bank regulation

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Change the Fed, Keep Bernanke

 Change the Fed, 
 Keep Bernanke 
OPINION
Aug 14, 2009 6:52 AM CDT

Change the Fed, Keep Bernanke

(Newser) - The Federal Reserve is ripe for some major changes everywhere but at the top, Steven Pearlstein writes for the Washington Post. It's finally clear that the job "involves a lot more than adjusting interest rates," and we've seen the drain that happened when we "left the previous...

Feds Probe Shady Market for Derivatives

Banks may have unfair edge in information on credit-default swaps

(Newser) - The Justice Department is probing the market for credit-default swaps, the largely unregulated derivatives that contributed to the financial crisis, Bloomberg reports. Justice is investigating whether big banks have unfair access to price information through their ownership of a private company that provides data to investors. The Obama administration wants...

'Hot Money' Prompts Small Bank Collapses

Deposits from brokers, used to ignite growth, fueled risky loans

(Newser) - A boom-time reliance on something known as "hot money" to boost growth has left many of America's small and regional banks with their fingers badly burnt, the New York Times reports. Brokers provided billions in deposits to ambitious banks seeking to grow fast, but the high interest rates needed...

Obama's Bank Plan Punts on Tough Parts
Obama's Bank Plan Punts on Tough Parts
OPINION
Jun 19, 2009 7:48 AM CDT

Obama's Bank Plan Punts on Tough Parts

Krugman, Pearlstein agree: It doesn't address key problems

(Newser) - Barack Obama knows what caused the financial crisis, but his regulatory plan “basically punts on the question of how to keep it from happening all over again,” writes Paul Krugman in the New York Times. Obama’s plan takes the crucial step of regulating the “shadow banking”...

On Financial Reforms, Obama Is No FDR
On Financial Reforms, Obama Is No FDR
OPINION
Jun 18, 2009 12:02 PM CDT

On Financial Reforms, Obama Is No FDR

Proposed regulatory fixes don't actually fix much: Nocera

(Newser) - President Obama is hardly living up to the hype on fiscal regulatory reform, and he's not matching Franklin Roosevelt, either. When FDR reformed financial regulation, he transformed the industry, cheerfully making enemies in the process. Obama has been timid by comparison, writes Joe Nocera of the New York Times: “...

Obama Plan Puts Dow Off 7
 Obama Plan Puts Dow Off 7 
MARKETS
Jun 17, 2009 3:11 PM CDT

Obama Plan Puts Dow Off 7

(Newser) - Markets were mixed today as a perky health-care sector was held in check by poor performance in energy stocks and wariness over President Obama’s financial regulatory plan, the Wall Street Journal reports. Oil and commodities prices slipped as investors seemed to gird for a continued lull in consumer activity....

Obama Proposes More Powerful Fed

(Newser) - President Obama today proposed broad new powers for the Federal Reserve and the creation of new national regulator to ensure against another financial crisis, the Wall Street Journal reports. Under the new plan, the Fed would oversee all components of any banking concern, even its foreign affiliates, and Treasury would...

Obama Vows 'Light Touch' in Bank Regulation
Obama Vows 'Light Touch' in Bank Regulation
INTERVIEW
Jun 17, 2009 6:07 AM CDT

Obama Vows 'Light Touch' in Bank Regulation

Oversight measures aim for 'minimum' to avoid meltdown

(Newser) - Today Barack Obama will announce a major financial reform package that will give the Fed, Treasury, and FDIC new powers of regulation and oversight. It's the most substantial shift in financial regulations since the 1930s—but stops short of some of the most radical proposals, including tough limits on derivatives...

Geithner, Summers Outline New Regulatory System
Geithner, Summers Outline New Regulatory System
OPINION
Jun 15, 2009 8:33 AM CDT

Geithner, Summers Outline New Regulatory System

(Newser) - The current financial regulatory system “is riddled with gaps, weaknesses, and jurisdictional overlaps,” Treasury Secretary Timothy Geithner and Obama economic guru Larry Summers write in today’s Washington Post. They outline, in broad strokes, their plan to fix it:
  • Capital and liquidity requirements will be raised across the
...

