Tagged: Federal Reserve

Kevin Gallagher explains quantitative easing or “QE2″

Lobbying the financial reform act

Intense lobbying is under way over the Dodd-Frank financial regulatory reform act, with federal agencies needing to fill in the details of at least 243 financial rules and conduct 67 studies before implementing the most sweeping such law since the 1930s.  Political science Professor Graham Wilson, author of “Business and Politics,” says citizens should be […]

Financial regulatory reform passed

With the Senate finally passing the complex financial regulatory reform law and sending it to President Obama for his signature, the work now turns to the hundreds of regulations and dozens of studies which must be completed to implement the most sweeping financial reform since the Great Depression. But while regulators work on all of […]

FDIC gets more authority over banks

During the Crash of 2008, the Federal Deposit Insurance Corporation said it lacked access to need information to evaluate the risk being taken by banks which later either collapsed or needed taxpayer bailouts to stay afloat.  Now regulators at the Federal Reserve and Treasury Department have given the FDIC specific, unlimited authority to examine banks.  Law Professor Cornelius […]

To bank regulator stepping down

In a surprise announcement, Comptroller of the Currency John Dugan (r.) says he will step down next month as the top U.S. bank regulator.  Appointed by President George Bush, Dugan was instrumental in shaping the “stress tests” for the largest financial institutions, but often sparred with FDIC Chairwoman Sheila Bair about consumer matters.  Former Federal Reserve […]

The weak link in bank reform

The financial regulatory reform legislation likely to be sent soon to President Obama calls for the biggest banks and hedge funds to put up some $20 billion in fees to pay the costs of additional oversight by regulators.  But even that won’t help regulators don’t quickly upgrade the training and standards of rank-and-file examiners, says Mark […]

Goldman executives questioned

The Congressionally appointed Financial Crisis Inquiry Commission exploring the 2008 crash questioned executives from Goldman Sachs, the world’s most profitable bank, about how much it makes trading derivatives — those complex financial bets that helped bring down the economy.  Goldman Chief Financial Officer David Viniar said they had no way of determining its derivatives data […]

Brown gets reform bill changed

By threatening to withhold his vote for the final compromise, Massachusetts GOP U.S. Senator Scott Brown (l.) got the Democratic negotiators on the financial regulatory reform bill to delete a $19 billion fee on large financial institutions to cover costs of implementing the new law.  Law Professor Cornelius Hurley, director of the Morin Center for […]

Wall Street reform bill threatened

The death of U.S. Senator Robert Byrd (r.) is threatening to delay passage of the sweeping Wall Street regulatory reform legislation until mid-July after it had been on track for House and Senate votes this week.  Law Professor Cornelius Hurley, a former counsel to the Federal Reserve Board of Governors and now director of the Morin […]

Derivatives amendment showdown

Enemies on all sides are coming down on Arkansas Democratic U.S. Senator Blanche Lincoln’s amendment to the regulatory reform bill that would rid banks of their lucrative derivatives business which played such a huge rule in the 2008 financial crash.  Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law and […]