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  • U.S. House, Senate Democrats push for alternative financial bill
    Posted in In Case You Missed It on June 3, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    Democrats in the U.S. House of Representatives teamed up with their counterparts in the Senate on Wednesday to promote a banking regulatory relief bill they say is better than a broader version pushed by Republicans. House Financial Services Ranking Member Maxine Waters announced at a news conference that all of the Democrats on her panel support a bill unveiled last month by Senate Banking Ranking Member Sherrod Brown, and that it had been formally introduced in the House. Brown, who also spoke... Read more

  • What the Department of Education can learn from the foreclosure crisis
    Posted in In Case You Missed It on May 18, 2015 | Preview rr

    As ranking member of the House Committee on Financial Services, I've spent the years since the financial crisis trying to provide relief to Americans devastated by the plague of home foreclosures. It’s been challenging work. Programs the government put in place to aid borrowers often were insufficient, hard to understand and needlessly complex. Though the process created many problems, one silver lining is that we’ve learned important lessons about how government can more effectively help indivi... Read more

  • Wall Street Vampires
    Posted in In Case You Missed It on May 11, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    Last year the vampires of finance bought themselves a Congress. I know it’s not nice to call them that, but I have my reasons, which I’ll explain in a bit. For now, however, let’s just note that these days Wall Street, which used to split its support between the parties, overwhelmingly favors the G.O.P. And the Republicans who came to power this year are returning the favor by trying to kill Dodd-Frank, the financial reform enacted in 2010. And why must Dodd-Frank die? Because it’s working. This... Read more

  • Lawmakers call for Ex-Im renewal at bank's annual Washington conference
    Posted in In Case You Missed It on April 24, 2015 | Preview rr
    Tags: Export-Import Bank

    Rep. Maxine Waters (D-Calif.) on Friday defended Boeing and other big businesses that utilize the Export-Import Bank as she and other lawmakers called for Ex-Im's reauthorization. "I'm not backing away from being proud of the big businesses that create jobs and suppliers," the top Democrat on the House Financial Services Committee said at the bank's annual conference in Washington. Waters said, "Some of the larger businesses that are criticized by those who oppose the bank — such as Boeing — are... Read more

  • America’s wobbly economic leadership
    Posted in In Case You Missed It on April 24, 2015 | Preview rr
    Tags: Export-Import Bank

    The underlying theme of last week’s IMF/World Bank spring meetings was rising angst over retreating US leadership. The gathering took place shortly after America’s closest allies, led by Britain, spurned a plea from Washington to boycott the China-led Asian Infrastructure Investment Bank. More than 50 countries have signed up. Now the US is in danger of inflicting more damage on itself by shutting down its Export-Import Bank. The bank’s authorisation expires at the end of June and with it tens o... Read more

  • Consumer advocates applaud Labor ‘fiduciary’ proposal
    Posted in In Case You Missed It on April 14, 2015 | Preview rr

    A coalition of 41 consumer advocate groups today applauded the Labor Department for its proposed ‘fiduciary’ rule that would impose new requirements on brokers who offer retirement savings advice to consumers. “Many Wall Street firms and their allies tried to stop this rule from ever seeing the light of day,” the groups — which include AARP, AFL-CIO and NAACP — said in a statement. “We look forward to reviewing this proposal in detail and working to help craft the strongest possible.” The Labor ... Read more

  • Lawmakers Focus on How S.E.C. Does Its Job
    Posted in In Case You Missed It on March 30, 2015 | Preview rr
    Tags: SEC

    Congress has taken intensified interest in how the Securities and Exchange Commission should enforce the law, introducing several legislative proposals. Although quick passage of the bills is unlikely, they signal how much interest there is, at least among Democrats, about the agency’s work. The legislation deals with insider trading, waivers from automatic bars imposed on companies that violate securities laws and the revolving door between the S.E.C. and private industry. Enhancing the insider... Read more

  • Bill Takes Aim at S.E.C. Waivers for Firms That Broke Law
    Posted in In Case You Missed It on March 23, 2015 | Preview rr
    Tags: SEC

    The Securities and Exchange Commission faces new pressure from Congress to make it harder for lawbreaking companies to hold on to important privileges that help them raise money in the markets. Representative Maxine Waters, Democrat of California, is set to announce on Tuesday legislation that takes aim at how the commission grants the privileges. The announcement will coincide with the appearance that day of Mary Jo White, the S.E.C.’s chairwoman, before the House’s powerful Financial Services ... Read more

  • Missing Citigroup Checks Spur Lawmaker to Call for Investigation
    Posted in In Case You Missed It on March 20, 2015 | Preview rr
    Tags: Federal Reserve, OCC, Department of the Treasury

    Citigroup Inc.’s failure to pay 24,000 people owed money as part of a settlement with the government over foreclosure abuses has prompted a U.S. lawmaker to call for an investigation into whether banks missed other borrowers. Maxine Waters, the senior Democrat on the House Financial Services Committee, sent a letter Friday to the inspectors general of the Federal Reserve and the Treasury Department seeking an examination. Her request pertains to a 2013 accord in which lenders agreed to pay $10 b... Read more

  • Dems offer resolution establishing wealth gap as a national problem
    Posted in In Case You Missed It on March 19, 2015 | Preview rr
    Tags: Wealth Gap

    Rep. Maxine Waters (Calif.) and 52 other Democrats have introduced a measure making Congress formally recognize the widening wealth gap in America. Waters, the top Democrat on the House Financial Services Committee, said that rising income inequality should be a top concern of Congress. "We cannot sit idly by and expect things to change," Waters said on the House floor. "The first step to resolving this problem is acknowledging that it exists, and I encourage all of my colleagues on both sides o... Read more

