WASHINGTON (Reuters) – It is raining money again on many top U.S. and EU bank executives, less than three years after taxpayers worldwide rescued the banking industry from the worst financial crisis in decades.
Government responses to this vary from country to country. Britain and to a lesser extent the rest of the EU are embracing pay curbs, while the United States is doing little.
WASHINGTON (Reuters) – Not since Gary Gensler pinned on his badge as the $600-trillion (367 trillion pounds) swap market’s new sheriff has his law-and-order campaign seemed so uncertain.
Delays are setting in at the Commodity Futures Trading Commission, which he chairs, and at other U.S. regulators, such as the Securities and Exchange Commission.
WASHINGTON (Reuters) – Not since Gary Gensler pinned on his badge as the $600-trillion swap market’s new sheriff has his law-and-order campaign seemed so uncertain.
Delays are setting in at the Commodity Futures Trading Commission, which he chairs, and among other U.S. regulators, such as the Securities and Exchange Commission.
WASHINGTON (Reuters) – The White House is considering nominating Mark Wetjen, an aide to Senate Majority Leader Harry Reid, for a top job at the Commodity Futures Trading Commission, The Financial Times reported on Friday.
Democrat Michael Dunn’s term as a CFTC commissioner ends in June. The time is crucial because the CFTC is trying to finalize more than 40 detailed regulations implementing 2010′s Dodd-Frank over-the-counter derivatives reforms.
WASHINGTON, March 16 (Reuters) – Congressional Republicans
hammered away at a U.S. consumer watchdog agency they have
opposed since its creation last year, criticizing its budget
autonomy and scope of authority at a hearing on Wednesday.
Elizabeth Warren, a Harvard Law School professor who is
leading the formation of the new agency, defended its mission
to protect consumers from predatory financial practices as
mandated under the Dodd-Frank reforms.
WASHINGTON, March 15 (Reuters) – The first targeted
legislative challenges to 2010′s Dodd-Frank financial
regulation reforms are emerging in the U.S. Congress, with
nine senators introducing a bipartisan bill on Tuesday to
delay a proposed cap on debit card interchange fees.
The cap, proposed by the Federal Reserve as required under
Dodd-Frank, threatens the profits of card networks Visa (V.N: Quote, Profile, Research, Stock Buzz)
and Mastercard (MA.N: Quote, Profile, Research, Stock Buzz), as well as big banks such as Citigroup
(C.N: Quote, Profile, Research, Stock Buzz) and JPMorgan Chase (JPM.N: Quote, Profile, Research, Stock Buzz).
WASHINGTON (Reuters) – Congressional Republicans on Wednesday will stage their first outright challenge to 2010′s Dodd-Frank financial regulation reforms with a fistful of bills favoring private equity firms, derivatives end-users and corporate CEOs.
After months of trying to defund and defang Dodd-Frank at the administrative level, Republicans are finally unveiling draft legislation that would repeal or amend parts of the laws approved after the severe 2007-2009 financial crisis.
WASHINGTON (Reuters) – As a tsunami bore down on the western United States, a congressional panel explored ways to fix the broken National Flood Insurance Program, which covers more than 5.6 million U.S. property owners.
Since Hurricane Katrina in 2005, the NFIP has been nearly $18 billion in debt. Critics complain that it subsidizes people who live and build in dangerous and environmentally sensitive flood zones from the coasts to the Midwest.
WASHINGTON (Reuters) – The head of the U.S. Securities and Exchange Commission said she wished the SEC’s former top lawyer had removed himself from the agency’s work on the epic Bernard Madoff fraud.
In an affair that is undermining the agency’s pleas for more funding, SEC Chairman Mary Schapiro told a congressional panel that, in hindsight, former SEC General Counsel David Becker’s Madoff ties should have been handled differently.
WASHINGTON, March 10 (Reuters) – Richard Durbin, the No. 2
Democrat in the U.S. Senate, on Thursday lashed out at debit
card networks and big banks that he said are working to delay
and gut rules he wrote to slash debit card fees.
“It’s one of the most active lobbying efforts I’ve ever
seen,” said Durbin, of Illinois, on the Senate floor.