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.
WASHINGTON (Reuters) – New missteps in response to the epic fraud of Bernard Madoff threatened to undermine the Securities and Exchange Commission’s pitch for more money before a trio of congressional committees on Thursday.
A key senator called for a quick probe into why the SEC’s former top lawyer was allowed to advise the agency on the Madoff case while having personal ties to the massive fraud.
WASHINGTON (Reuters) – Congress is pulling on its hip waders again to try to rescue a government policy wreck left over from 2005′s Hurricane Katrina.
The National Flood Insurance Program, badly damaged by the costliest natural disaster in U.S. history as well as long neglect, has defied attempts at reform for five years.
WASHINGTON (Reuters) – Draft legislation to overhaul the U.S. National Flood Insurance Program will be unveiled next week, said the Republican chairman of a congressional insurance oversight panel on Thursday.
Representative Judy Biggert told Reuters she will present the draft on March 11 at a hearing of the House insurance subcommittee she chairs, kicking off what could be a lengthy debate on a deeply troubled government program.
WASHINGTON, March 3 (Reuters) – The Obama administration
was expected soon to name an Illinois state insurance regulator
to head the new Federal Insurance Office, said sources familiar
with the matter on Thursday.
Michael McRaith, seen as the front-runner for the job, is
now head of the Illinois Department of Insurance.
WASHINGTON (Reuters) – Wild market swings from lightning-fast, high-volume trading, as well as a trend toward private stock offerings, have U.S. financial regulators scrambling to keep up, officials said on Tuesday.
Even as they implement bank reforms following the 2007-2009 financial crisis, authorities are trying to come to grips with the next wave of challenges to the financial order, they said at the Reuters Future Face of Finance Summit.
WASHINGTON (Reuters) – Lightning-fast, high-volume trading and the wild market swings it can bring, as well strong demand for private stock offerings, have U.S. financial regulators scrambling to keep up, officials said on Tuesday.
Even as they implement bank reforms that followed the 2007-2009 financial crisis, authorities are trying to come to grips with powerful computer-driven trading innovations, they said at the Reuters Future Face of Finance Summit.
WASHINGTON (Reuters) – The chairman of the Senate’s securities subcommittee said he will insist on adequate funding for financial regulatory agencies as a pre-condition for a federal budget deal.
“I’m certainly advocating that. I can’t speak for all of my colleagues, but I think we have to make the case publicly that this is one of those issues which is central to the way markets operate,” Democratic Senator Jack Reed told the Reuters Future Face of Finance Summit on Tuesday.