House Moves To Gut Derivatives Regulations Again

By: Tuesday May 7, 2013 10:32 am

Noted Wall Street ski buddy and House Financial Services Chairman Jeb Hensarling is moving to re-deregulate derivatives by gutting the Dodd-Frank Act. Apparently one financial crisis this century is not enough for Hensarling and friends as the House today is marking up a slew of bills to help Wall Street avoid derivatives oversight. The Committee [...]

Maxine Waters Easily Attains Ranking Democratic Spot on House Financial Services

By: Tuesday December 4, 2012 3:17 pm

On both sides of the Capitol, there was news on the committee that holds oversight responsibilities over Wall Street today. In addition to Elizabeth Warren getting her spot on the Senate Banking Committee, Maxine Waters assumed the spot of ranking member on the House Financial Services Committee. Here’s her statement: I am deeply humbled to [...]

Waters Cleared in Long-Running Ethics Case

By: Friday September 21, 2012 12:15 pm

The House Ethics Committee has cleared Maxine Waters of wrongdoing in a celebrated but thin case over whether she improperly set up a meeting between the Treasury Department and a troubled bank in which her husband had a stake. Her chief of staff (and grandson), Mikael Moore, still faces scrutiny. But Waters “went above and [...]

Randy Neugebauer Angry that CFPB is Compensating Their Employees Decently

By: Thursday September 20, 2012 12:23 pm

Rep. Randy Neugebauer (R-TX), who chairs the House Subcommittee on Oversight and Investigations in the House Financial Services committee, writes up a hatchet job on the Consumer Financial Protection Bureau in today’s Wall Street Journal. He’s really concerned about the CFPB’s salary structure: Pursuant to the Dodd-Frank Act, the bureau’s director may set and adjust [...]

Geithner Raked Over the Coals in House Committee About Libor

By: Wednesday July 25, 2012 9:35 am

Tim Geithner is testifying before the House Financial Services Committee on a number of issues today. It looked like he would skate by without questions on the Libor scandal until Scott Garrett, an unlikely source, tore into him: Garrett’s anger was different. Why? Because he was most upset that Geithner had four years, and meeting [...]

Waters Challenges Khuzami on Securitization Fraud Task Force, Gets Revealing Answers

By: Friday May 18, 2012 8:17 am

I don’t know how House Democrats managed to get a hearing in the Financial Services Committee on the SEC’s tendency to settle with financial firms and allowing the companies to get off without admitting wrongdoing, but I’m glad they did. This put Financial Services Committee chair Spencer Bachus (R-AL) in the unusual position of saying [...]

Frank, Miller Try to Open Up Accountability for Fed, OCC

By: Thursday April 19, 2012 7:35 am

Barney Frank and Brad Miller tried to shake up a House Financial Services Committee hearing yesterday. As per usual, Republicans wanted to go after the CFPB’s funding and subject it to the appropriations process. As it stands, CFPB derives its funding from a portion of the funding of the Federal Reserve, which comes from sources [...]

MF Global CFO Learned of Shortfall in Customer Funds During Firm’s Collapse

By: Wednesday March 28, 2012 9:35 am

At a House Financial Services Committee hearing today, former MF Global CFO Christine Serwinski will testify that customer funds were used to cover proprietary bets. In testimony prepared for a Wednesday hearing, the firm’s former chief financial officer, Christine Serwinski, says she learned that there was “a substantial deficit” in a financial buffer that was [...]

Corzine Ordered $200 Million Raid on MF Global Customer Accounts

By: Saturday March 24, 2012 8:17 am

In the most damning evidence thus far of malfeasance at MF Global, Bloomberg reports that former New Jersey Senator and Governor Jon Corzine, while CEO of the company, personally ordered $200 million in investor funds transferred to cover an overdrawn account at JPMorgan Chase. Bloomberg has the goods in the form of a memo from [...]

Bachus Propping Up Primary Campaign With Big Bank Cash

By: Tuesday March 13, 2012 10:00 am

In addition to Presidential primaries in Alabama and Mississippi today, there are primary elections for Congress as well. We saw in Ohio with Jean Schmidt that incumbents are in no way safe in what feels like an anti-incumbent environment. And a new SuperPAC devoted to beating incumbents has a few more races in their sights [...]

Rep. Brad Miller Won’t Run for Congress Again

By: Thursday January 26, 2012 6:55 am

This is really bad news. The redistricting map in North Carolina was particularly brutal to Democrats. Though they have a Democratic governor, Bev Perdue, she plays no formal role in the process, and the heavily Republican legislature gerrymandered the maps to within an inch of their life. A state that will be a swing state [...]

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