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.
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
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.
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.
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.
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.
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.
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.
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
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.
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.
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.