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?
Washington (CNN) - Hours before expected passage Thursday afternoon of the Wall Street reform bill, the top House Republican called for the legislation to be repealed.
House Minority Leader John Boehner, R-Ohio, told reporters, "I think it ought to be repealed. There are common sense things that you should do to plug the holes in the regulatory system that were there, and to bring more transparency to financial transactions, because transparency is like sunlight. Sunlight is the best disinfectant."
Boehner, who came under fire from Democrats for comparing the bill to "killing an ant with a nuclear weapon," again slammed the bill as going too far.
"I think the financial reform bill is ill conceived, going to make credit harder for the American people to get, clearly harder for businesses to get and the fact that it's going to punish every banker in America for the sins of the few on Wall Street is unwise. On top of that I think it institutionalizes 'too big to fail' and gives far too much authority to federal bureaucrats to bail out virtually any company in America they decide ought to be bailed out."
A representative for House Speaker Nancy Pelosi immediately slammed Boehner's comments.
"This comes as no surprise coming from the Republican House leader who called the financial crisis that caused 8 million Americans to lose their jobs an 'ant,'" Pelosi spokesman Nadeam Elshami said in a statement. "Democrats will stand with the Middle Class and Main Street, while Washington Republicans, who are out of touch, will continue to stand with Wall Street."