Results 11-20 of 68

House panel OKs consumer protection agency

October 22, 2009 After five days of debate, the House Financial Services Committee approved legislation on Thursday to create a Consumer Financial Protection Agency to protect consumers against abusive and unfair home mortgages, credit cards and other financial products. The 39-29 vote represents a victory for the Obama administration in its push to...

SEC, Commodity Futures Trading Commission issue oversight recommendations

October 16, 2009 The SEC and the Commodity Futures Trading Commission on Friday issued a report recommending 20 steps to expand their oversight over exchanges to bolster the nation's financial system, including some that would require congressional action. The two agencies worked on the report to better coordinate their oversight of securities and...

Treasury pushes for resolution authority

September 29, 2009 Against a congressional backdrop of bailout fatigue, the Obama administration is ramping up its outreach to pass legislation to revamp the nation's financial regulatory system, especially over the issue of unwinding financial firms whose collapse would threaten the broader economy. The drive to establish a resolution authority -- in which...

House lawmakers discourage extension of bank bailout

September 25, 2009 Twenty-eight House lawmakers wrote Thursday to Treasury Secretary Timothy Geithner requesting that he not extend the Troubled Asset Relief Program that is slated to expire at year's end amid indications that the Obama administration will renew it for 10 months. Twenty-one Democrats and seven Republicans wrote to Geithner that the...

White House stepping up defense of consumer agency

September 22, 2009 Looking to regain the offensive in the overhaul of the nation's financial regulatory structure, the Obama administration has come out swinging on its effort to push for a proposed Consumer Financial Protection Agency, which has been stalled among qualms from moderate Democrats and strong industry opposition. White House National Economic...

Treasury chief signals administration will renew TARP program

September 11, 2009 Treasury Secretary Tim Geithner Thursday gave an upbeat prognosis about the effect the $700 billion Troubled Asset Relief Program has had in stabilizing the economy, but strongly indicated the administration will renew the program for another year to ensure financial markets do not backslide. Geithner told the TARP Congressional Oversight...

Overhaul opponents highlight turf battles

August 13, 2009 As the battle over the proposed Consumer Financial Protection Agency heats up, opponents are focusing on regulators' qualms to make their point instead of emphasizing complaints of the industry that stands to come under tighter scrutiny. The outline can be seen in recent letters to House Financial Services Committee ranking...

Consumer protection agency plan questioned

July 8, 2009 Facing skeptical House Energy and Commerce members concerned over losing jurisdictional turf, Obama administration officials said Wednesday a proposed Consumer Financial Protection Agency would not seriously impact the Federal Trade Commission and would ultimately provide a greater benefit to consumers who have been targeted for predatory loans and abusive credit...

Administration pitches consumer protection overhaul

June 30, 2009 The Obama administration Tuesday sent legislation to Congress to create a Consumer Financial Protection Agency that would oversee consumer bank and credit products, taking away such power from the banking regulators who have been criticized for failing to prevent abuses in the mortgage and credit card markets. The 152-page draft...

Facing skeptics, Treasury chief defends regulatory overhaul

June 18, 2009 Senate Banking Committee members Thursday criticized Treasury Secretary Tim Geithner's proposal to make the Federal Reserve a super-regulator that would monitor for systemic risk throughout the financial system - a key platform of the Obama administration's plan to revamp the nation's regulatory framework. Banking Committee ranking member Richard Shelby, R-Ala.,...

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