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Jun 25, 2010

Bank capital, broker norms raised in Wall St bill

WASHINGTON (Reuters) – Banks would face tougher curbs on trading but would be able to hold limited hedge fund positions under a proposal unveiled by Senate Democrats as they closed in on a final overhaul of U.S. financial regulations.

The proposal, known as the “Volcker rule,” balances Democrats’ desire to crack down on Wall Street with their need to retain the votes of moderates from both parties to pass the most sweeping overhaul of the Wall Street rulebook since the 1930s.

Jun 24, 2010

Some progress in final hours for Wall St bill

WASHINGTON (Reuters) – U.S. lawmakers on Thursday agreed to boost banks’ capital requirements and neared agreement on a derivatives crackdown as they closed in on a historic overhaul of financial regulations.

Despite early progress in what lawmakers hope will be their final negotiating session, they had yet to tackle controversial proposals that would ban banks’ proprietary trading activities and force them to spin off lucrative swaps-dealing operations.

Jun 23, 2010

Resolution fund to be dropped from Wall St bill

WASHINGTON (Reuters) – Large banks would not have to set aside money to cover the cost of liquidating troubled financial firms under an agreement on Wednesday by U.S. lawmakers finalizing a sweeping rewrite of financial regulations.

The agreement resolves a crucial sticking point as lawmakers close in on a final version of the overhaul.

Jun 23, 2010

Turning point for bank trading in Wall St bill

WASHINGTON (Reuters) – Wall Street banks face a turning point on Wednesday as U.S. lawmakers are expected to spell out limits on a range of risky but lucrative trading practices in a sweeping rewrite of financial regulations.

Banks like Goldman Sachs(GS.N: Quote, Profile, Research) and Citigroup(C.N: Quote, Profile, Research) could learn the future of their swaps dealing and proprietary trading activities as lawmakers close in on a final version of the overhaul, with billions of dollars hanging in the balance.

Jun 23, 2010

Auto dealers win, banks lose in Wall Street bill

WASHINGTON (Reuters) – U.S. lawmakers on Tuesday spared auto dealers from new scrutiny and neared agreement on trading limits for banks as they raced to complete the biggest overhaul of the financial rule book since the 1930s.

Negotiators signed off on new consumer protections as they resolved some of the most contentious sticking points in the sweeping rewrite of Wall Street rules.

Jun 22, 2010

Tighter Volcker rule seen, may add fund exemption

WASHINGTON, June 22 (Reuters) – Banks may be allowed to
maintain small investments in private equity and hedge funds
under a U.S. Senate revision of a new rule on bank trading
that is otherwise being tightened, aides said on Tuesday.

In the continuing debate on Capitol Hill about Wall Street
reform, banks face a turning point on Wednesday when Senate
Democrats will spell out how they propose to curb risky
trading by banks and their ties to private equity and hedge

Jun 22, 2010

Auto dealers to escape scrutiny in Wall St bill

WASHINGTON, June 22 (Reuters) – Auto dealers on Tuesday
looked likely to escape scrutiny from a new consumer watchdog
as U.S. lawmakers raced to complete the biggest overhaul of the
financial regulation since the 1930s.

But “payday lenders”, check cashers, and private student
loan providers would have to answer to the new
consumer-protection agency, according to a document obtained by
Reuters that indicates Senate and House Democrats have agreed
on the issue.

Jun 22, 2010

Congress sprints for Wall St reform finish line

WASHINGTON (Reuters) – U.S. lawmakers racing to complete the biggest overhaul of the financial rulebook since the 1930s sat down on Tuesday with fresh deals in hand on consumer protection, debit cards and mortgages.

Members of a Senate-House of Representatives panel still have a lot of work to do to in order to meet a goal of completing a final package of regulatory reforms by the time President Barack Obama attends a meeting of the Group of 20 leading economic powers this weekend.

Jun 21, 2010

U.S. House agrees to put consumer watchdog in Fed

WASHINGTON, June 21 (Reuters) – The Federal Reserve, which
was criticized for failing to protect consumers in the run-up
to the credit crisis, would be the home of a new financial
consumer watchdog under an agreement announced on Monday.

U.S. House of Representatives Democrats said they have
agreed to go along with a Senate proposal to put the watchdog
inside the Fed, backing down from their earlier support for
setting up a powerful new stand-alone agency.

Jun 21, 2010

Consumer watchdog fight leads Wall St reform talks

WASHINGTON (Reuters) – A dispute over how much power to give a new financial consumer watchdog will be the first issue dealt with by U.S. lawmakers on Tuesday as they enter the home stretch on historic Wall Street reforms.

A joint Senate-House of Representatives panel aims to complete final legislation by Thursday, but meeting that goal may be hard with unresolved issues piling up and the most controversial proposals facing the panel yet to come.