Financial Reform News

Date Title
Mar 12, 2010 Q&A: Warner, Corker On Financial Reform - Ronald Brownstein, National Journal Magazine

Summary: "First-term Sens. Mark Warner, D-Va., and Bob Corker, R-Tenn., have been at the center of the extended bipartisan negotiations in their chamber to restructure the regulation of financial institutions."
Mar 12, 2010 Reed Calls For Limits On OTC Exemptions - Bill Swindell, National Journal

Summary: "Sen. Jack Reed, D-R.I., stressed again today he wants to limit exemptions for businesses that use derivatives for commercial purposes despite intense opposition from industry lobbyists wanting to keep it as unregulated as possible."
Mar 12, 2010 Dodd’s Decision to Snub Republicans Could Stall Financial Bill - Alison Vekshin and Phil Mattingly, Bloomberg

Summary: "The most ambitious attempt to overhaul U.S. financial rules since the 1930s suffered a setback as the third bipartisan push collapsed, setting the stage for wrangling that could delay a final bill for months."
Mar 12, 2010 Administration Said to Settle on No. 2 at Fed - Sewell Chan, New York Times

Summary: "The Obama administration has settled on Janet L. Yellen, president of the Federal Reserve Bank of San Francisco, to serve as vice chairwoman of the Federal Reserve, a senior administration official said on Thursday night."
Mar 12, 2010 Editorial: A Financial Reform Reprieve - Wall Street Journal Editorial Board

Summary: "Senate Banking Chairman Chris Dodd announced yesterday that bipartisan talks on financial reform have broken down, and he'll now introduce a Democratic bill on Monday. That strikes us as good news because it probably reduces the chances that a rushed and ill-thought reform will pass this year."
Mar 12, 2010 Financial system reforms won't wait - David Cho and Brady Dennis, Washington Post

Summary: "Senate banking committee Chairman Christopher J. Dodd (D-Conn.) said Thursday he will move forward next week with sweeping legislation to revamp the nation's financial regulatory system, despite failing to resolve key differences with Republicans."
Mar 11, 2010 Column: Harry Markopolos, SEC Chairman? - David Weidner, Wall Street Journal

Summary: "Harry Markopolos is finally taking his victory lap. Out hustling a new book about his nearly decade-long pursuit of Bernie Madoff, he's been on a whirlwind media tour: CNBC, MSNBC and The Daily Show with Jon Stewart."
Mar 11, 2010 How U.S. financial regulation fight might play out - Kevin Drawbaugh, Reuters

Summary: "The debate over financial regulation overhaul has a long way to go in the U.S. Congress, with the action now centered in a Senate committee, where analysts, aides and lawmakers see several possible scenarios ahead."
Mar 11, 2010 Sen. Corker Offers Details of Deal That Almost Was… - Damian Paletta, Wall Street Journal Real Time Economics Blog

Summary: "Sen. Bob Corker (R., Tenn.) on Thursday talked openly of the bipartisan compromise he nearly reached with Senate Banking Committee Chairman Christopher Dodd (D., Conn.) over new financial regulations."
Mar 11, 2010 Dodd to Offer Financial Regulation Bill Without G.O.P. - Sewell Chan, New York Times

Summary: "The chairman of the Senate Banking Committee, hoping to break a months-long logjam on the biggest overhaul of financial regulations since the Depression, will unveil his own proposal on Monday, without yet having a single Republican endorsement."
Mar 11, 2010 Dodd Pushes Financial Reform Without GOP Support - Damian Paletta, Wall Street Journal

Summary: "Senate Banking Committee Chairman Christopher Dodd (D., Conn.) will introduce his sweeping plan to overhaul financial regulations Monday without any Republican support, a spokeswoman said, potentially imperiling the White House's effort to redraw financial regulations."
Mar 11, 2010 Geithner warns of rift over regulation - Martin Arnold, Sam Jones and Nikki Tait, Financial Times

Summary: "Tim Geithner, US Treasury secretary, has delivered a blunt warning to the European Commission that its plans to regulate the hedge fund and private equity industries could cause a transatlantic rift by discriminating against US groups."
Mar 11, 2010 Senators Unveil Bill to Ban Banks' High-Risk Trades - Fawn Johnson, Wall Street Journal

Summary: "Two senators introduced legislation Wednesday echoing calls from the Obama administration to bar taxpayer-insured banks and their affiliates and subsidiaries from engaging in proprietary trading."
Mar 11, 2010 Senate Bill on Finance to Include Agency That Tracks Financial Risk - Edward Wyatt and Sewell Chan, New York Times

Summary: "Senate Banking Committee members from both parties said on Wednesday that they had agreed to include in their regulatory overhaul bill a new Office of Research and Analysis that would provide early warnings of possible systemic collapses."
Mar 10, 2010 The Deflationist - Larissa MacFarquhar, The New Yorker

Summary: "When it is cold at home, or he has a couple of weeks with nothing to do but write his Times column, or when something unexpectedly stressful happens, like winning the Nobel Prize, the Princeton economist Paul Krugman and his wife, Robin Wells, go to St. Croix."
Mar 10, 2010 Inside Man - Joshua Green, The Atlantic

Summary: "Congress members accuse Timothy Geithner of coddling Wall Street. Wall Street accuses him of abetting socialism. Yet when the history books are written, Geithner will be recognized as Barack Obama’s key lieutenant in the struggle to right the economy and fix the finance system."
Mar 10, 2010 Corker: Reg Reform Deal Is 'Imminent' - Andy Leonatti and John Maggs, National Journal

Summary: "A key Senate Republican said today lawmakers should "chill" while negotiators work on a financial reform deal in the Senate Banking Committee so that speculation on the bill will not complicate the process."
Mar 10, 2010 US Sen Corker: no exemptions in new watchdog bill - Rachelle Younglai, Reuters

Summary: "An influential Republican in U.S. Senate talks on financial regulatory reform said on Wednesday there are no special exemptions for particular institutions in a proposed new government financial watchdog agency."
Mar 10, 2010 Op-ed: The Regulation Shell Game - Thomas F. Cooley, Forbes

Summary: "I think everyone has seen versions of this game. The street-corner con artist puts a pea under one of three cups and then whirls them around with speed and deception, while the 'marks' bet on the ultimate location of the pea."
Mar 10, 2010 Way Too Big To Save - Simon Johnson, Baseline Scenario

Summary: "Listening to US officials, talking to legal experts, and waiting for an intense Senate debate on financial reform to begin, you can easily form the impression that “too big to fail” adequately describes our most serious future systemic banking problems. It does not."