Financial Regulatory Forum

Bipartisan US financial reform deal uncertain – Sen. Dodd

By Kevin Drawbaugh

WASHINGTON, March 5 (Reuters) – Senator Christopher Dodd, chief negotiator for the Democrats in U.S. Senate talks on financial regulation reform, said on Friday he was uncertain whether bipartisan support for a compromise bill could be achieved.

With one of the Obama administration’s top domestic policy priorities in the balance, Dodd sounded wary but hopeful following weeks of discussions that have snagged on a proposal to create a new financial consumer watchdog.

“While we do not have a bipartisan agreement yet at all, we’re getting there, we’re trying. I don’t know if it will happen or not,” Dodd said in remarks on the Senate floor.

“I’m optimistic it can happen, but I’ve been around here long enough to know these things can fall apart very easily. It’s fragile, it’s complex … It’s one of the hardest tasks I’ve ever been asked to undertake,” he added.

Embracing most of the recommendations for tighter bank and capital market regulations made in mid-2009 by President Barack Obama, the House of Representatives in December approved a bill proposing the biggest U.S. regulatory changes since the 1930s.

Deal on financial reform bill near in U.S. Senate

   By Kevin Drawbaugh
   WASHINGTON, Feb 25 (Reuters) – A bipartisan agreement on financial regulation reform was close at hand on Thursday in the U.S. Senate, with lawmakers working to overcome a key obstacle — creating a new financial consumer watchdog. (more…)

INTERVIEW-Watchdog’s fate in U.S. Senate key to financial reform

By Kevin Drawbaugh

WASHINGTON, Jan 18 (Reuters) – The tag on U.S. financial regulation reform may as well say “Made on Wall Street” if bank lobbyists manage to gut the Obama administration’s proposed consumer watchdog agency,  Elizabeth Warren said.

The head of a panel monitoring the government’s bank bailout program, Warren is a Harvard Law School professor and a fierce critic of the banking industry. She is also rumored to be front-runner to become the first chief of President Barack Obama’s proposed U.S. Consumer Financial Protection Agency.

The CFPA would be a new government regulator devoted to shielding Americans from financial rip-offs like the abusive subprime mortgages at the core of the 2008 financial crisis, and the prolonged recession and bank bailouts that followed.

US House tackling historic financial reforms

By Kevin Drawbaugh

WASHINGTON, Dec 10 (Reuters) – As the U.S. House of Representatives moved closer on Thursday to debating the most sweeping changes to financial regulation proposed since the Great Depression, a raft of late amendments were headed to the floor as lawmakers wrangled over the legislation.

The core bill would give the government new powers over large banks, regulate over-the-counter derivatives for the first time, and set up a Consumer Financial Protection Agency.

It would create an inter-agency council to police systemic risks in the economy and crack down on hedge funds and credit rating agencies, among many other reforms backed by the Obama administration and most Democrats.

U.S. House to debate financial regulation overhaul

Rep Bachus: Socialism

Rep Bachus: Socialism

    By Kevin Drawbaugh
   WASHINGTON, Dec 10 (Reuters) – The U.S. House of Representatives will debate on Thursday the most sweeping changes to financial regulation proposed since the Great Depression, including broad new government powers over large banks and tighter regulation of capital markets. (more…)