Kevin's Feed
Mar 10, 2011

Madoff stumble complicates SEC’s money pitch

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.

Mar 9, 2011

Congress wades into flood insurance overhaul

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.

Mar 3, 2011

GOP to relaunch flood insurance overhaul

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.

Mar 3, 2011

Ill. regulator to head U.S. insurance office-sources

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.

Mar 2, 2011

Market cops eye fast trades, quasi IPOs

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.

Mar 1, 2011

Rapid trades, quasi IPOs roil market cop

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.

Mar 1, 2011

Senator wants SEC, CFTC funds in budget

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.

Feb 27, 2011

Congress inches back from budget shutdown abyss

WASHINGTON (Reuters) – Playing for time to overcome a deep partisan impasse over the budget, senior lawmakers backed away on Sunday from a possible government shutdown.

Washington will run out of money on Friday and non-essential services will halt unless action is taken. A short-term fix to buy time seemed increasingly likely.

Feb 25, 2011

Is “too big to fail” too big for Dodd-Frank?

WASHINGTON (Reuters) – The Dodd-Frank Wall Street reforms of 2010 gave the U.S. government a weapon to slay the “too big to fail” monster at the core of 2008′s financial turmoil, but wielding it will take some courage.

The orderly liquidation provision of the Dodd-Frank law empowers regulators to seize a large financial firm that is headed for disaster and dismantle it in a way that is less disruptive than either taxpayer bailouts or bankruptcy.

Feb 25, 2011

World governments weave tangled bank reform web

WASHINGTON (Reuters) – Financial regulation reform worldwide is splintering in some critical areas as the acute pain of the 2007-2009 banking crisis eases, putting efforts toward a global crackdown in jeopardy.

Despite pledges for change from leaders of the Group of 20 leading nations, only limited progress is being made by the United States, the European Union and Asian governments to rein in bank risk and stabilize the financial system.