The U.S. Senate may call its financial regulatory overhaul a “Wall Street reform bill,” but corporate leaders from across U.S. industry are lining up to oppose one of its provisions, the Washington Post writes. The newspaper says chief executives are lobbying to kill a “proxy access” provision of the legislation that would make it easier for shareholders to nominate board directors at publicly traded companies, and thus exercise a tighter rein on management.
Financial Regulatory Forum
Britain’s new coalition government may come up with a better approach to financial reform than the Liberal-Democrats and Conservative partners would do invididually, and any compromise “will go further and faster” than the ousted Labour government, The Economist writes.
By Dan Wilchins
NEW YORK, May 13 (Reuters) – New York Attorney General Andrew Cuomo is looking at whether investment banks duped credit rating agencies, but a bigger question is why the rating agencies failed to prevent the financial meltdown.
— John Kemp is a Reuters market analyst. The views expressed are his own —
By John Kemp
LONDON, May 10 (Reuters) – May or shall. Even one small word can make a big difference. Lobbyists for financial services firms and officials from the Commodity Futures Trading Commission (CFTC) and the U.S. Treasury are sparring over a single word in the derivatives reform legislation being considered by the U.S. Senate.
WASHINGTON, May 5 (Reuters) – The U.S. Senate on Wednesday approved an amendment to a sweeping Wall Street reform bill that would set up a new government protocol for seizing and dismantling large financial firms that are in distress.
The White House published a top 10 list of “lobbyist loopholes” sought by Wall Street in Senate debate on an overhaul of financial regulation. Here is a link to the list, which tellingly omits the banking industry’s desire to strike a provision that would force banks to spin off their lucrative swaps desks.
WASHINGTON, April 29 (Reuters) – More than 100 amendments were circulating on Thursday in the U.S. Senate as debate began on a sweeping bill to overhaul financial regulation.
By Jonathan Spicer
NEW YORK, April 29 (Reuters) – NYSE Euronext has ramped up its lobbying effort in Europe, and the exchange operator’s chief said that it should benefit from regulatory changes on both sides of the Atlantic.
Just a few minutes after the Senate failed for a third time in as many days to reach the 60-votes needed to approve a cloture motion on the financial reform bill (failing 56-42), Senate Majority Leader Harry Reid rose to his feet and asked the chamber’s presiding officer: “Mr President, I now ask unanimous consent the motion to proceed to S 3217 be agreed to”.
After the president officer asked for objections, and heard none, he replied “Without objection, it is so ordered”, according to the Congressional Record, Reuters columnist John Kemp writes. (more…)