financial reform bill

The Securities and Exchange Commission on Tuesday approved a measure that gives institutional shareholders a vote on executive pay at large corporations, part of regulators' efforts to give investors greater say over top-level salaries that have been described as excessive.

Paul Volcker, chairman of the Economic Recovery Advisory Board for President Barack Obama, is set to step down from the position next month. As a key adviser to the president, Volcker has advocated for tougher financial regulations and counseled the government on fiscal policy.

New rules proposed by the Fed for debit card transactions may mean consumers end up paying more to use their cards, while big retailers save billions. The rules would sharply limit the transaction fees sellers pay, so banks could recoup that money from buyers.

Though most Americans wish that Congress would rein in excessive pay on Wall Street, that won't happen while the huge campaign contributions keep flowing. And the financial industry's big money shell game drains away something more precious from our society than money -- it siphons off talent.

The central bank says the disclosures cover more than 21,000 individual transactions done to "restore the flow of credit to American families and businesses, and support economic recovery and job creation in the aftermath of the crisis." It also says no money has been lost so far.

The SEC subpoenaed several former in-house brokers as part of an investigation of Citigroup (C) debt funds. The funds in question borrowed heavily and invested in mortgage bonds and municipal bonds, The Wall Street Journal said without naming its sources. The funds' value slumped by as much as...

In Wednesday's legal news, the Texas Attorney General has appealed a judge's decision to grant a divorce to two men who were married out of state; the SEC vows to pursue overseas ratings fraud; and companies that incorrectly claim their products are patented can be sued for $500 per product.

During a speech Monday, U.S. Treasury Secretary Timothy Geithner pledged a speedy implementation of the financial system overhaul. One of the first tasks on the list? Simplifying all the paperwork.

The new financial reform law may have made it easier for the SEC to keep secrets from the public. The SEC is no longer required to disclose records or information about basic regulatory and oversight activities.

The future of the government-backed mortgage finance giants Fannie Mae and Freddie Mac, which critics have accused of exacerbating the meltdown in the U.S. housing market, will be discussed next month at a conference sponsored by the U.S. Department of Treasury.