The SEC’s chief said the growing concerns about technological changes in the capital markets are going to drive much of the agency’s agenda for the rest of the year. She fears creation of a two-tier system—one for hedge funds and other large traders and a more limited tier for everyone else. Her goal includes passing a series of rules designed to update the basic principle of market fairness that was established at the agency’s founding during the New Deal, according to Thomson Reuters Checkpoint’s WG&L Accounting & Compliance Alert. (more…)
Financial Regulatory Forum
During a congressional hearing, lawmakers searched for ways to use the tax code to dampen short-term speculation in the financial markets and close the budget deficit. To fix the problem, they suggested changes in tax structures, including discounted capital gains tax for long-term investors, transaction tax, bank tax, and financial speculation tax, Thomson Reuters WG&L Accounting & Compliance Alert reports.
By Thomas Ferraro and Pedro da Costa
WASHINGTON, Jan 22 (Reuters) – Ben Bernanke’s nomination for a second term as U.S. Federal Reserve chairman, once seen a sure thing, appeared increasingly under threat on Friday after two Senate Democrats said they would vote against it.
By Rachelle Younglai
WASHINGTON, Jan 6 (Reuters) – As Congress moves to reform U.S. financial regulation, key senators are nearing bipartisan agreement on stripping the Federal Reserve of its authority to supervise banks, two people familiar with the matter said.
By Tamara Walid and Tessa Walsh
DUBAI, Dec 8 (Reuters) – Investor confidence in Dubai took a fresh knock on Tuesday as officials dithered over a rescue for debt-laden state conglomerate Dubai World and ratings agency Moody’s slapped a downgrade on government-related debt.
By Kirstin Ridley
LONDON, Dec 4 (Reuters) – The price tag for bailing out UK banks has hit 850 billion pounds ($1.4 trillion) but Britain’s spending watchdog says the final cost to taxpayers will not be known for years.
By David Lawder and Emily Kaiser
WASHINGTON, Nov 19 (Reuters) – U.S. Treasury Secretary Timothy Geithner defended on Thursday the costly bailout of AIG and urged swift regulatory reform to safeguard the economy from the failure of big financial firms.
By Clara Ferreira-Marques
LONDON, Nov 18 (Reuters) – Britain’s excessive regulatory zeal is hitting competitiveness and driving away top talent and innovative firms, as they flee a poorly devised tax regime and “spurious” legislation, one of Britain’s oldest brokerages said.