Emily's Feed
Dec 9, 2014

Fed to propose extra capital cushion for 8 big U.S. banks

WASHINGTON (Reuters) – The U.S. Federal Reserve on Tuesday proposed requiring eight of the largest U.S. banks to hold an extra capital cushion, and said the firms will need even more equity if they rely heavily on short-term wholesale funding.

Most of the banks, which include JPMorgan Chase (JPM.N: Quote, Profile, Research, Stock Buzz) and Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz), would be held to higher capital requirements under the Fed’s proposal than under a similar rule by global regulators, officials said.

Dec 5, 2014

New York chokehold death brings attack on ‘broken windows’ doctrine

WASHINGTON (Reuters) – The “broken windows” law enforcement strategy of aggressively pursuing petty criminals is coming under attack, after a grand jury this week decided not to indict a New York police officer in the chokehold death of an unarmed black man.

Eric Garner died in July after a confrontation with police. Officers tried to arrest Garner based on complaints that he was illegally selling cigarettes on a Staten Island sidewalk.

Dec 2, 2014

Brief renewal ahead for U.S. ‘extenders’ tax breaks

WASHINGTON (Reuters) – Congressional Republicans stepped back on Tuesday from a fight to overhaul a package of special-interest U.S. tax breaks, known as the “extenders,” by saying all of them would soon be renewed retroactively, but only through the end of this year.

The Obama administration also weighed in, with Treasury Secretary Jacob Lew meeting with congressional Democrats and saying in a statement that the White House was “open to supporting shorter-term alternatives” on the extenders.

Dec 2, 2014

U.S. Congress should exempt small banks from Volcker rule -regulator

WASHINGTON, Dec 2 (Reuters) – A top U.S. regulator on
Tuesday called on Congress to exempt small banks from the
Volcker rule, one of the toughest requirements included in the
2010 financial reforms.

U.S. Comptroller of the Currency Thomas Curry said
eliminating unnecessary rules for small banks would lower the
cost of regulatory compliance and make it easier for them to
serve their communities.

Nov 18, 2014

Senator Durbin opposes Obama Treasury nominee: aide

WASHINGTON (Reuters) – A top U.S. Democratic senator came out against President Barack Obama’s choice for a key U.S. Treasury Department post on Tuesday, adding to scrutiny over the nominee’s involvement with corporate tax deals called “inversions.”

The White House last week announced Antonio Weiss, a top official at investment bank Lazard (LAZ.N: Quote, Profile, Research, Stock Buzz), as Obama’s choice to be the Treasury’s under secretary for domestic finance.

Nov 18, 2014

U.S. Senator Durbin opposes Obama Treasury nominee -aide

WASHINGTON, Nov 18 (Reuters) – A top U.S. Democratic senator
came out against President Barack Obama’s choice for a key U.S.
Treasury Department post on Tuesday, adding to scrutiny over the
nominee’s involvement with corporate tax deals called
“inversions.”

The White House last week announced Antonio Weiss, a top
official at investment bank Lazard, as Obama’s choice to
be the Treasury’s under secretary for domestic finance.

Nov 17, 2014

Senate panel to grill Fed’s Tarullo, bankers over commodities

WASHINGTON (Reuters) – A heavyweight list of bankers and regulators will appear before a U.S. Senate committee this week in a probe into Wall Street’s role in commodity markets and ahead of possible tougher rules from the Federal Reserve.

Markets will weigh every word from Federal Reserve Governor Daniel Tarullo, in charge of financial regulation at the central bank, which in January said it would come out with rules to rein in banks’ activities in the market.

Nov 14, 2014

Keystone bill expected to pass House, but Senate in doubt

WASHINGTON (Reuters) – The Republican-led U.S. House of Representatives prepared to vote on Friday to approve the Keystone XL oil pipeline that will help transport oil from Canada to the U.S. Gulf of Mexico, but a companion bill in the Senate may lack votes to pass next week.

The bills would circumvent the need for approval of TransCanada Corp’s $8 billion project by the Obama administration, which has been pending for more than six years.

Nov 13, 2014

House set to vote on Keystone oil pipeline on Friday

WASHINGTON (Reuters) – The Republican-led U.S. House of Representatives prepared to vote on Friday to approve the Keystone XL oil pipeline that will help transport oil from Canada to the U.S. Gulf of Mexico, but the bill still faces hurdles to final passage.

The House planned to begin debating the bill, which is expected to pass that chamber, on Thursday. The legislation would circumvent the need for approval of TransCanada Corp’s $8 billion project by the Obama administration, which has been pending for more than six years.

Nov 13, 2014

U.S. consumer bureau proposes new rules for prepaid cards

WASHINGTON (Reuters) – The U.S. consumer watchdog on Thursday proposed new rules requiring prepaid product companies to disclose fees and offer other protections to people who buy their cards.

Consumers use prepaid products to load money into accounts that can be used to make payments or get cash. Some people use the products because they do not have a bank account, while others use them to control their spending.