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…
Two separate votes. Two high-profile legislative reforms, wrapped together, are on their way to the White House for a signature.
The first installs sweeping consumer protections for credit card users, including a prohibition on rate hikes for existing balances (unless payments are more than 60 days late) and a minimum More…
Too big to fail? Maybe. Too big to regulate? Not according to some lawmakers.
Sens. Carl Levin (D-Mich.) and Susan Collins (R-Maine) introduced legislation today authorizing federal regulators to oversee the credit default swaps market — which has ballooned into a $57 trillion industry.
Toward the end of Thursday’s House debate on credit card reform — legislation that passed with broad bipartisan support — Rep. Luis Gutierrez (D-Ill.) took to the floor to attack a Republican attempt to delay the vote until a drawn-out study could be performed.
“We should not delay one More…
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