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.
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.
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.