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Jun 7, 2010

Final act begins in U.S. Congress on Wall St reform

WASHINGTON (Reuters) – Negotiators from the U.S. Senate and House will begin meeting this week to craft a final Wall Street reform bill, with banks facing changes that threaten their profits, if not their business models.

Some congressional Democrats want to fashion a bill that forces a basic banking industry restructuring, but leaders will have to balance that agenda against the need to forge compromise legislation that retains some Republican support.

Jun 7, 2010

Final act begins in Congress on Wall St reform

WASHINGTON (Reuters) – Negotiators from the Senate and House will begin meeting this week to craft a final Wall Street reform bill, with banks facing changes that threaten their profits, if not their business models.

Some congressional Democrats want to fashion a bill that forces a basic banking industry restructuring, but leaders will have to balance that agenda against the need to forge compromise legislation that retains some Republican support.

May 26, 2010

Obama admin cool to bank swap-trade spin-off plan

WASHINGTON (Reuters) – The Obama administration’s top goals for Wall Street reform do not include a proposal from Senator Blanche Lincoln that would force big banks to spin off their swap-trading units, said a senior official on Wednesday.

The plan from Lincoln, the Democratic chairman of the Senate Agriculture Committee who is in a tough reelection campaign, has drawn fire from large banks that would have to restructure swap-trading operations under the measure.

May 25, 2010

Tension on swaps as Wall St reform conferees named

WASHINGTON (Reuters) – Two key U.S. lawmakers clashed on Tuesday over cracking down on swaps trading as a clearer shape emerged for a House-Senate panel that must finalize a major rewrite of financial regulation.

In a sign a flashpoint on the panel will be how to police a $615-trillion swaps market dominated by Wall Street giants, Representative Barney Frank challenged a proposal from Senator Blanche Lincoln to curb swap trading by banks.

May 25, 2010

Rep. Frank taps 8 conferees on Wall St reform bill

WASHINGTON, May 25 (Reuters) – U.S. Representative Barney
Frank is recommending the appointment of eight Democratic House
members, including himself, to a House-Senate conference
committee on landmark Wall Street reform legislation, according
to a memorandum obtained by Reuters on Tuesday.

Frank’s recommendation included some of the House’s
harshest critics of Wall Street. It moved Congress closer to
completing the roster of lawmakers who will determine the final
shape of a bill that is one of President Barack Obama’s highest
domestic priorities.

May 25, 2010

Twelve senators named to Wall St reform panel

WASHINGTON (Reuters) – The Senate named 12 senators, including tough Wall Street critics and more moderate members, Tuesday to a panel that will finalize the most sweeping overhaul of financial regulations since the 1930s.

Working with still unnamed conferees from the House of Representatives, the group will have to iron out differences between Wall Street reform bills that were approved by the Senate last week and by the House in December.

May 24, 2010

Wall Street critic Frank to shepherd final reform bill

WASHINGTON (Reuters) – Representative Barney Frank, a fierce critic of Wall Street and close ally of the Obama administration, will head a House-Senate committee to hammer out a final bill on financial regulation reform.

Joining Frank on the panel will be Senator Christopher Dodd, the Democratic author of a Senate bill on the issue, as well as Democratic Senator Blanche Lincoln and Republican senators Richard Shelby and Saxby Chambliss, aides said.

May 24, 2010

Wall St. critic Frank to head US reform bill panel

WASHINGTON, May 24 (Reuters) – Representative Barney Frank,
a fierce critic of Wall Street and close ally of the Obama
administration, will head a House-Senate committee to hammer
out a final bill on financial regulation reform.

Joining Frank on the panel will be Senator Christopher
Dodd, the Democratic author of a Senate bill on the issue, as
well as Democratic Senator Blanche Lincoln and Republican
senators Richard Shelby and Saxby Chambliss, aides said.

May 21, 2010

Banker knives out for U.S. House-Senate reform panel

WASHINGTON (Reuters) – Wall Street will brandish its loophole-carving knives next week as the U.S. Congress moves to a House-Senate conference on merging the two chambers’ sweeping bills to tighten financial regulation.

Political momentum over three weeks of Senate debate favoured reformers and overwhelmed the financial services industry, which was unable to stop amendments that threatened its profit forecasts, if not its core business models.

May 21, 2010

Banker knives out for House-Senate reform panel

WASHINGTON (Reuters) – Wall Street will brandish its loophole-carving knives next week as the Congress moves to a House-Senate conference on merging the two chambers’ sweeping bills to tighten financial regulation.

Political momentum over three weeks of Senate debate favored reformers and overwhelmed the financial services industry, which was unable to stop amendments that threatened its profit forecasts, if not its core business models.