WASHINGTON (Reuters) – Shares of big U.S. banks Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz) and Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) dipped on Tuesday after a top Federal Reserve official’s warning that the banks could soon face tougher funding restrictions.
Fed Governor Daniel Tarullo said at a U.S. Senate Banking Committee hearing that the biggest banks will face a capital surcharge in excess of requirements agreed to by international regulators, “noticeably so for some firms.”
WASHINGTON (Reuters) – Treasury Secretary Jack Lew called on Monday for prompt action to stem the surge of U.S. businesses reincorporating abroad in “inversion” deals to avoid corporate U.S. income taxes, but offered no new ideas.
While proposals stacked up in Congress, Lew said the Treasury Department was evaluating “what we can do to make these deals less economically appealing, and we plan to make a decision in the very near future.”
WASHINGTON (Reuters) – The No. 3 U.S. Senate Democrat has circulated a draft proposal to crack down on U.S. companies that invert, or merge with foreign competitors to get lower tax rates, and it would apply to deals as far back as 1994.
The plan developed by Senator Chuck Schumer of New York would reduce the incentives for companies to invert, according to a draft document that Reuters viewed.
WASHINGTON (Reuters) – The U.S. Congress is expected to move quickly next week on a stop-gap funding measure to keep government agencies open into mid-December, but a plan to temporarily extend the U.S. Export-Import Bank’s charter has proven more elusive.
Lawmakers return from a five-week summer recess on Monday. Their most pressing issue will be an extension of funding for the federal government, which is set to run out when the fiscal year ends on Sept. 30.
WASHINGTON, Sept 3 (Reuters) – U.S. regulators on Wednesday
adopted rules for banks to hold enough easy-to-sell assets to
keep them afloat during a crunch, after many were caught short
of cash during the 2007-09 financial crisis.
The rules, approved by the U.S. Federal Reserve and the
Office of the Comptroller of the Currency, are a new building
block in a global effort to make big banks such as JPMorgan
Chase and Citigroup sturdier and head off a future
WASHINGTON (Reuters) – U.S. regulators met on Wednesday to adopt rules for banks to hold enough easy-to-sell assets to keep them afloat during a crunch, after many were caught short of cash during the 2007-09 financial crisis.
The rules, a key plank of a global agreement to make big banks such as JPMorgan Chase and Citigroup safer, are a new building block as regulators across the world work to make banks sturdier and head off a future meltdown.
WASHINGTON, Sept 2 (Reuters) – A group of Republican
lawmakers on Tuesday accused U.S. regulators of “disparate
treatment” of nonbank financial firms that are currently being
considered for tougher oversight.
The lawmakers, led by Representative Scott Garrett of New
Jersey, said that in trying to identify companies so large that
their failure could pose a potential threat to financial
markets, regulators have considered more analysis and public
feedback on asset management firms than they did about insurance
WASHINGTON, Aug 26 (Reuters) – U.S. banks will not be able
to include municipal bonds in mandatory buffers of easy-to-sell
assets under rules nearing final approval, a person familiar
with the process said on Tuesday.
The U.S. Federal Reserve weighed whether certain individual
cities’ and states’ debt should count, but did not include them
in the final rules, set to be approved on Sept. 3 as part of a
global agreement to make banks safer, the person said.
WASHINGTON (Reuters) – A Republican lawmaker slammed the Securities and Exchange Commission over leaks of confidential information to media outlets, including Reuters, calling the disclosures “unacceptable.”
Representative Jeb Hensarling, who leads the House of Representatives’ Financial Services Committee, said in the letter to SEC Chair Mary Jo White that the leaks raised questions about who attends closed agency meetings and hurt the SEC’s ability to enforce securities laws.
WASHINGTON (Reuters) – All but the biggest U.S. banks could see relief from some financial reforms after the November elections even if control of the U.S. Congress remains divided between Democrats and Republicans.
Post-election committee leadership changes and growing momentum behind bipartisan fixes may lead to tweaks to the 2010 Dodd-Frank law for the smallest community banks, larger firms such as PNC Financial Services (PNC.N: Quote, Profile, Research, Stock Buzz) of Pittsburgh and Regions Financial (RF.N: Quote, Profile, Research, Stock Buzz) of Birmingham, Alabama, and insurers, lobbyists and congressional staffers said.