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Dec 11, 2014

U.S. senator slams House insurance bill over Dodd-Frank changes

WASHINGTON, Dec 11 (Reuters) – Democratic U.S. Senator
Charles Schumer on Thursday called for the U.S. House of
Representatives to extend a federal terrorism insurance program
by passing a “clean” bill with no controversial extra
provisions.

The House on Wednesday overwhelmingly approved a bill that
would give the program six more years. The measure would also
adjust a provision of the 2010 Dodd-Frank Wall Street oversight
law, which many Senate Democrats oppose.

Dec 11, 2014

U.S. House tweaks Dodd-Frank capital rules for insurers

WASHINGTON, Dec 10 (Reuters) – The U.S. House of
Representatives on Wednesday approved a bill giving big
insurance companies such as American International Group Inc
and Prudential Financial Inc relief from part of
the 2010 Dodd-Frank oversight law.

Lawmakers agreed to give the U.S. Federal Reserve more
authority to tailor the capital requirements it places on big
insurers. The U.S. Senate approved the change in June, and it
now goes to President Barack Obama for his signature.

Dec 10, 2014

House passes six-year extension of terrorism insurance program

WASHINGTON (Reuters) – The U.S. House of Representatives voted on Wednesday to extend a federal terrorism insurance program that was created after the Sept. 11, 2001 attacks, overcoming criticism from Democrats of a provision that would retool part of 2010 Wall Street reforms.

The program is intended to support insurers by creating a federal backstop that kicks in if they lose a certain amount of money after an attack. It has never been triggered.

Dec 10, 2014

U.S. House passes 6-year extension of terrorism insurance program

WASHINGTON, Dec 10 (Reuters) – The U.S. House of
Representatives voted on Wednesday to extend a federal terrorism
insurance program that was created after the Sept. 11, 2001
attacks, overcoming criticism from Democrats of a provision that
would retool part of 2010 Wall Street reforms.

The program is intended to support insurers by creating a
federal backstop that kicks in if they lose a certain amount of
money after an attack. It has never been triggered.

Dec 10, 2014

U.S. Treasury’s Lew urges terrorism insurance renewal

WASHINGTON, Dec 9 (Reuters) – U.S. Treasury Secretary Jack
Lew on Tuesday called on lawmakers to reauthorize a federal
terrorism insurance program, saying they should not tie its
approval to consideration of proposed changes to unrelated Wall
Street reforms.

The federal insurance program was created after the Sept.
11, 2001 terrorist attacks and is set to expire at the end of
the year. Businesses, owners of sports stadiums and other groups
that insure against terrorist acts have lobbied for its renewal.

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.