Sen. Blanche Lincoln (D-Ark.) has released her language for the derivatives portion of the bill overhauling financial regulation. I’ve gone through the section-by-section report, and am now digging into the language more deeply. Bills are complicated things, and I’ll be looking more closely this afternoon. But here are some provisional More…
In testimony before the House Financial Services Committee yesterday, former Fed chairman and Obama economic adviser Paul Volcker said that Congress needed to pass legislation that sets forth rules for banks, rather than authorizing regulatory authorities to eventual develop rules, because “there’s a lot of pressure [for regulators] More…
In the wake of the request by European leaders to institute (at a minimum) mandatory reporting and more regulation of credit default swaps, the Securities and Exchange Commission is jumping on the regulation bandwagon. In a statement by its chair, Mary Schapiro called for regulation of More…
Simple answer: because the deeper the Europeans dig, the more member countries get covered in the same dirt. Italy did it with JPMorgan Chase, their municipalities did it with whomever they could, France did it but already got caught and reports today More…
In an early roll-out of what is likely to be part of the financial industry’s regulation-busting public relations strategy, JPMorgan Chase analysts issued a report stating that any government efforts to prevent future financial meltdowns will cost them money. Naturally, they have no intention of losing a cent More…
Two great catches by Ben Smith — and more by his commenters — reveal that the little-known Committee for Truth in Politics is running ads that frame proposed financial regulatory reform as, paradoxically, “one big bailout” for banks. The ads are running in Pennsylvania, Montana, North Dakota and More…
Rena Steinzor, a law professor at the University of Maryland and president of the Center for Progressive Reform, reports that Cass Sunstein, President Obama’s “regulatory czar,” may be hiring Randall Lutter, a conservative economist who spent time at the American Enterprise Institute conducting economic analyses of regulations, to More…
As a House committee begins tackling major financial regulatory reform, consumer advocates find themselves shaking their heads over why something that should have been a slam dunk — reining in the financial industry in the wake of the subprime crisis — has turned into a hard-fought battle 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…
Appearing on Wall Street today, President Obama accused some of the nation’s financial institutions of “misreading” the economy’s nascent recovery, and urged Congress to pass strict new banking regulations to prevent the industry’s “reckless behavior” from spurring another economic collapse.
We will not go back to the days
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