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Jun 9, 2011

Governments heap more pressure on offshore banks

LONDON/WASHINGTON, June 9 (Reuters) – Tax authorities have
been stepping up pressure on the offshore banking industry, with
the United States promising a summer crackdown and Britain
pursuing thousands of people with money in Swiss accounts.

At a conference in Washington organised by the Organisation
for Economic Cooperation and Development (OECD) this week, a
senior U.S. Internal Revenue Service (IRS) figure said the
authority was about to probe at least one bank.

Jun 8, 2011

Representative Frank says “troubled” by Dodd-Frank delays

WASHINGTON (Reuters) – Representative Barney Frank said he is “troubled” by delays in implementation of core provisions of the bank law reform he co-authored in response to the 2007-2009 financial crisis.

He blamed Republicans for trying to strangle the sprawling 2010 Dodd-Frank legislation by blocking key appointments and underfunding agencies that must implement the law.

Jun 8, 2011

Rep Frank backs delay in debit card fee cap

WASHINGTON (Reuters) – U.S. Representative Barney Frank, co-author of last year’s Dodd-Frank bank regulation crackdown, said on Wednesday he supports delaying a part of the reforms that caps fees on debit card transactions.

“This was never in the House bill, and I didn’t think it was part of financial reform,” Frank, a Democrat, told Reuters. “It was a separate issue.”

Jun 8, 2011

Prisoners and the dead got 2009 car tax break: report

WASHINGTON (Reuters) – A tax break that spurred car buying in 2009 was erroneously allowed in some cases, including claims made in the names of people who were in prison, dead or underage, said a U.S. report on Wednesday.

The report criticized the Internal Revenue Service’s handling of the qualified motor vehicle (QMV) deduction, a measure that expired on December 31, 2009. It was part of the Obama administration’s economic stimulus package that year.

Jun 8, 2011

Prisoners, dead got 2009 U.S. car tax break – report

WASHINGTON (Reuters) – A tax break that spurred car buying in 2009 was erroneously allowed in some cases, including claims made in the names of people who were in prison, dead or underage, said a U.S. report on Wednesday.

The report criticized the Internal Revenue Service’s handling of the qualified motor vehicle (QMV) deduction, a measure that expired on Dec. 31, 2009. It was part of the Obama administration’s economic stimulus package that year.

Jun 1, 2011

Tiny tax bite for 12 big corporations: study

WASHINGTON (Reuters) – Twelve big U.S. companies paid far less than the statutory corporate tax rate from 2008 to 2010, despite making substantial profits in that period, said a report released on Wednesday.

With the Obama administration drafting a corporate tax reform plan, the report found General Electric Co, American Electric Power Co Inc, DuPont Co and nine other companies had a negative 1.5 percent tax rate on $171 billion in profits over the three years studied.

Jun 1, 2011

Tiny tax bite for 12 big U.S. corporations – study

WASHINGTON, June 1 (Reuters) – Twelve big U.S. companies
paid far less than the statutory corporate tax rate from 2008
to 2010, despite making substantial profits in that period,
said a report released on Wednesday.

With the Obama administration drafting a corporate tax
reform plan, the report found General Electric Co (GE.N: Quote, Profile, Research, Stock Buzz),
American Electric Power Co Inc (AEP.N: Quote, Profile, Research, Stock Buzz), DuPont Co (DD.N: Quote, Profile, Research, Stock Buzz) and
nine other companies had a negative 1.5 percent tax rate on
$171 billion in profits over the three years studied.

May 25, 2011

No need for swaps rule postponement -U.S. Sen Reed

WASHINGTON, May 25 (Reuters) – A key U.S. Senate Democrat
on Wednesday told Reuters he saw no need to postpone
implementation of new rules for the swaps market.

One day after a U.S. House of Representatives panel voted
to do just that, Senator Jack Reed backed an implementation
process that is now under way at the Securities and Exchange
Commission and the Commodity Futures Trading Commission.

May 24, 2011

House panel votes to delay swaps market rules

WASHINGTON (Reuters) – U.S. regulation of the swaps market, a $600 trillion behemoth that is now largely unpoliced, would be delayed until September 2012 under a Republican bill approved on Tuesday by a House of Representatives committee.

The measure is not expected to become law. Democrats in control of the Senate oppose it, as does the White House, but it shows the persistent clout of Wall Street in Congress almost three years after the worst of the financial crisis.

May 13, 2011

House panel votes to weaken consumer watchdog

WASHINGTON (Reuters) – The power and independence of a new U.S. financial consumer watchdog agency would be curbed under three pieces of legislation approved on Friday by a Republican-controlled House of Representatives panel.

The measures may win approval in the full House later, but analysts do not expect them to become law.