Senators Jeff Merkley (D-Ore.) and Carl Levin (D-Mich.) have appealed to regulators to finish work on the Volcker Rule, which was meant to prevent banks from engaging in hedge-fund style trading. That basic principle has been “the law of the land for over two years,” the Senators point out in a letter to the heads
First the government wheedled his company into buying Bear Stearns; then the government sued his company over the misdeeds of Bear Stearns – that’s JPMorgan Chase CEO Jamie Dimon’s hard-luck story. Don’t buy it – that’s the message of an AFR letter to the co-chairs of the federal task force that has sued JPMorgan over alleged
Bank lobbyists plan to make the most of the lame-duck session of Congress that gets underway after the election. Almost before anyone has a chance to notice, they hope to pass an amendment undermining a crucial piece of the Dodd-Frank Wall Street reform law — the provision that was supposed to keep lenders from pushing
Six financial regulators are challenging the logic of a Senate bill (S. 3468) that would empower the President to direct their agencies (among others) to submit all proposed rules to the White House Office of Management and Budget for prior review. The bill, known as the Independent Agency Regulatory Analysis Act, was introduced by Senator
AFR’s foreclosure working group has appealed to the monitor of the national mortgage settlement to include race, ethnicity, and geography in a public process of evaluation. In a letter to Joseph Smith of the North Carolina-based Office of Mortgage Settlement Oversight, the working group pointed out that the mortgage meltdown had a disproportionate impact on
“In a sane world, high-frequency trading would be a minor specialty at best,” says a 9/27 editorial. “But in the bizarro world that Wall Street has become, such activity now makes up the majority of all trades…” With the SEC preparing to hold a hearing on possible remedies, USA Today proposes a “s a simple