Low Regulator Assertiveness Part of Problem With Mitigating Financial Risks

By: Tuesday June 12, 2012 9:14 am

Jamie Dimon testifies before the Senate Banking Committee tomorrow, and this Bloomberg report should be a nice template for the Senators questioning him. It alleges that he was personally responsible for keeping regulators at bay from the chief investment office, the one responsible for all the Fail Whale losses, which could reach past $5 billion [...]

IL-Sen: Giannoulias Supports Brown-Kaufman, Higher Capital Requirements

By: Friday July 30, 2010 9:25 am

Last week, Kentucky Senate candidate Jack Conway told me that he supported breaking up the big banks as an extension of financial reform. He stressed that the largest half-dozen firms only grew since the financial crisis, accumulating 70% of total GDP in assets, and that the Justice Department’s anti-trust division and the FTC needed to [...]

Safe Banking Amendment Fails in Snap Vote, 33-61

By: Friday May 7, 2010 5:00 am

It was Thursday afternoon and Ted Kaufman was upbeat. “We’re rolling,” he said before a conference call began. “We have the big mo!” He didn’t realize that, within a matter of hours, his Safe Banking Act, which would have capped the size and leverage of the largest financial firms, would get a rushed vote and [...]

Reid Guarantees Vote On Safe Banking Act, Will Support It

By: Thursday May 6, 2010 10:44 am

A pretty positive development for both the Sanders amendment to audit the Fed and the Brown-Kaufman amendment to cap the size and leverage of the mega-banks: Harry Reid, the Senate Majority Leader facing a tough re-election contest, will support both of them, and contrary to some rumblings he guaranteed a vote for Brown-Kaufman on the [...]

Feingold Will Filibuster FinReg Without Serious Banking Reform

By: Thursday May 6, 2010 8:56 am

In a fiery speech on the Senate floor, Russ Feingold conditioned his support for the Wall Street reform measure on adding a multitude of amendments that would break up the mega-banks, cap size and leverage and restore the firewall between commercial and investment banks. He even went so far as to say that he would [...]

The Fate of the “Liberal Amendments” To FinReg

By: Thursday May 6, 2010 6:15 am

The New York Times takes a look at the “liberal amendments” to the Wall Street reform bill, which are actually just common-sense amendments to deal with the problem of an overheated financial sector, but which put those who just want to nibble around the edges and no put meaningful constraints on the big banks in [...]

Durbin Supports The Brown-Kaufman Safe Banking Act; Reid Wants Majority Vote Thresholds

By: Tuesday May 4, 2010 7:50 am

Today really kicks off debate on the financial reform bill, and we’ve already had some major news. First, Majority Leader Harry Reid staked out his clear position on amendments to the bill, saying that he would like to see simple majority thresholds for all amendments. Here’s a rush transcript of that, from the floor: BY [...]

Sifting Through The Key Amendments In Financial Reform

By: Monday May 3, 2010 9:02 am

As early as tomorrow, key votes on amendments to the Wall Street reform bill will begin. Over the next two weeks, dozens of amendments from both sides of the aisle will get a vote. Many of these amendments will be pro forma – one from Barbara Boxer will “forbid the use of taxpayer dollars” to [...]

60-Vote Threshold Will Not Be Needed On All FinReg Amendments

By: Thursday April 29, 2010 11:02 am

Debate begins today on the Wall Street reform bill, and speeches from Banking Committee chair Chris Dodd and ranking member Richard Shelby have kicked things off. Still unanswered is the question of whether amendments will require a 60-vote threshold. Despite reports – and a statement from Sen. Richard Burr to a reporter – that all [...]

Merkley, Sanders Sign On To Safe Banking Act

By: Friday April 23, 2010 9:47 am

Two more Senators expressed support today for the Safe Banking Act, which would cap the size and leverage of the nation’s biggest financial firms. This brings the total number of supporters in the Senate to seven. Sen. Jeff Merkley (D-OR) has come aboard as a co-sponsor of the effort, according to his office. Merkley also [...]

Krugman Reverses, Acknowledges The Problem Of Financialization

By: Friday April 23, 2010 8:50 am

Paul Krugman has oddly been one of the leading detractors against breaking up the banks and shrinking the financial sector. He doesn’t come right out and say it in this op-ed, but he’s basically re-thought the position. More than that, reform actually should hurt the bankers. A growing body of analysis suggests that an oversized [...]

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