financial reform

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Obama Sticks to Agenda, Polls Be Damned

He's 3 for 3 on stimulus, health care, financial reform

(Newser) - President Obama completed a legislative hat trick yesterday, as he passed a landmark financial reform bill, to go alongside his landmark health care bill, and his mammoth stimulus bill. These victories essentially line up with his campaign promises, but they’ve come at a political cost, giving plenty of ammunition...

Senate Passes Landmark Financial Reform

Measure goes to President Obama for his signature

(Newser) - Congress sent legislation to President Obama today that imposes sweeping new regulations on Wall Street and creates new protections for millions of US consumers. The Senate's 60-39 vote came nearly two years after a financial crisis knocked the US economy to its knees. At a whopping 2,300 pages, the...

Democrats Break Financial Reform Filibuster

Scott Brown, Olympia Snowe and Susan Collins cross party line

(Newser) - Congress is all but guaranteed to pass the most sweeping financial regulatory reform since the Great Depression this afternoon. In the early session this morning, the Senate voted 60-38 to end debate on the Dodd-Frank bill, setting up a final vote that is scheduled for 2pm this afternoon. Republicans could...

Brown, Snowe Give Dems 60 Votes to Pass Wall Street Bill

GOP yeas mean they don't need Byrd replacement

(Newser) - With New England Republicans Olympia Snowe and Scott Brown on board, Senate Democrats appear to have the 60 votes they need to pass the Wall Street reform bill. The move by Snowe and Brown means Dems won't have to wait for the appointment of a successor to the late Sen....

Wall Street Dumps Dems: Donations Down 65%

Upset about financial reform, banks keep their cash

(Newser) - Democrats are feeling the wrath of a financial sector scorned. Wall Street donations to the Democrats’ two congressional campaign committees are down 65% from the 2008 election cycle, the Washington Post reports. Big donors in general are staying away, giving just $49.5 million, compared to $81.3 million in...

House Passes Wall St. Reform; Senate Delays Its Vote

Harry Reid needs time to corral votes

(Newser) - The easy vote is over for financial reform: The sweeping measure that, among many other things, creates a consumer protection agency and puts limits on derivatives trading breezed through the House 237-192. But it won't reach President Obama's desk by July 4 as planned because the Senate has postponed its...

Dems Cave to Scott Brown, Kill Bank Tax

$19B tax ditched in favor of $11B in TARP funds

(Newser) - Scott Brown's threat to vote against the financial regulatory overhaul bill unless Democrats met his demands yesterday succeeded in killing the part of the bill Brown had opposed: a $19 billion tax on big banks and hedge funds. Conceding to Brown and ending a dramatic few days of negotiation, lawmakers...

Byrd's Death Sets Back Financial Reform

Scott Brown and Susan Collins wavering

(Newser) - Robert Byrd is dead, and the financial reform bill might not be far behind. Byrd’s demise comes just days after the Senate and House had hammered out a final version of the legislation, and dashes hopes that it could be voted on this week. West Virginia’s Democratic governor...

Reform Isn't Perfect, But Still 'Big and Welcome'

Consumer agency great, but Volcker rule remains 'vague'

(Newser) - The Wall Street reform that emerged from Washington this morning isn't perfect, but all in all this is a "great day," writes financial blogger Felix Salmon at Reuters . The consumer protection agency is overdue, "and while banks won’t have to sell their swaps desks entirely, they...

Lawmakers Hammer Out New Wall Street Rules

Reach compromise on overhaul, create consumer agency

(Newser) - House and Senate negotiators have completed a sweeping overhaul of banking regulations and aim to send it to President Obama by July 4. Lawmakers finished assembling the bill about dawn. Some highlights:
  • It creates a consumer financial protection bureau to police lending (though not auto dealers).
  • Establishes the so-called "
...

Rep: Recession Victims Not Minorities, But 'Good Americans'

Dem Kanjorski comments spark uproar

(Newser) - Pennsylvania's Democratic Congressman Paul Kanjorski is under intense fire for remarks contrasting "minorities" and "good American people." People helped by a Pennsylvania foreclosure prevention program "are not minorities, and they're not defective, and they're not all the things you like to insinuate that these programs are...

Capitol Hill's Favorite New Book: The Big Short

Lawmakers love how it explains meltdown

(Newser) - Listen to debate over financial reform on Capitol Hill for any length of time and you might think lawmakers were being paid to plug The Big Short, by Michael Lewis. They're not; they just love the way the book explains the financial meltdown and how a handful of investors made...

Banks Secretly Pleased With Wall Street Reform Bill

It'll curb profits, but won't reduce their power

(Newser) - Despite their public protestations, behind closed doors, Wall Street executives are pretty pleased with how financial reform legislation is shaping up, sources tell the New York Times . “If you talk to anyone privately, there's a sigh of relief,” says one investment banker. “It'll crimp the profit pool...

Senate Finance Bill Could Trim Big Banks' Profits 20%

New rules on derivatives could be costly for Wall Street

(Newser) - To their surprise, the financial reform bill approved by the Senate last night has some real teeth, financial analysts tell the Wall Street Journal . Although specifics depend on what emerges from the confab with the House, some of Wall Street's biggest institutions could see profits decline by as much as...

Senate Passes Wall Street Reform
 Senate Passes 
 Wall Street Reform 
UPDATED
May 21, 2010 5:43 AM CDT

Senate Passes Wall Street Reform

Measure must now be reconciled with House version

(Newser) - Prodded by national anger at Wall Street, the Senate tonight passed the most far-reaching restraints on big banks since the Great Depression. The massive bill would touch Wall Street CEOs and first-time home buyers, high-flying traders, and small-town lenders. The 59-39 vote represents an important achievement for President Obama. The...

Financial Overhaul Advances in Senate

Harry Reid gets just enough votes to end debate

(Newser) - The Senate today cleared the way—barely—for final passage of the financial regulation bill. The vote was 60-40, just enough to meet the threshold needed to end debate. Harry Reid got help from Republicans Scott Brown, Olympia Snowe, and Susan Collins, to counteract Democrats Russ Feingold and Maria Cantwell,...

Democrats Defy Reid, Keep Financial Debate Going

They want tougher amendments

(Newser) - Harry Reid had to fight with Republicans to begin debate on financial reform, and now he's got to fight fellow Democrats to end it. He called a vote today to move toward final passage ("We've got to put this thing to rest"), only to have Democrats such as...

GOP Blocks 3 Anti-Wall Street Moves

Senate Republicans slam amendments

(Newser) - Maybe Dems don't have the momentum they thought they had: Senate Republicans yesterday blocked three amendments Wall Street hates. The first and most controversial, known as Levin-Merkley, would have banned commercial banks from trading for their own benefit with taxpayer money. The second would regulate payday loans, while the third...

Obama Shows Congress Who's Boss
Obama Shows Congress
Who's Boss 
analysis
May 17, 2010 5:12 PM CDT

Obama Shows Congress Who's Boss

President takes more hands-on approach to legislation

(Newser) - President Obama is growing more assertive on Capitol Hill. Since he took office, the president's supporters have criticized him for not exerting enough control over the details of legislation, instead letting Harry Reid and Nancy Pelosi hammer out specifics—even on major administration goals, like the health care bill. On...

Congress Arms Finance Reform With Big Guns

Unlike health care, bill is anything but watered down

(Newser) - After the pinball-esque drubbing health reform took before Congress spit it out, it's Wall Street's turn. But, reports Politico , the financial reform bill making its way through the Capitol is actually picking up fangs rather than being rendered toothless. Democrats know they have the wind at their backs, Republicans can't...

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