Washington (CNN) – Republicans, who have spent years clamoring for tax reform, were much less enthusiastic Wednesday when faced with a sweeping tax overhaul plan in an election year, reticent to discuss whether the proposal from House Ways and Means Chairman Dave Camp, R-Michigan, should even get a vote.
Camp's "Tax Reform Act of 2014" would lower tax rates for most Americans, but presents conservatives with an uncomfortable tradeoff: It raises the tax bill for large banks and the wealthy.
"This is the beginning of the conversation," House Speaker John Boehner told reporters. When asked about the tax increases in the draft, he dismissed the question, answering, "Blah, blah, blah, blah."
WASHINGTON (CNN) - President Barack Obama will deliver remarks in the Rose Garden on Monday to mark the five-year anniversary of the collapse of Lehman Brothers, which triggered a massive, nationwide financial meltdown.
A White House official said Obama would discuss his record on creating jobs during the first five years of his presidency, as well as his administration's continued efforts to bolster hiring. The unemployment rate currently stands at 7.3% - far lower than when Obama took office in January 2009, but still high compared to historic levels.
Washington (CNNMoney) - The Obama Administration is renewing its push for the Senate to confirm a director to run the Consumer Financial Protection Bureau.
"The longer we wait to confirm a director, the more we're leaving millions of Americans who aren't doing business with banks vulnerable to the kind of predation and abuse that caused so much damage in this crisis," said Treasury Secretary Tim Geithner at a press conference Thursday.FULL STORY
(CNN) - Republican presidential candidate Newt Gingrich fired back Tuesday at accusations that he was paid to lobby Republicans on behalf of mortgage giant Freddie Mac.
"I was up there and that's just not true," he told CNN. "I have never lobbied."
(CNN) – GOP presidential candidate Michele Bachmann said Tuesday President Barack Obama took his eye off of what she referred to as the No. 1 issue in the Middle East: "Iran obtaining nuclear weapons."
On CNN's "Erin Burnett Outfront," the Minnesota congresswoman also expressed concern over the Democratic-backed financial reform legislation from 2010, arguing it "drives up costs for the consumer, costs to get loans for purchasing a house" and makes it difficult to get loans from a bank.
Washington (CNN) - Massachusetts Sen. John Kerry, along with 19 other Democratic senators, penned a letter Wednesday in support of Vice President Joe Biden's effort to maintain government subsidies for Planned Parenthood in the final budget negotiations for the 2011 funding bill.
The group said a Republican-led proposal to de-fund the organization would harm the economy.
TOPICS: Midterm elections, Obama approval rating on issues, opinion of Democrats, Republicans, Tea Party, health care, financial reform
Washington (CNNMoney.com) - As soon as President Obama's name shows up on the Dodd-Frank Wall Street reform law Wednesday, there will be some changes in the way the financial industry does business.
Immediately, regulators will get new powers to take down failing giant financial firms – powers they didn't have in 2008 when the investment firm Lehman Brothers collapsed and threatened the entire financial system.
Other big provisions are closer to a year away, such as forcing complex financial contracts to be traded on open exchanges, and creating new consumer protection rules requiring more disclosure and fewer hidden fees for mortgages and credit cards.
President Obama will sign into law Wednesday a sweeping Wall Street reform bill. (PHOTO CREDIT: Getty Images)
Washington (CNN) – President Obama will sign into law Wednesday the Wall Street reform bill - the most-sweeping set of changes to America's financial regulatory system since the 1930s.
The legislation will vastly reform the way big financial firms do business.
This is "reform that will prevent the kind of shadowy deals that led to this crisis, reform that would never again put taxpayers on the hook for Wall Street's mistakes," the president said last week.
The bill aims to strengthen consumer protection, rein in complex financial products and head off more bank bailouts.
The Senate approved the reforms Thursday on a 60 to 39 vote, ending more than a year-long effort to pass legislation in response to the 2008 financial crisis.
Editor's note: Gloria Borger is a senior political analyst for CNN, appearing regularly on CNN's "The Situation Room," "AC360°" and "State of the Union," as well as participating in special event coverage.
Washington (CNN) - Ask anyone at the White House about the importance of the financial reform bill the president will sign today, and the answer is near-universal: a colossal achievement. And why not?
It's sweeping legislation: creating new consumer protections, making it unattractive for institutions to become "too big to fail," imposing new rules for financial transparency.
And, by the way, it's also a pretty popular idea, in theory at least: 60 percent of Americans say they want to reform Wall Street, according to a recent CNN poll. So it's a no-brainer, right?