In Case You Missed It

U.S. House, Senate Democrats push for alternative financial bill

| Posted in In Case You Missed It

Democrats in the U.S. House of Representatives teamed up with their counterparts in the Senate on Wednesday to promote a banking regulatory relief bill they say is better than a broader version pushed by Republicans. House Financial Services Ranking Member Maxine Waters announced at a news conference that all of the Democrats on her panel support a bill unveiled last month by Senate Banking Rankin... Read more »

What the Department of Education can learn from the foreclosure crisis

| Posted in In Case You Missed It

As ranking member of the House Committee on Financial Services, I've spent the years since the financial crisis trying to provide relief to Americans devastated by the plague of home foreclosures. It’s been challenging work. Programs the government put in place to aid borrowers often were insufficient, hard to understand and needlessly complex. Though the process created many problems, one silver ... Read more »

Wall Street Vampires

| Posted in In Case You Missed It

Last year the vampires of finance bought themselves a Congress. I know it’s not nice to call them that, but I have my reasons, which I’ll explain in a bit. For now, however, let’s just note that these days Wall Street, which used to split its support between the parties, overwhelmingly favors the G.O.P. And the Republicans who came to power this year are returning the favor by trying to kill Dodd-... Read more »

Lawmakers call for Ex-Im renewal at bank's annual Washington conference

| Posted in In Case You Missed It

Rep. Maxine Waters (D-Calif.) on Friday defended Boeing and other big businesses that utilize the Export-Import Bank as she and other lawmakers called for Ex-Im's reauthorization. "I'm not backing away from being proud of the big businesses that create jobs and suppliers," the top Democrat on the House Financial Services Committee said at the bank's annual conference in Washington. Waters said, "S... Read more »

America’s wobbly economic leadership

| Posted in In Case You Missed It

The underlying theme of last week’s IMF/World Bank spring meetings was rising angst over retreating US leadership. The gathering took place shortly after America’s closest allies, led by Britain, spurned a plea from Washington to boycott the China-led Asian Infrastructure Investment Bank. More than 50 countries have signed up. Now the US is in danger of inflicting more damage on itself by shutting... Read more »

Consumer advocates applaud Labor ‘fiduciary’ proposal

| Posted in In Case You Missed It

A coalition of 41 consumer advocate groups today applauded the Labor Department for its proposed ‘fiduciary’ rule that would impose new requirements on brokers who offer retirement savings advice to consumers. “Many Wall Street firms and their allies tried to stop this rule from ever seeing the light of day,” the groups — which include AARP, AFL-CIO and NAACP — said in a statement. “We look forwar... Read more »

Lawmakers Focus on How S.E.C. Does Its Job

| Posted in In Case You Missed It
Tags: SEC

Congress has taken intensified interest in how the Securities and Exchange Commission should enforce the law, introducing several legislative proposals. Although quick passage of the bills is unlikely, they signal how much interest there is, at least among Democrats, about the agency’s work. The legislation deals with insider trading, waivers from automatic bars imposed on companies that violate s... Read more »

Bill Takes Aim at S.E.C. Waivers for Firms That Broke Law

| Posted in In Case You Missed It
Tags: SEC

The Securities and Exchange Commission faces new pressure from Congress to make it harder for lawbreaking companies to hold on to important privileges that help them raise money in the markets. Representative Maxine Waters, Democrat of California, is set to announce on Tuesday legislation that takes aim at how the commission grants the privileges. The announcement will coincide with the appearance... Read more »

Missing Citigroup Checks Spur Lawmaker to Call for Investigation

| Posted in In Case You Missed It

Citigroup Inc.’s failure to pay 24,000 people owed money as part of a settlement with the government over foreclosure abuses has prompted a U.S. lawmaker to call for an investigation into whether banks missed other borrowers. Maxine Waters, the senior Democrat on the House Financial Services Committee, sent a letter Friday to the inspectors general of the Federal Reserve and the Treasury Departmen... Read more »

Dems offer resolution establishing wealth gap as a national problem

| Posted in In Case You Missed It

Rep. Maxine Waters (Calif.) and 52 other Democrats have introduced a measure making Congress formally recognize the widening wealth gap in America. Waters, the top Democrat on the House Financial Services Committee, said that rising income inequality should be a top concern of Congress. "We cannot sit idly by and expect things to change," Waters said on the House floor. "The first step to resolvin... Read more »

Shelby hints he's open to renewing Ex-Im

| Posted in In Case You Missed It

Senate Banking Committee Chairman Richard Shelby (R-Ala.) signaled Thursday that he's willing to support reauthorizing the Export-Import (Ex-Im) Bank, as long as it is reformed to help small businesses. "I have problems with the status quo, but I've supported Ex-Im before," Shelby told reporters. Congress must reauthorize Ex-Im by the end of June, or it shuts down. Shelby said he'll have hearings ... Read more »

The GOP’s scramble to court Wall Street

| Posted in In Case You Missed It

“If it were done,” says Macbeth as he contemplates killing Duncan — his kinsman, his house­guest, his king — “ . . . ’twere well it were done quickly.” A similar judgment seems to inform the newly empowered congressional Republicans’ rush to roll back the modest regulations that the Dodd-Frank Act imposed on Wall Street banks. Deregulating Wall Street is distasteful stuff that can claim no real pu... Read more »

Exporters Fear Credit Crunch

| Posted in In Case You Missed It

A decision by Congress to extend the Export-Import Bank only temporarily is raising concern among business owners who say they rely on the credit agency to lower the risks of exporting. Congress extended the agency’s charter through the middle of next year as part of a compromise between supporters of the agency and those who want to eliminate it. Generally, lawmakers reauthorize the export-credit... Read more »

