May 25th, 2010
03:01 PM ET
4 years ago

Wall Street reform: Who won, who lost (so far)

Who is set to win and lose from proposed Wall Street reform legislation?
Who is set to win and lose from proposed Wall Street reform legislation?

Washington (CNNMoney.com) - With Congress perhaps just weeks away from finishing Wall Street reform, the key financial players are just now realizing who's poised to win and lose from the legislation.

The Senate passed its bill last week, and the House finished in December. Only a few questions remain in play, as key lawmakers from both chambers begin the process of reconciling differences in an effort to gain final passage and a presidential signing ceremony by July 4.

Experts believe the biggest losers are Wall Street banks, and the biggest winners are consumers, as well as credit unions and smaller community banks.

"It was quite a success," White House economic adviser Austan Goolsbee said in an interview last Friday, heralding gains for consumers. "It's the toughest, strongest consumer protection we've ever had in this country on financial stuff."

Full story


Filed under: CNNMoney.com • Financial Reform • Wall Street
May 22nd, 2010
10:45 AM ET
4 years ago

Wall Street reform: Next steps

Washington (CNNMoney.com) - Now that Wall Street reform has passed both chambers of Congress, the next step for lawmakers is to work out the differences.

Within days, congressional leaders will appoint members of the House and Senate to a special conference committee to meld two bills into one. The first negotiations are set to begin the week of June 7. After they reach agreement, each chamber will vote. The goal is to send final legislation to President Obama before the July 4 recess.

The good news: The two Wall Street reform bills have a lot in common.

Full story on CNNMoney.com


Filed under: Congress • Financial Reform • Wall Street
May 22nd, 2010
09:15 AM ET
May 19th, 2010
07:55 PM ET
4 years ago

Reid accuses Scott Brown of breaking word on vote

Sen. Harry Reid said Wednesday that another senator 'broke his word with me.'
Sen. Harry Reid said Wednesday that another senator 'broke his word with me.'

Washington (CNN) - Moments after narrowly losing a key vote on the hotly contested Wall Street reform bill Wednesday, Senate Majority Leader Harry Reid told a news conference that another senator "broke his word with me."

It was a rare public rebuke of a fellow senator, and while Reid, D-Nevada, and his aides refused to identify the individual or provide specifics about the charge, other Senate aides from both parties said Reid was referring to Scott Brown, the new Republican senator from Massachusetts.

An aide to Brown confirmed that the senator had signaled to Reid he would vote for the motion to end debate on the financial regulations bill, but said it was conditioned on changes that had not been made by the time of the Wednesday's procedural vote.

"Harry Reid does not speak for Scott Brown. Scott Brown speaks for Scott Brown," Brown spokeswomen Gail Gitcho said in response to Reid's accusation."Bipartisanship is a two-way street."
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Filed under: Financial Reform • Harry Reid • Popular Posts • Scott Brown • Wall Street
May 19th, 2010
01:47 PM ET
4 years ago

Wall Street reform: Key test vote near

Washington (CNNMoney.com) - The Senate is set Wednesday to take a crucial test vote on Wall Street reform amid signs that proponents may have secured enough votes for passage.

Democrats will begin voting at 2 p.m. ET to end debate on the legislation, which aims to stop bailouts, shine a light on complex financial products and strengthen consumer protection.

Proponents need 60 votes to pass the test. Passage would be an important barometer since only 51 votes would be needed for Senate approval of the final bill.

"There comes a time when we have to put this thing to rest," said Senate Majority Leader Harry Reid, D-Nev., Wednesday morning. "We've been on this bill for a month."

Reid has said senators, including some Republicans, have told him they favor ending debate.

One key lawmaker, Sen. Susan Collins, R-Maine, said that she planned to join Democrats voting to end debate, calling the overall month-long debate "fair and open," in a statement.

Full story on CNNMoney.com


Filed under: Financial Reform • Senate • Wall Street
May 18th, 2010
09:17 PM ET
4 years ago

Derivatives ban may be softened

Washington (CNNMoney.com) - Wall Street is poised to score a victory in its efforts to beat back a crackdown on banks that trade the complex financial products known as derivatives.

On Tuesday, Senate Banking Committee Chairman Christopher Dodd, D-Conn., proposed a compromise change to the Wall Street reform bill that would water down a proposed ban on derivatives trading by many financial firms.

Sen. Blanche Lincoln, D-Ark., has been a driver of the push on the swaps ban. Her measure ranks among the top hangups threatening final passage of the overall reform bill.

