AUTHOR ARCHIVES

Results 21-30 of 68

Lawmaker pushes insurance office as part of financial regulatory overhaul

June 16, 2009 A top House Democrat Tuesday said he would push his bill to create an Office of Insurance Information within the Treasury Department as part of an overhaul of the nation's financial regulatory system. The office would establish federal policy on international insurance matters to ensure they are consistent with state ...

SEC official sees 'logic and efficiency' with merger

June 2, 2009 SEC Chairwoman Mary Schapiro said Tuesday a possible merger between her agency and the Commodity Futures Trading Commission makes sense, but the two agencies could work well together even if lawmakers do not combine the two market watchdogs. Schapiro told the Senate Financial Services Appropriations Subcommittee that Congress ultimately would ...

Panel says Fed should monitor systemic risk

May 26, 2009 An independent group Tuesday called on Congress to make the Federal Reserve the nation's super-regulator to monitor systemic risk across the financial services industry, rejecting a competing proposal that would share the duties within a council made up of different federal regulators. The Committee on Capital Markets Regulation argued such ...

Witnesses call for new financial risk regulator

March 24, 2009 Federal Reserve Chairman Ben Bernanke suggested Tuesday that federal agencies could split the task of taking over troubled nonbank firms such as American International Group, whose collapse could have brought down the U.S. financial sector. Bernanke and Treasury Secretary Tim Geithner agreed with House Financial Services Committee Chairman Barney Frank, ...

Oversight board: Treasury overpaid $78 billion for bank stocks

February 5, 2009 A Senate panel was told Thursday that the Treasury Department has overpaid $78 billion for bank stocks and warrants it took in firms participating in the Troubled Asset Relief Program, providing further ammunition to congressional critics who could thwart efforts by the Obama administration to ask for more financial sector ...

Witness to describe SEC's 'abject failure' in Madoff case

February 4, 2009 A whistleblower is slated to testify Wednesday about an "abject failure" at the SEC that prevented investigators from uncovering Bernard Madoff's alleged $50 billion Ponzi scheme, claiming the arrogance and ignorance of the head of its New York office helped derail any probe. Harry Markopolos, a Boston-based investor turned fraud ...

Senator reveals ideas for tougher TARP oversight

January 29, 2009 Senate Banking Committee Chairman Christopher Dodd, D-Conn., on Thursday outlined a more robust oversight plan for the Troubled Asset Relief Program. Among the ideas under consideration is a stipulation that firms receiving TARP funds give back to the government any executive bonuses paid out since the program began. And before ...

Senate votes to allow release of TARP funds

January 15, 2009 The Senate voted Thursday to release the second $350 billion in Troubled Asset Relief Program funding after receiving further assurances from President-elect Obama that his administration would devote at least $50 billion for foreclosure relief, provide greater transparency for the program, and restrain executive pay and dividends for firms participating ...

IG: Madoff probe could delve into SEC operations

January 5, 2009 The SEC's inspector general testified Monday that his probe into Bernard Madoff's alleged $50 billion Ponzi scheme might go beyond the case and expand into the agency's operations into enforcement and compliance matters. David Kotz told members of the House Financial Services Committee Monday his investigation into Madoff could climb ...

Obama's HUD nominee draws praise from all sides

December 15, 2008 A wide range of groups -- from those serving the homeless to realtors and bankers -- have lauded the selection of Shaun Donovan as HUD Secretary nominee for the Obama administration. Obama tapped Donovan, commissioner of New York City's Department of Housing Preservation and Development, Saturday, noting he would bring ...