Testifying before House lawmakers yesterday, Sheila Bair, head of the Federal Deposit Insurance Corporation, endorsed much of the controversial proposal to grant the White House new powers to take over Wall Street investment firms when their failure threatens the larger financial system.
A timely, orderly resolution
Appearing before a House panel on Thursday, Treasury Secretary Tim Geithner made his best pitch for legislation granting the White House broad new powers to seize Wall Street firms when their collapse might torpedo others in the industry.
It didn’t go so well.
[Congress1]A number of Democrats on the House More…
Treasury Secretary Tim Geithner, who’s testifying this morning before the House Financial Services Committee on legislation empowering the White House to take over Wall Street firms when their failure threatens the finance system on the whole, just made a curious claim. Asked by Rep. Maxine Waters (D-Calif.) whether More…
Different bill; same concerns.
House Democrats introduced legislation Tuesday granting the White House broad new authority to bail out investment houses and other non-banks when their potential collapse is a threat to the larger financial system. But while the bill goes far beyond a similar White House proposal More…
Democrats on Capitol Hill were all cheers when they passed first-of-its-kind credit card reform earlier in the year — only to become publicly indignant when the card companies began hiking rates and fees in advance of those changes taking hold.
So after some Democrats More…
As we noted on Wednesday, the House Financial Services Committee is in the midst of tackling financial regulatory reform, which has brought out the lobbyists in full force. Here’s just a small taste of the action so far: American Banker is reporting that the committee is close to More…
In April, we ran a piece about how some Democrats had bowed to the wishes of the banking industry and delayed their credit card reforms until next year, even as consumers have struggled to keep up amid the recession. Inevitably, the banks have used the delay More…
The 10 members of the panel named by Congress to investigate the causes of last year’s economic implosion appear to be wrestling with their role in this year’s push for financial industry regulatory reform, judging from their statements at today’s first hearing.
Brooksley Born, who fought unsuccessfully to regulate derivatives More…
Here’s a fascinating exchange between Rep. Maxine Waters (D-Calif.), chairman of the House Financial Services subpanel on housing, and Mary Coffin, executive vice president of Wells Fargo‘s mortgage servicing division, during yesterday’s hearing to examine how effectively the administration’s voluntary mortgage modification program is preventing foreclosures. (More…
Jason Pye reports that Rep. Barney Frank (D-Mass.) will schedule an October committee vote on HR 1207, the “audit the Federal Reserve” bill introduced by Rep. Ron Paul (R-Texas).
We will subject them to a complete audit. I’ve been working with Ron Paul, who’s the main sponsor of that
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