Lincoln was in Arkansas on Tuesday facing a tough primary election. Her spokeswoman said she would fight to keep the ban.

"Sen. Lincoln is fully committed to her provision and will fight efforts to weaken it," said Lincoln spokeswoman Katie Laning Niebaum. "Her proposal has received bipartisan support and she will defend it on the Senate floor."

Full story on CNNMoney.com


Filed under: Blanche Lincoln • Chris Dodd • Financial Reform • Senate • Wall Street
May 17th, 2010
07:02 PM ET
4 years ago

Wall Street reform finale expected this week

Washington (CNNMoney.com) - The Senate is entering the final stretch of its work on the Wall Street reform bill, which aims to stop bailouts, shine a light on complex financial products and strengthen consumer protection.

Senate Majority Leader Harry Reid, D-Nev., said on Monday that he would consider forcing a final vote later this week.

Full story on CNNMoney.com


Filed under: Financial Reform • Senate • Wall Street
May 13th, 2010
02:25 PM ET
4 years ago

A TARP-free revamp for $30 billion lending plan

New York (CNNMoney.com) - President Obama and several members of Congress are drafting legislation for a new, $30 billion fund that would infuse community banks with capital specifically earmarked for small-business lending.

The plan is the latest spin on a proposal Obama first unveiled in October and touted in his State of the Union address. The idea went nowhere, thanks in part to the unpopularity of Obama's plan to fund the program with money from the Trouble Asset Relief Program. Congress didn't want TARP treated like a piggy bank, and community bankers didn't want the stigma of taking funds from a program known for Wall Street bailouts.

But small business lending remains a glaring trouble spot - a critical problem because small companies are traditionally the country's main generator of new jobs. Banks have slashed billions from credit lines, and small firms weakened by the recession are struggling to meet tighter underwriting standards.

Full story


Filed under: Economy • Financial Reform • President Obama
May 12th, 2010
05:22 PM ET
4 years ago

Fed scores wins in Wall Street reform

Washington (CNNMoney.com) - Congress is mellowing toward the Federal Reserve.

Last fall, the Federal Reserve faced an onslaught of congressional efforts to curtail its powers. But this week, the Fed beat back two major checks on its authority in the Senate's Wall Street reform bill, which was tougher on the central bank than the House version.

The Senate voted 90-9 on Wednesday to strip from the overall reform bill a provision reshaping the Fed as supervisor of only the nation's largest banks. The Senate, agreeing with chairman Ben Bernanke, now plans no change in the Fed's current regulatory power over banks - which includes large banks and smaller, state-chartered banks that choose the Fed as their regulator.

"Monetary policy cannot and should not be geared toward large banks based primarily in New York and policy makers in Washington," said Sen. Kay Bailey Hutchison, R-Texas, an author of the measure. "The Federal Reserve needs insight to the health of our banking system and economy as a whole."

Additionally, the Senate voted 96-0 on Tuesday for a watered-down version of a provision subjecting the Fed to a one-time audit of its role making cheap loans to ailing Wall Street banks during the financial crisis. The original, more controversial, measure would have subjected the Fed to ongoing congressional investigations.

Full story


Filed under: CNNMoney.com • Financial Reform • Wall Street
May 6th, 2010
11:40 AM ET
4 years ago

Bernanke: Fed's not waiting for Congress on reform

Federal Reserve Chairman Ben Bernanke said Thursday the central bank is working to increase oversight of financial institutions.
Federal Reserve Chairman Ben Bernanke said Thursday the central bank is working to increase oversight of financial institutions.

New York (CNNMoney.com) - Federal Reserve Chairman Ben Bernanke said Thursday the central bank is working to increase oversight of financial institutions, even as Congress debates a package of Wall Street reforms.

In a speech at the Federal Reserve Bank of Chicago, Bernanke said he "supports" ongoing efforts in Congress to reform financial regulation. But he added that the Fed is already taking steps to tighten up oversight of the banking system.

"While these legislative steps are necessary, we are not waiting to implement improvements that can be accomplished within our existing authority," he said.

"Now we are working with banks to ensure they improve their risk-measurement and risk management as well as strengthen their liquidity and capital levels while also providing the credit that households and businesses need," the Fed chairman added.

Bernanke said any reform package should give regulators the power to break up financial institutions that could threaten the economy if they fail.

Full story on CNNMoney.com


Filed under: Ben Bernanke • Federal Reserve • Financial Reform • Wall Street
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