Topic: U.S. House Committee on Financial Services

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Ron Paul vs. the Federal Reserve: four epic moments

Ron Paul hasn't been the Federal Reserve's only critic, but he ranks among the most consistent and persistent in his charge that the Fed has debased the dollar and destroyed the wealth of Americans.
Facebook IPO: Six key dates in its debacle

Facebook's first week as a publicly traded company will go down as a terribly botched corporate launch, perhaps one of the worst in recent history for such a highly visible entity. Eight days ago, it was the tech world's most highly anticipated initial public offering in eight years. Now, the social media company faces mounting legal woes and serves as an embarrassing example of how not to run an IPO. Despite rising insider pessimism about its growth prospects, Facebook kept boosting its asking price and the number of shares it would sell. The result: billions of dollars in losses; investigations by two congressional committees, the Securities and Exchange Commission (SEC), an industry watchdog, and the state of Massachusetts; at least 13 class-action lawsuits; and thousands of resentful shareholders who days later still were unsure how many Facebook shares they had or at what price. Here are six key dates in Facebook's unfolding IPO disaster.
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Five things Ron Paul wants from the Republican National Convention

It looks as if Ron Paul is going to be an active participant in the Republican National Convention in Tampa this August. Here’s our take on the five things Paul hopes to gain from staying within his party’s tent in 2012.
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Want real financial reform for Wall Street? Do this.

Senator Lincoln wants to stop big banks' risky derivative trades from being subsidized by taxpayers. Here's how to keep her measure in the financial reform bill.
Fannie Mae wants $8.4 billion more in federal aid

Fannie Mae announced a $11.5 billion quarterly loss Monday. The mortgage giant's continued poor performance has added urgency to the question of how – or whether – it should be saved.
Geithner: abandoning Fannie Mae not a solution to mortgage crisis

Treasury Secretary Timothy Geithner said Tuesday that the mortgage crisis will not lead the administration either to abandon or nationalize mortgage giants Fannie Mae and Freddie Mac.
Time for a national insurance program to cope with natural disasters?

Advocates of legislation to create a national insurance program say it's better to plan ahead than do a bailout after a natural disaster. Critics say it would amount to a subsidy for owners of coastal mansions and encourage people to live in places they shouldn't.
Obama moves to cut big banks down to size

President Obama Thursday proposed new limits on banks' size as well as their ability to take risks. The move is part of reform measures to avert a repeat of the practices that led to the financial crisis. The stock market fell in response to the news.
Does the Federal Reserve need an audit?

Concern about the Fed's transparency ebbs and flows. Today, over 300 members of Congress think the time has come to audit the Federal Reserve.
Banks too big to fail? Break 'em up, Congress.

Congress shouldn't let financial institutions get large enough to wreck the financial system. But questions abound about whether the Feds can be honest regulators.
Financial bill to rein in Wall Street. Will it be tough enough?

Regulations in a House financial bill would mean the most significant overhaul of the financial-services industry since the New Deal.
Dodd bill aims to simplify the patchwork of bank regulation

Sen. Christopher Dodd introduced a bill in the Senate Banking Committee Tuesday aimed at tightening bank regulation. Critics of the current system say regulators are too cozy with bankers now.
Congress targets major cause of banking crisis: derivatives

The House Financial Services Committee announced a plan Tuesday to give regulators tools needed to crack down on banks' risky behavior. It will be a tough job, experts say.
For Alan Grayson, a liberal rebel, 'die quickly' was tame

Rep. Alan Grayson said the Republican healthcare plan was for sick people to 'die quickly.' He is bringing a new style of raw confrontation to Congress.
Volcker: Financial bailout could make next crisis worse

Former Fed Chair Paul Volcker says the problem is ‘moral hazard’ – policies leading investors and bankers to believe they can take future risks without bearing the full cost.
Money Daily Brief: EU unveils financial reform plan
Obama Wall Street speech: execs wary of his reforms

He called on the financial industry to join in an effort to update regulations for the 21st century.
ECONOMIC SCENE: US begins crackdown on CEO pay. Will it work?

In 1965, CEOs of major US firms made 24 times an average worker’s pay. By 2004, that ratio was 431 times.
Bailout update: Will taxpayers recoup their investments?

An oversight panel predicted Wednesday that automakers General Motors and Chrysler are unlikely to pay back much of a $23 billion loan package.
House votes to rein in 'excessive pay' for company execs

Democrats say such a measure could have helped avert the financial crisis. Republicans and big business call it a bureaucratic power grab.
Huge deficits a risk to job growth, Fed chief warns

Bernanke told Congress Tuesday that a plan to bring federal spending into balance would have ‘considerable near-term economic benefits,’ such as lower interest rates.
With Goldman Sachs bonuses, new push for 'say on pay' bill

Congress takes up legislation next week to give shareholders of public companies more say on executive compensation.
Congress – including Democrats – in no hurry to approve Obama's regulatory reform

Lawmakers have a lot on their plates, plus they're still smarting from earlier bailouts.
Obama looks to overhaul executive pay

The administration's plan includes enabling shareholders to act as checks on top executives' compensation and appointing a pay czar for bailed-out firms.
Among all the green shoots, this one's a mouthful

The Monitor's language columnist muses on a new phrase from the world of finance: macroprudential oversight.
Belatedly, House votes to curb predatory lending

Backers of the legislation, which passed Thursday, say it will prevent any future wave of foreclosures like the one that has engulfed the US housing market.
Obama gets budget passed. Fast? Yes. Bipartisan? Nope

The House and Senate both approved budget resolutions of about $3.5 trillion, backing key Obama priorities such as green energy and healthcare reform.
Key change in accounting may boost banks' balance sheets

Under the new ‘mark-to-market’ rule, banks can consider the value of assets as if they are being sold in an orderly fashion, not in a distress sale.