Financial Regulatory Forum

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.
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U.S. lawmakers question Obama plan for consumer watchdog

U.S. Representative John Dingell (D-MI)    By Diane Bartz
   WASHINGTON, July 8 (Reuters) – President Barack Obama’s plan to create a single agency, the Consumer Financial Protection Agency (CFPA), to protect consumers dealing with the financial services industry got a skeptical reception in a House hearing on Wednesday.   Democratic lawmakers questioned some elements of the proposal on the grounds that it took jurisdiction away from the Federal Trade Commission, which it oversees, while Republicans expressed concern about the expense of creating a new federal agency and the regulations it might impose. (more…)

U.S. should be open to second stimulus – congressional leader

   By Susan Cornwell and Jeremy Pelofsky
   WASHINGTON, July 7 (Reuters) – U.S. leaders should be open to the possibility of a second stimulus package to jolt the economy out of a recession still causing job losses, House of Representatives Majority Leader Steny Hoyer said on Tuesday. But in the Senate, Majority Leader Harry Reid was more skeptical of the need for more stimulus spending — an idea which has rattled markets fearful that the economy is far from well and corporate earnings could suffer.  (more…)

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