WASHINGTON, Nov 4 (Reuters) – The Republican front-runner
to head a key U.S. congressional bank oversight panel has urged
regulators consider whether a new rule limiting risky trading
by U.S. banks may handicap them globally, according to a letter
obtained by Reuters on Thursday.
In a sign of the policy position of the heir-apparent to
the chair of the U.S. House of Representatives’ Financial
Services Committee, Representative Spencer Bachus raised basic
questions in the letter about the impact of the “Volcker Rule,”
enacted into law in July.
WASHINGTON (Reuters) – Just days after winning control of the House of Representatives, Republican leaders on Thursday faced an internal fight over the chairmanship of a key committee that oversees Wall Street.
Representative Spencer Bachus was expected to prevail over rival Ed Royce to become the next head of the House Financial Services Committee, aides said, but the struggle could play a role in setting the panel’s agenda for 2011-12.
WASHINGTON, Nov 3 (Reuters) – The next head of a key U.S.
congressional committee overseeing banks and housing finance
told Reuters on Wednesday that mortgage giants Fannie Mae and
Freddie Mac should be in liquidation, not conservatorship.
With Republicans capturing control of the House of
Representatives in Tuesday’s elections, Spencer Bachus is
expected to take over the chairmanship of the House Financial
Services Committee, replacing Democrat Barney Frank.
WASHINGTON (Reuters) – Republicans grabbed the steering wheel of the U.S. House of Representatives on Tuesday, but weren’t expected to get out of the driveway when it comes to restraining Wall Street reforms and fixing housing finance.
A political standoff lies ahead for two years on key banking and housing issues as election returns showed Democrats losing control of the House, but retaining a narrow majority in the U.S. Senate, as widely expected.
WASHINGTON, Nov 3 (Reuters) – Republicans grabbed the
steering wheel of the U.S. House of Representatives on Tuesday,
but weren’t expected to get out of the driveway when it comes
to restraining Wall Street reforms and fixing housing finance.
A political standoff lies ahead for two years on key
banking and housing issues as election returns showed Democrats
losing control of the House, but retaining a narrow majority in
the U.S. Senate, as widely expected.
WASHINGTON (Reuters) – If Republicans make big gains in U.S. Congressional elections on Tuesday, as expected, Wall Street and big banks will have sweet, but incomplete, revenge on Democrats who drove through sweeping financial reforms against industry opposition.
The likeliest outcome of Democrats losing control of one or both chambers of Congress will be divided government and two years of legislative gridlock on issues important to the financial services sector, said policy analysts and aides.
WASHINGTON, Oct 27 (Reuters) – Global regulators called on
national authorities on Wednesday to curb the role of credit
rating agencies in the financial system, challenging the value
of an industry widely criticized in recent years.
The Financial Stability Board (FSB) issued recommendations
calling for the elimination “wherever possible” of references
to credit ratings in legal statutes and business practices, and
for the development of new and better ways to assess risk.
WASHINGTON (Reuters) – Elections on Tuesday will help answer one of the biggest financial question marks looming over Washington: How to fix the nation’s $10 trillion housing market. But don’t expect quick action from Congress — no matter which party comes out the winner.
Lawmakers approved sweeping reforms for Wall Street and banks in July 2010, but they didn’t address the future of Fannie Mae and Freddie Mac, the mortgage finance giants seized by the government in 2008.
WASHINGTON (Reuters) – Republicans want to roll back the landmark Wall Street reforms enacted in July, but tinkering around the edges may be all they can manage even if they make gains in the U.S. congressional election.
Analysts see little to no chance of a full dismantling of the law meant to prevent a repeat of the 2007-2008 financial crisis that set off the worst U.S. recession in generations.
WASHINGTON (Reuters) – A global crackdown on bank oversight could undermine a fragile economic recovery if governments move too fast and fail to cooperate, international bankers warned at a conference on Sunday.
Amid mounting currency tensions and talk of new surcharges on the industry, some of the world’s top bankers appealed for a gradual approach to implementing the Basel III accord on capital and other banking reforms.