Senate Banking Committee Holds First Round of Hearings on Fail Whale Trades

By: Wednesday May 23, 2012 8:58 am

Federal regulators maintained at a Senate Banking Committee hearing yesterday that investigations against JPMorgan Chase were ongoing, but that several factors, especially the funding of their agencies, would hamper their efforts. This was the first confirmation by the heads of the Commodity Futures Trading Commission and the Securities and Exchange Commission, Gary Gensler and Mary [...]

Donovan Pressed on Foreclosure Fraud Settlement in Senate Banking Committee

By: Tuesday February 28, 2012 1:21 pm

HUD Secretary Shaun Donovan faced the Senate Banking Committee today, and he said that the foreclosure fraud settlement will shortly be made public. Democrats on the panel voiced support for efforts to help these underwater homeowners, while some Republicans took jabs at the recent $25 billion settlement between the government and the nation’s largest lenders [...]

Cordray Bows and Scrapes at Senate Banking Committee Hearing; Republicans Immovable

By: Wednesday September 7, 2011 10:21 am

Richard Cordray went out of his way to be liked by Republicans on a Senate Banking Committee panel yesterday, who hold the fate of his confirmation to run the Consumer Financial Protection Bureau in their hands. He said the agency would have accountability. He said he would be “judicious” with federal lawsuits against banks for [...]

Richard Shelby Gives Boost to Elizabeth Warren’s Nomination for CFPB

By: Friday May 6, 2011 6:17 am

I mentioned this in yesterday’s roundup, but it’s worth repeating. Richard Shelby, the ranking member of the Senate Banking Committee, wrote a letter signed by 44 of his colleagues, saying that they would filibuster any nominee to the Consumer Financial Protection Bureau unless they are allowed to significantly weaken it. Their list of demands: Replace [...]

Catching Up on the Foreclosure Fraud Settlement

By: Monday March 14, 2011 1:31 pm

While the disasters in Japan, the uprisings in the Middle East and North Africa, the budget debate on Capitol Hill and the protests in Wisconsin and the Midwest have played out, federal regulators and state Attorneys General have been trying to put together a settlement with the nation’s biggest banks for their role in foreclosure [...]

Shelby Continues to Block Peter Diamond from Federal Reserve Post

By: Wednesday March 9, 2011 9:54 am

We have at least 14 million Americans out of work, and millions more who have either left the job market altogether or who are involuntarily unemployed. There’s an economist who won a Nobel Prize on unemployment and labor markets who the President wants to bring into the discussion as a member of the Federal Reserve [...]

Hoyer Continues to Keep Retirement Age Increase “On the Table”

By: Wednesday February 9, 2011 11:51 am

Richard Shelby came out yesterday and said that we should raise the retirement age “every several years,” which is a great way to eliminate both Social Security and people who have to work into their 70s and 80s. I know that in Shelby’s mind we’re all days away from becoming cyborgs who can resist any [...]

Comptroller of the Currency Announces MERS Investigation

By: Thursday November 18, 2010 9:41 am

In the House Financial Services Committee hearing, acting US Comptroller of the Currency John Walsh announced an investigation into MERS, the electronic database used to trade mortgages outside the private property recording system. MERS was devised by the nation’s largest mortgage lenders as a way to get out of paying recording fees. The database allows [...]

This Week’s Developments in Foreclosure Fraud

By: Monday November 15, 2010 8:18 am

Forget about the lame duck session for a second. It doesn’t look as if a whole lot will be accomplished, and outside of Charlie Rangel’s ethics trial there isn’t much entertainment value to be had, either. Of far more news value will be the developments this week on foreclosure fraud, only one of which involves [...]

Nobel Prize Winner Still Held Up by Senate GOP

By: Tuesday October 12, 2010 8:54 am

Peter Diamond’s Nobel Prize victory hasn’t cut any ice with Republicans on the Senate Banking Committee, who continue to block his appointment to the Federal Reserve Board of Governors. Diamond was nominated by President Obama earlier this year to be one of the central bank’s top officials, but the Senate has not held a vote [...]

Republicans Just Obstructing for Sport Now

By: Friday August 6, 2010 6:10 am

Chris Dodd was the guy who said a few days ago that the Senate has actually been working wonderfully in this session of Congress, with so much productivity, and that the desires of freshman Democrats to restructure the rules of the body were misguided. I wonder what he’s thinking today, as a nominee for the [...]

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