Financial Regulatory Forum

U.S. court orders SEC to reconsider annuity rule

WASHINGTON, July 21 (Reuters) – A U.S. appeals court ordered the Securities and Exchange Commission to reconsider a rule it adopted in the final weeks of former President George W. Bush’s administration to expand scrutiny over annuities linked to equity indexes. (more…)

U.S. Treasury sends credit-rating regulation bill to Congress

WASHINGTON, July 21 (Reuters) – The U.S. Treasury Department sent a draft bill to Congress that would prevent credit rating agencies from consulting for the companies they evaluate, and said it hoped new disclosure and conflict-of-interest rules will curb the agencies’ power. (more…)

Obama sees battle in Congress over consumer protections

U.S. President Barack ObamaWASHINGTON, July 21 (Reuters) – President Barack Obama said regulatory reform will be a “major battle” in Congress, where the financial industry has some powerful backers.   “Part of what really gets me frustrated is when I hear that some of the banks are resisting the idea of a consumer finance protection agency that we’ve put forward,” he said in an interview with NBC’s “Today” show that aired on Tuesday. (more…)

Bernanke sees some economic gain, reviews Fed exit strategy

Federal Reserve Chairman Ben BernankeBy Mark Felsenthal and Alister Bull

WASHINGTON, July 21 (Reuters) – Federal Reserve Chairman Ben Bernanke on Tuesday said the outlook for the long-suffering U.S. economy appears to be improving and the U.S. central bank was carefully reviewing ways to withdraw its massive monetary policy stimulus when conditions permit.
But Bernanke cautioned that unemployment was likely to remain high into 2011, and he warned that this could sap fragile consumer confidence and potentially undermine what is expected to be a very gradual recovery. (more…)

U.S. “buy local” push criticized at Asia-Pacific trade talks

Thailand's Commerce Minister Porntiva Nakasai SINGAPORE, July 21 (Reuters) – Asia-Pacific nations agreed on Tuesday to shun protectionist measures after some criticised the United States and other developed world “buy local” campaigns at a meeting pushing forward momentum towards a global trade pact. (more…)

No plan to ease foreign cap on India debt-source

   NEW DELHI, July 21 (Reuters) – India has no plan as of now to raise the limit on foreign investment in government debt securities, a senior finance ministry source said on Tuesday, after a newspaper reported policymakers may ease the cap.

Indonesia exchange eyes state, foreign firms for IPOs

    JAKARTA, July 21 (Reuters) – Indonesia Stock Exchange wants several foreign-owned natural resources firms and state-owned enterprises to list, in a bid to lift market capitalisation and liquidity and woo investors, the exchange head said on Tuesday.

Obama hits out at Wall Street banks

U.S. President Barack Obama    WASHINGTON, July 20 (Reuters) – U.S. President Barack Obama said on Monday that Wall Street banks had failed to show remorse for the “wild risks” that triggered a financial meltdown and helped to push the United States into recession.

UK financial watchdog issues bonus warning

    LONDON, July 20 (Reuters) – Britain’s financial watchdog has warned banks that guaranteed bonuses that last longer than a year will break proposed rules on remuneration due to come into force next January.

GM says studying three bids for Opel

Opel in GermanyBy Christiaan Hetzner and Angelika Gruber
FRANKFURT, July 20 (Reuters) – General Motors (GM) said on Monday that it had received three binding takeover offers for carmaker Opel that it would consider along with Germany and other European countries that would be affected by the deal. (more…)