It’s the morning after, so let’s see how bankers felt about being in the hot seat Wednesday before Congress. Top financial executives of banks that received federal bailout funds got a grilling from the members of the House Financial Services Committee, who gave them a hard time about their bonuses More…
It was a huge week for confirmation hearings, with Secretary of State-nominee Hillary Rodham Clinton and Attorney General-designate Eric Holder taking center stage, and all the drama that entailed. But an enduring image from the week may end up being a small moment that few people even caught More…
Newly-minted Sen. Mark Udall (D-Col.), has scheduled a press call this afternoon to announce his plans to introduce legislation to end the abusive practices of credit card issuers. This isn’t enormous news — as a member of the House, Udall had strongly supported the lower chamber’s version of the More…
Using lessons from the initial phase of Washington’s $700 billion Wall Street bailout, House Financial Services Committee Chairman Barney Frank (D-Mass.) introduced draft legislation today applying much stricter conditions on how the remaining $350 billion will be spent.
Under the bill, banks benefiting from the taxpayer gift must provide More…
After months of proposals, arguments, hearings and public comments, federal regulators today approved new rules to make credit cards more consumer friendly. The changes will prevent card companies from hiking interest rates on existing balances and grant card users a longer window to pay their bills. The new More…
Sen. Bill Nelson (D-Fla.) offers a new angle today on the Detroit bailout, saying that he’ll support the plan only if the automakers stop trying to kill states’ efforts to tighten emission standards.
California has famously applied for an Environmental Protection Agency waiver forcing emission reductions of 30 percent by More…
It’s no secret that some powerful Democrats are none too pleased that the Bush administration has refused to use the $700 billion Wall Street rescue to help struggling homeowners facing foreclosure. Yesterday, Senate Banking Committee Chairman Sen. Chris Dodd (D-Conn.) floated a possible remedy, suggesting that any Detroit More…
House Financial Services Committee Chairman Barney Frank (D-Mass.) said in no uncertain terms Wednesday that the $25 billion bailout being sought by America’s Big Three automakers would constitute just the first federal offering in what would be a much more expensive rescue plan. Asked by National Public Radio why More…
Yesterday, it was Rep. Barney Frank (D-Mass,), chairman of the House Financial Services Committee, blaming mortgage servicers for a failure to modify loans, thereby prolonging the nation’s foreclosure crisis.
Today, it’s Sen. Chris Dodd (D-Conn.), chairman of the Senate Banking Committee, accusing lenders of hoarding federal funds, thus More…
rss