Bipartisan Bill to Reauthorize Export-Import Bank Unveiled

| Posted in In Case You Missed It

Two federal lawmakers from California unveiled bipartisan legislation Tuesday to reauthorize the embattled Export-Import Bank for five years, proposing changes to its operations in hopes of addressing concerns of conservative critics. Among the reforms are an enhanced reserve fund to cover losses on loans the bank makes to foreign buyers of U.S. goods, as well as codifying the position of chief ri... Read more »

Senior House Financial Services Members Propose Ex-Im Bill

| Posted in In Case You Missed It

A pair of senior lawmakers are proposing the first bipartisan legislation in the House this year to reauthorize the Export-Import Bank and impose new requirements intended to protect taxpayers. Rep. Maxine Waters of California, the top Democrat on the House Financial Services Committee, and Rep. Gary Miller of California, the panel’s vice chairman, will propose Tuesday extending the bank’s charter... Read more »

Two Lawmakers Propose First House Bipartisan Ex-Im Bill

| Posted in In Case You Missed It

Two senior House lawmakers on Tuesday introduced bipartisan legislation that would provide a five-year reauthorization of the Export-Import Bank. Reps. Gary Miller (R-Calif.), vice chairman of the House Financial Services Committee, and Maxine Waters (D-Calif.), the top Democrat on the panel, teamed up on the House's first bipartisan draft legislation that would provide the bank with a long-term c... Read more »

Democrats Urge Scrutiny on Credit Suisse Pension Review

| Posted in In Case You Missed It

The U.S. Labor Department faces Capitol Hill pressure to think twice before letting Credit Suisse Group AG (CSGN) continue managing pension-fund assets after it helped Americans evade taxes. Congressional Democrats Maxine Waters, Stephen F. Lynch and George Miller sent a letter to the department yesterday asking it to “seriously consider” whether the bank deserves a waiver it needs to remain a qua... Read more »

Top House Lawmakers Question Proposed Waiver for Credit Suisse

| Posted in In Case You Missed It

Three House Democrats are urging the Labor Department to reconsider its proposed waiver of sanctions on Credit Suisse following its guilty plea over tax evasion charges. Reps. Maxine Waters (Calif.), ranking member of the Financial Services Committee, George Miller (Calif.), ranking member of the Education and the Workforce Committee and Stephen Lynch (Mass.) called for a “thorough and thoughtful ... Read more »

Democrats Want to Scrutinize Labor Waiver for Credit Suisse

| Posted in In Case You Missed It

House Democrats today called for a hearing to question whether the Labor Department should allow Credit Suisse, the Swiss banking giant that settled tax evasion crimes with the government in May, to continue doing business in the United States. Because Credit Suisse pleaded guilty, the bank needs a waiver from the Labor Department to continue its asset management services for pension funds. In Sep... Read more »

Why Does Negative Info Linger On Your Credit Report For Up To 7 Years?

| Posted in In Case You Missed It

Credit-related mistakes can follow you link a stink you can’t wash off. Have an account go into collections, miss payments on your student loans, credit cards, mortgage, car loan, and that info can linger on your credit report for up to seven years, even if it’s just a fluke. This is particularly a problem with medical debt, where even someone with otherwise pristine credit is unable to pay a huge... Read more »

House TRIA Bill Gets No Support From Business Groups

| Posted in In Case You Missed It
Tags: TRIA

A House Republican's effort to rally support for overhauling the Terrorism Risk Insurance Program fell flat, sources familiar with the matter told SNL on Nov. 5. Trade groups and business organizations spanning the insurance, real estate and banking industries refused to formally back Rep. Randy Neugebauer's bill to reauthorize the program for five years and make significant changes to its structu... Read more »

J.P. Morgan Data Breach Draws Scrutiny From State Attorneys General

| Posted in In Case You Missed It

Two state attorneys general say they have been in contact with J.P. Morgan Chase & Co. about a recent cyberattack in which the personal information for 76 million households was compromised. Among the issues being scrutinized is whether the bank alerted customers quickly enough about the breach, according to people familiar with the matter. The office of Connecticut Attorney General George Jepsen ... Read more »

Rep. Waters: ‘Congress Must Move’ on Hacking Protections

| Posted in In Case You Missed It

The top Democrat on the House Financial Services Committee is calling for Congress to pass cybersecurity legislation in response to the massive security breach at JPMorgan Chase. “The massive data breach announced yesterday at JPMorgan Chase serves as a pressing reminder that more must be done to strengthen data security across the financial system and protect consumers’ sensitive financial and ot... Read more »

Secret Goldman Sachs Tapes Put Pressure on New York Fed

| Posted in In Case You Missed It

Wall Street’s top regulator is coming under new criticism for failing to adequately police the banks under its supervision, years after the financial crisis. Lawmakers are scrutinizing allegations that the Federal Reserve Bank of New York went easy on one of the most prominent banks under its watch, Goldman Sachs, despite concerns voiced by those inside the Fed that a deal Goldman was pursuing was... Read more »

House Dems Want NY Fed Hearings, Too

| Posted in In Case You Missed It

Three Democratic members of Congress joined their Senate colleagues in calling for a probe of Wall Street regulators. The three members — Reps. Maxine Waters of California, Al Green of Texas and Keith Ellison of Minnesota — signed a letter Tuesday urging hearings on the Federal Reserve Bank of New York and whether it's too close with the banks it supervises. They were responding to a collaborative... Read more »



Subscribe for Updates

Twitter Feed