WASHINGTON, Jan 3 (Reuters) – As Gary Gensler wraps up his
last day as the head of the U.S. Commodity Futures Trading
Commission on Friday, he leaves behind a long list of ardent
admirers of his tough-nosed reforms and passionate critics who
believe he has injured well-functioning markets.
Once a swaps trader at Goldman Sachs and then a
Treasury Department official known for his role in rolling back
bank rules in the late 1990s, the 56-year-old surprisingly
became the regulator Wall Street feared most in the wake of the
WASHINGTON, Dec 27 (Reuters) – U.S. bank regulators said on
Friday they would consider allowing banks to hold on to certain
complex securities despite a new rule limiting risky
The announcement came after lenders warned in a lawsuit of
hefty losses from the so-called Volcker rule.
WASHINGTON (Reuters) – The U.S. Environmental Protection Agency was criticized in an internal report for dropping charges that Range Resources Corp was polluting drinking water while “fracking” for natural gas.
Range is using the hydraulic fracturing technique in Parker County, Texas where one homeowner complained in August 2010 that he could set his drinking water on fire.
WASHINGTON, Dec 24 (Reuters) – U.S. regulators fined
American Express on Tuesday over deceptive and
misleading practices in selling credit card add-on products, and
forced it to repay a total of $59.5 million to duped customers.
The U.S. Consumer Financial Protection Bureau said the
company and two subsidiaries had engaged in unfair billing
tactics and deceptive marketing, affecting more than 335,000
customers from 2000 to 2012.
WASHINGTON, Dec 20 (Reuters) – The United States granted
foreign banks a reprieve from some of its new rules for risky
derivatives, putting itself on a collision course with overseas
regulators who want more reliance on home-country rules.
The U.S. swaps regulator laid out which of its new rules
foreign banks have to comply with if they trade with American
clients, or even if they deal with customers in their own
country from an office in the United States.
WASHINGTON, Dec 16 (Reuters) – The U.S. derivatives
regulator on Monday said Commissioner Mark Wetjen would bridge a
leadership gap at the agency just as it starts to oversee the
$630 trillion swaps market for the first time.
Wetjen, a Democratic member of the Commodity Futures Trading
Commission since October 2011, was once considered a candidate
to lead the agency, but his name dropped off the short list
early this year.
WASHINGTON (Reuters) – U.S. banks will no longer be able to make big trading bets with their own money after regulators finalized on Tuesday a rule shutting down what was a hugely profitable business for Wall Street before the credit crisis.
The measure known as the Volcker rule was a late addition to the 2010 Dodd-Frank Wall Street reform law and seeks to ensure that banks can’t make speculative trades that are so large and risky that they threaten individual firms or the wider financial system.
WASHINGTON (Reuters) – U.S. regulators toughened key sections of the Volcker rule’s crackdown on Wall Street’s risky trades on Tuesday as they finalized one of the harshest reforms after the credit meltdown.
The rule – named after former Federal Reserve Chairman Paul Volcker, who championed the reform – generally bans banks from proprietary trading, or speculative trading for their own profits.
WASHINGTON, Dec 10 (Reuters) – U.S. regulators are set on
Tuesday to approve a rule to rein in risky trading by banks, a
crucial part of their efforts to reform Wall Street and prevent
another costly taxpayer bailout.
The Volcker rule, named after former Federal Reserve
Chairman Paul Volcker, who championed the reform, prohibits
banks from betting on financial markets with their own money, a
practice known as proprietary trading.
WASHINGTON, Dec 8 (Reuters) – When U.S. regulators adopt the
Volcker rule on Tuesday, they will make good on a promise by
politicians to rein in banks’ ability to gamble with their own
The coordinated action by five separate regulatory agencies
is seen sparking a court challenge as Wall Street tries once
again to avoid one of the harshest elements of the
post-financial crisis crackdown.