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.
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.
A provision in the newly passed Dodd-Frank financial overhaul law makes the higher FDIC insurance limit of $250,000 retroactive to 2008. That means depositors at six banks will now get reimbursed for the higher amount.
Winthrop Brown, a Washington lawyer who lobbies on behalf of financial services firms, says the new regulations should get "a pretty good grade" from Wall Street -- and from Main Street. But will they prevent another economic meltdown?
Bank of America, Citi and JPMorgan Chase beat earnings projections, despite a drop in investment banking and trading income. Results were buoyed by lower losses on loans and credit cards and resulting cuts in loan reserves.
The U.S. Senate voted Thursday to pass the most sweeping overhaul of financial regulations since the Great Depression, handing President Barack Obama a key election year victory.
The Senate took a major step closer to final passage of the sweeping financial reform bill Thursday morning with a 60-38 vote to bring the debate to a close and move the bill to a final vote.
Congressional Democrats are aiming for a final vote on the financial reform bill soon, which they say will prevent future financial meltdowns like the one that plunged the economy into a devastating recession.
Democrats moved a step closer to passing a Wall Street reform bill -- and handing President Barack Obama an election-year victory -- after securing the support of three Republican senators: Olympia Snowe and Susan Collins, both of Maine, and Scott Brown of Massachusetts.
Senate Majority Leader Harry Reid currently has 57 Democrats on board, with two Republicans seemingly inclined to vote in favor as well. That leaves Reid one vote short.
Former Federal Reserve Chairman Alan Greenspan said that the recent slowdown in economic indicators is most likely temporary. "It's more than likely a pause in the usual cyclical pattern," Greenspan said in an interview.
The bill's limits on hedge fund and private equity investments could force Goldman to divest billions in assets, which would lower its earnings. However, the bill also lets banks stretch out their compliance with the new rules by several years, postponing the pain.
The passing of Sen. Robert Byrd, the longtime West Virginia Democrat, could throw a wrench into the party's plans to pass the landmark financial-overhaul bill by July 4 and thereby to hand President Obama a key election-year victory.
The new financial reform bill contains provisions that may drive up costs and reduce choice for consumers in the mortgage industry, The Wall Street Journal reports.
Friday's seesaw day ended mixed, as a relief rally on the compromise reached for financial regulation reform offset concern over a downward revision to first-quarter GDP. Still, the Dow lost more than 300 points this week, abruptly ending a healthy two-week rally.
President Obama said Friday that the financial reform deal struck by members of a congressional conference committee will "strengthen our economy" and protect consumers from the excesses of the financial system.
The massive regulatory revision touches almost every aspect of the financial industry. In addition to rules aimed at trimming risk-taking among banks, the package prominently includes several new protections for consumers.
Banks are up in arms over language added to the proposed financial regulation overhaul that would make big financial firms shoulder some of the cost if government-backed mortgage lenders Fannie Mae and Freddie Mac go bust.
U.S. lawmakers today enter the final negotiations to complete the historic overhaul of the country's financial regulations. The focus is firmly on controversial provisions to limit banks' trading businesses and investments in private equity and hedge funds.
The estimated $48 billion that merchants pay to banks and credit card companies for the use of those ubiquitous terminals is at stake as Congress considers a proposal that could limit the fees incurred every time you swipe.
As the firms remove their NYSE listings, what survives is the mountain of unpaid bills that could saddle taxpayers with as much as $1 trillion in bad debt. And what's remains unapparent so far is any cogent plan for dealing with the mess.
