Kevin's Feed
Oct 28, 2010

Wall Street reform gridlock seen after U.S. elections

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.

Oct 28, 2010

Global regulators urge credit rating agency curbs

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.

Oct 27, 2010

Q+A: Elections to shape mortgage reform, someday

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.

Oct 25, 2010

Q+A: Could Republicans gut parts of Wall Steet reform law?

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.

Oct 10, 2010

Bankers hit the Go-Slow alarm on regulatory crackdown

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.

Oct 6, 2010

Q+A: Could Republicans gut parts of Wall St reform law?

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 do make gains in the U.S. congressional election in November.

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.

Oct 3, 2010

IMF renews call for bank levy, global oversight

WASHINGTON, Oct 3 (Reuters) – The International Monetary
Fund has called for a new world system to dismantle troubled
financial institutions and a levy on banks to pay for it.

The IMF’s statement, released on Sunday, comes ahead of
meetings here this week among fund officials, the World Bank
and leading nations’ finance officials. It urges better
international regulatory cooperation and stronger supervision.

Sep 29, 2010

Deficit-cut panel convenes amid skepticism

WASHINGTON (Reuters) – With just two months left before it has to issue a final report, a U.S. commission looking at ways to cut the federal deficit was to meet again on Wednesday amid questions about its hard-headedness.

Getting the government’s budget out of the red and back into the black — after years of costly wars, tax cuts and recession — will require spending reductions and tax increases, according to most analysts looking at the issue.

Sep 29, 2010

U.S. deficit-cut panel convenes amid skepticism

WASHINGTON, Sept 29 (Reuters) – With just two months left
before it has to issue a final report, a U.S. commission
looking at ways to cut the federal deficit was to meet again on
Wednesday amid questions about its hard-headedness.

Getting the government’s budget out of the red and back
into the black — after years of costly wars, tax cuts and
recession — will require spending reductions and tax
increases, according to most analysts looking at the issue.

Sep 28, 2010

Amid doubts, US deficit panel eyes retirement, tax

WASHINGTON, Sept 28 (Reuters) – A U.S. commission looking
at ways to cut the federal deficit is considering changes to
the Social Security retirement program and a variety of tax
increases, but doubts about its potential to come up with a
solid deficit-cutting plan are widespread.

Amid rising pre-election rhetoric over government red ink,
the commission set up in February by President Barack Obama
will hold another meeting on Wednesday. Its much-anticipated
final report is due to come out on Dec. 1.