Obama to Launch Radical Bank Reform
Obama to Launch Radical Bank Reform
Jun 14, 2009 9:51 AM CDT

Obama to Launch Radical Bank Reform

Changes will be the most ambitious since the Great Depression

(Newser) - President Obama will unveil next week sweeping new changes to the nation’s governance of troubled financial institutions, the AP reports. Unlike Washington’s temporary ownership stake in automakers and major financial companies, the new regulatory protocol will be permanent and will present the most ambitious revision since the 1930s....

Brown's Woes Offers Obama Reality Check
Brown's Woes Offers Obama Reality Check
OPINION
Jun 8, 2009 8:50 AM CDT

Brown's Woes Offers Obama Reality Check

Voters don't reward economic competence after crisis: Krugman

(Newser) - The Bush administration has taken much of the blame for the American recession, but a "huge housing bubble and a financial crisis" were always on the cards, as Paul Krugman writes for the New York Times. Writing from London, where voters gave Gordon Brown a pummeling in Thursday's elections,...

US to Expand Executive Pay Supervision

Administration to announce new rules, add pay-oversight chief

(Newser) - The Obama administration is set to announce new executive pay guidelines for banks and other corporations that have received bailout funds, the New York Times reports. Any company that’s taken two rounds of TARP cash—including Citigroup, Bank of America, AIG, GM and GMAC—will have to get pay...

New SEC Chair Stakes Out Her Territory

Schapiro moving decisively to overhaul troubled agency

(Newser) - As soon as she took over the SEC, Mary Schapiro started making changes. She scrapped rules that had hindered investigators, hired a new enforcement director, and refocused regulators on high-profile financial crisis-related cases. “I wanted to be clear from my first day—not just with words, which are pretty...

Obama's Financial Regulation Plan Nearly Ready

(Newser) - The Obama administration is finalizing a legislative proposal that would strengthen the reach of financial regulatory agencies, the New York Times reports. The plan wouldn’t likely consolidate the four major bank regulators, which could meet with fierce opposition in Congress. “I don’t mind overlap as much as...

Banks Privately Chafe Against Derivatives Reform

Embrace change in public but quietly fight it

(Newser) - The Obama administration is pushing to reform the market for financial derivatives by requiring new reporting to make trades more transparent. In public, Wall Street is saying it's in favor of the changes, but as the Wall Street Journal reports, the banks are pushing hard against reforms behind the scenes....

White House Plans Unified Banking Regulator

New agency would replace hodgepodge of regulators blamed for financial crisis

(Newser) - The Obama administration is working on plans to create a single agency to do the work of the mishmash of regulators who failed to see the financial crisis coming, the Wall Street Journal reports. The new agency, which may be proposed to Congress next month, would strip powers from the...

Geithner Back From the Dead, Politically

Once-ridiculed Treasury chief now on top of his game

(Newser) - After a rough start, Timothy Geithner has found his sea legs. Many were calling for the Treasury secretary’s head after his botched handling of February's bailout speech and the AIG bonuses. But, reports Politico, as the economy stabilizes, Geithner’s getting the hang of things. His regular meetings have...

Geithner: Pay Changes Ahead for Bank Execs

(Newser) - The Obama administration intends to push for “very, very substantial change,” in the way Wall Street pays executives, Treasury Secretary Tim Geithner tells Bloomberg. “I don’t think we can go back to the way it was,” he said, arguing that the current big-bonus status quo...

How Wall Street Went Hollywood (and Brought Down Our Economy)

(Newser) - During the Great Depression, legend has it a group of Wall Street bankers went to Hollywood to see if it was worth investing in, only to be immediately repulsed by the brazen displays of wealth they saw there. Now that it's the bankers being pilloried for their excesses, writes Neal...

Banking Should Go Back to Being Boring

(Newser) - When Paul Krugman was in grad school, nobody wanted to be a banker. Sure, it paid more than being an academic economist, but “everyone knew that banking was, well, boring,” he writes in the New York Times. That was before deregulation came into vogue in the 1980s, turning...

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