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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.

May 21, 2010

Senate approves sweeping Wall St. reform bill

WASHINGTON (Reuters) – The Senate approved a sweeping Wall Street reform bill on Thursday night, capping months of wrangling over the biggest overhaul of financial regulation since the 1930s.

By a vote of 59 to 39, the Senate awarded a victory to President Barack Obama, a champion of tighter rules for banks and capital markets after a 2007-2009 financial crisis that slammed the economy and led to massive taxpayer bailouts.

May 21, 2010

Final vote on Wall Street reform bill seen in Senate

WASHINGTON (Reuters) – The Senate will pass a sweeping reform of financial regulation on Thursday night, said an aide to Senate Democratic Leader Harry Reid, capping months of wrangling over the biggest overhaul of financial rules since the 1930s.

“We’re passing this bill tonight,” Reid spokesman Jim Manley told reporters in the Capitol.

May 20, 2010

Sweeping Wall Street reform bill advances in Senate

WASHINGTON (Reuters) – The U.S. Senate was expected by the end of the week to approve the biggest overhaul of financial regulations since the 1930s after the measure finally cleared a procedural hurdle on Thursday.

The legislation is one of President Barack Obama’s top domestic priorities. If passed, it would increase restrictions on the banking industry and some say reduce profits.