the panel’s senior Republican, Sen. Richard Shelby (Ala.), the two sides “have reached an impasse.”

While I still hope that we will ultimately

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Report: Geithner Already Grumbling About Obama’s Proposed Bank Reforms

By | 01.22.10 | 11:26 am

It’s no mystery that Treasury Secretary Tim Geithner has been opposed to some of the very bank reforms proposed by President Obama yesterday (which explains why those reforms weren’t rolled out earlier). But it’s quite another thing for Geithner to go behind Obama’s back and grumble More…

Dodd to Scrap the Consumer Financial Protection Agency?

By | 01.15.10 | 9:45 am

When Sen. Chris Dodd (D-Conn.), chairman of the Banking Committee, announced recently that he wouldn’t seek reelection this year, the move was strangely interpreted as a boost for Democratic proposals to rein in the finance industry — proposals that include the creation of a new consumer More…

A Move to Revive Glass-Steagall

By | 12.07.09 | 1:45 pm

Ten years ago, Congress dismantled the decades-old Glass-Steagall Act, breaking down the firewalls between commercial banks and securities houses, and helping Wall Street firms grow into the too-big-to-fail institutions that exist now. There’s been a great deal of debate about the extent to which the death More…

An Astute Translation of the Banks’ Case Against New Regulations

By | 11.25.09 | 10:50 am

The finance industry, seeming to forget that it was responsible for the economic turmoil that’s pushed unemployment above 10 percent, is lobbying furiously (and successfully) against Democratic legislation designed to protect consumers and prevent a similar episode in the future.

Yesterday, industry representatives held More…

House Bill Would Cap Credit Card Rates at 16 Percent

By | 11.25.09 | 10:09 am

Equating today’s rising credit card rates to usury, several House Democrats today announced plans to introduce legislation capping credit card rates at 16 percent.

“Things were a lot better for the average person in this country when we had usury caps,” Rep. Louise Slaughter (D-N.Y.), head of the House Rules Committee, said More…