WASHINGTON, April 19 (Reuters) – U.S. Representative Barney Frank said on Monday that securities regulators’ fraud case against Goldman Sachs <GS.N> increases the chance that financial reform will pass. (more…)
Financial Regulatory Forum
By Hugo Dixon and Richard Beales
LONDON/NEW YORK, April 19 (Reuters Breakingviews) – Were the investors who lost $1 billion by buying a fearfully complex product sold by Goldman Sachs <GS.N> in the dying days of the credit boom fools or victims? That’s the key distinction on which the U.S. Securities and Exchange Commission’s fraud charges, which roiled the investment bank when they were unveiled on Friday, hinge. (more…)
By Adrian Croft
LONDON, April 18 (Reuters) – Prime Minister Gordon Brown said on Sunday he wanted Britain’s financial watchdog to investigate U.S. bank Goldman Sachs <GS.N> after it was charged with fraud by U.S. regulators. (more…)
By John Kemp — John Kemp is a Reuters columnist. The views expressed are his own –
LONDON, April 16 (Reuters) – It is now virtually certain financial reform legislation will go sailing through the Senate, following the complaint filed against Goldman Sachs <GS.N> and an employee in the U.S. District Court for the Southern District of New York by the Securities and Exchange Commission this afternoon. (more…)
By Caren Bohan
WASHINGTON, March 25 (Reuters) – Fresh from his victory on landmark healthcare legislation, U.S. President Barack Obama is ready to take on Wall Street.
In the same week Obama signed into law his sweeping healthcare plan, his administration began a publicity blitz to sell his proposal to reshape the financial regulatory system.
Obama held a strategy session on Wednesday with two Democrats, Senate Banking Committee Chairman Christopher Dodd and House of Representatives Financial Services Committee Chairman Barney Frank, who are leading the effort to pass the plan in Congress.
By Roberta Rampton and Charles Abbott
WASHINGTON, March 3 (Reuters) – The top U.S. futures regulator wants Congress to include as part of its financial regulatory reform package new securities-style firewalls and insider trading bans for commodities, the chairman of the Commodity Futures Trading Commission said on Wednesday.
The CFTC and Securities and Exchange Commission proposed the harmonized rules in October, many of which require authority from Congress. This is the first time CFTC Chairman Gary Gensler has indicated how soon he wants to begin implementing the new measures.
The CFTC is calling its insider trading ban the “Eddie Murphy rule” after the actor’s role in the movie “Trading Places,” in which traders stole an Agriculture Department report on the U.S. orange crop and then placed positions on the market.
WASHINGTON, March 2 (Reuters) – The Internal Revenue Service has agreed to work more closely with the Securities and Exchange Commission to regulate the U.S. municipal bond market, the IRS said on Tuesday, adding the two federal agencies had signed memorandum of understanding.
“This memorandum reflects the commitment both agencies have in using all means possible to ensure the municipal bond market operates in accordance with all the laws that govern it,” said IRS Commissioner Doug Shulman in a statement.
Under the agreement, the two agencies will identify issues and trends in the municipal securities industry and “enhance performance” in regulating the $2.8 trillion market.
WASHINGTON, March 2 (Reuters) – The Internal Revenue Service has agreed to work more closely with the Securities and Exchange Commission to regulate the U.S. municipal bond market, the IRS said on Tuesday, adding the two federal agencies had signed memorandum of understanding. (more…)
By Rachelle Younglai
WASHINGTON, Feb 24 (Reuters) – U.S. securities regulators on Wednesday delayed plans to allow domestic companies to use international accounting standards because it will take businesses at least four years to switch to new rules. (more…)
WASHINGTON, Feb 23 (Reuters) – U.S. securities regulators are considering new short-sale restrictions with no exemptions for market makers, people familiar with the regulators’ plans said on Tuesday. (more…)