WASHINGTON, Aug 20 (Reuters) – A heavyweight coalition of
asset managers demanded a greater say in future decisions by the
top U.S. risk council that would subject them to tougher
regulation, the groups said in a letter to the U.S. Treasury.
The groups asked that the Financial Stability Oversight
Council (FSOC) change its rules by which it designates firms as
“systemically important”, a tag that subjects them to far
tougher capital and risk management requirements.
WASHINGTON (Reuters) – Insurer American International Group (AIG.N: Quote, Profile, Research, Stock Buzz) is ramping up its lobbying team in Washington, almost six years after it halted such efforts following its rescue by the U.S. government during the financial crisis.
Many large companies deploy a handful of staff to provide access to Capitol Hill and the White House, but AIG has employed no officially registered lobbyists since 2009. Some of its government relations positions in Washington, which companies typically use to influence policymaking by regulators and other government officials, have been left vacant.
WASHINGTON, Aug 15 (Reuters) – Insurer American
International Group is ramping up its lobbying team
in Washington, almost six years after it halted such efforts
following its rescue by the U.S. government during the financial
Many large companies deploy a handful of staff to provide
access to Capitol Hill and the White House, but AIG has employed
no officially registered lobbyists since 2009. Some of its
government relations positions in Washington, which companies
typically use to influence policymaking by regulators and other
government officials, have been left vacant.
WASHINGTON (Reuters) – Banks need to urgently change a provision in derivatives contracts that prevents them from smoothly winding down their business if they start failing during a crisis, a top U.S. regulator told Reuters on Wednesday.
Thomas Hoenig, second in command at the Federal Deposit Insurance Corp, said the so-called early termination rights were the most pressing problem regulators found last week with documents that show how banks can go through bankruptcy court during a crisis that threatens their solvency.
WASHINGTON, Aug 11 (Reuters) – Virtual currencies such as
bitcoin are the “Wild West” of financial products because of
risks including huge swings in exchange rates, the U.S. Consumer
Financial Protection Bureau said on Monday.
“Virtual currencies are not backed by any government or
central bank, and at this point consumers are stepping into the
Wild West when they engage in the market,” CFPB Director Richard
Cordray said in a statement.
WASHINGTON, Aug 8 (Reuters) – Republican politicians sued
the U.S. Securities and Exchange Commission, seeking to throw
out a rule that limits political donations by investment
The Republican state committees from New York and Tennessee
said the federal securities regulator had flouted due procedure
when adopting its Political Contribution Rule, which they said
also violated the constitutional right to freedom of speech.
WASHINGTON (Reuters) – U.S. regulators on Tuesday told banks to come up with better living wills, inching a step closer to taking action if these plans to avoid taxpayer bailouts during a future crisis were still deficient next year.
The plans submitted by the banks last year showed important shortcomings, the Federal Reserve and Federal Deposit Insurance Corp. said, telling them to show in 2015 that they had made “significant progress” to address a range of issues.
WASHINGTON, July 31 (Reuters) – The top U.S. regulatory
panel tasked with policing the safety of the financial system
said on Thursday it is launching a review of potential risks in
the asset management industry.
But the Financial Stability Oversight Council was unlikely
to designate any asset management firm as “systemically
important” as part of the review, a source familiar with the
council said, a tag that carries more regulatory scrutiny and
oversight by the Federal Reserve.
WASHINGTON, July 31 (Reuters) – The new head of the U.S.
derivatives regulator on Thursday pledged he would be a tough
cop now that the agency has largely finished a raft of new rules
to oversee the $710 trillion global swaps market.
Tim Massad, who took the helm at the Commodity Futures
Trading Commission in June, also said he would tweak any rules
designed to rein in Wall Street firms if they made it harder for
others, such as energy companies that use derivatives to hedge
risk, to access the market.
WASHINGTON, July 28 (Reuters) – The U.S. federal agency
regulating derivatives has fought just three trials since 2011,
all against small-time fraudsters in Florida. Now it is poised
to take on a series of formidable opponents in the biggest
courtroom tests yet of its efforts to crack down on market
A loss in the courtroom would be a setback for the Commodity
Futures Trading Commission as it tries to catch up with its
sister agencies, the Securities and Exchange Commission and the
Federal Energy Regulatory Commission, which have already adopted
more aggressive tactics toward reining in Wall Street excesses.