  • Shelby hints he's open to renewing Ex-Im
    Posted in In Case You Missed It on January 29, 2015 | Preview rr
    Tags: Export-Import Bank, International

    Senate Banking Committee Chairman Richard Shelby (R-Ala.) signaled Thursday that he's willing to support reauthorizing the Export-Import (Ex-Im) Bank, as long as it is reformed to help small businesses. "I have problems with the status quo, but I've supported Ex-Im before," Shelby told reporters. Congress must reauthorize Ex-Im by the end of June, or it shuts down. Shelby said he'll have hearings on the bank's reauthorization and that he wants to see it reformed, so it isn't just "one or two or ... Read more

  • The GOP’s scramble to court Wall Street
    Posted in In Case You Missed It on January 14, 2015 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act

    “If it were done,” says Macbeth as he contemplates killing Duncan — his kinsman, his house­guest, his king — “ . . . ’twere well it were done quickly.” A similar judgment seems to inform the newly empowered congressional Republicans’ rush to roll back the modest regulations that the Dodd-Frank Act imposed on Wall Street banks. Deregulating Wall Street is distasteful stuff that can claim no real public support or economic merit, but for reasons both political and financial, the Republicans have d... Read more

  • Exporters Fear Credit Crunch
    Posted in In Case You Missed It on October 22, 2014 | Preview rr
    Tags: Export-Import Bank

    A decision by Congress to extend the Export-Import Bank only temporarily is raising concern among business owners who say they rely on the credit agency to lower the risks of exporting. Congress extended the agency’s charter through the middle of next year as part of a compromise between supporters of the agency and those who want to eliminate it. Generally, lawmakers reauthorize the export-credit agency for multiple years at a time. At Shank’s Veterinary Equipment Inc. in Milledgeville, Ill., s... Read more

  • Bipartisan Bill to Reauthorize Export-Import Bank Unveiled
    Posted in In Case You Missed It on October 14, 2014 | Preview rr
    Tags: Export-Import Bank

    Two federal lawmakers from California unveiled bipartisan legislation Tuesday to reauthorize the embattled Export-Import Bank for five years, proposing changes to its operations in hopes of addressing concerns of conservative critics. Among the reforms are an enhanced reserve fund to cover losses on loans the bank makes to foreign buyers of U.S. goods, as well as codifying the position of chief risk officer, which the bank added last year. Rep. Maxine Waters (D-Los Angeles) teamed with Rep. Gary... Read more

  • Senior House Financial Services Members Propose Ex-Im Bill
    Posted in In Case You Missed It on October 14, 2014 | Preview rr
    Tags: Export-Import Bank

    A pair of senior lawmakers are proposing the first bipartisan legislation in the House this year to reauthorize the Export-Import Bank and impose new requirements intended to protect taxpayers. Rep. Maxine Waters of California, the top Democrat on the House Financial Services Committee, and Rep. Gary Miller of California, the panel’s vice chairman, will propose Tuesday extending the bank’s charter for five years, while bolstering its risk and fraud protections, according to a copy of the bill re... Read more

  • Two Lawmakers Propose First House Bipartisan Ex-Im Bill
    Posted in In Case You Missed It on October 14, 2014 | Preview rr
    Tags: Export-Import Bank

    Two senior House lawmakers on Tuesday introduced bipartisan legislation that would provide a five-year reauthorization of the Export-Import Bank. Reps. Gary Miller (R-Calif.), vice chairman of the House Financial Services Committee, and Maxine Waters (D-Calif.), the top Democrat on the panel, teamed up on the House's first bipartisan draft legislation that would provide the bank with a long-term charter while making changes at the agency to reduce risks to taxpayers. “This legislation contains a... Read more

  • Democrats Urge Scrutiny on Credit Suisse Pension Review
    Posted in In Case You Missed It on October 10, 2014 | Preview rr
    Tags: Department of Labor

    The U.S. Labor Department faces Capitol Hill pressure to think twice before letting Credit Suisse Group AG (CSGN) continue managing pension-fund assets after it helped Americans evade taxes. Congressional Democrats Maxine Waters, Stephen F. Lynch and George Miller sent a letter to the department yesterday asking it to “seriously consider” whether the bank deserves a waiver it needs to remain a qualified professional asset manager, a key designation for overseeing U.S. pension money. The lawmaker... Read more

  • Top House Lawmakers Question Proposed Waiver for Credit Suisse
    Posted in In Case You Missed It on October 10, 2014 | Preview rr
    Tags: Department of Labor

    Three House Democrats are urging the Labor Department to reconsider its proposed waiver of sanctions on Credit Suisse following its guilty plea over tax evasion charges. Reps. Maxine Waters (Calif.), ranking member of the Financial Services Committee, George Miller (Calif.), ranking member of the Education and the Workforce Committee and Stephen Lynch (Mass.) called for a “thorough and thoughtful review” and a public hearing on Credit Suisse’s waiver application. “The American public has grown i... Read more

  • Democrats Want to Scrutinize Labor Waiver for Credit Suisse
    Posted in In Case You Missed It on October 10, 2014 | Preview rr
    Tags: Department of Labor

    House Democrats today called for a hearing to question whether the Labor Department should allow Credit Suisse, the Swiss banking giant that settled tax evasion crimes with the government in May, to continue doing business in the United States. Because Credit Suisse pleaded guilty, the bank needs a waiver from the Labor Department to continue its asset management services for pension funds. In September, the agency proposed a waiver that is now open for public comment. In an Oct. 9 letter to Lab... Read more

  • Why Does Negative Info Linger On Your Credit Report For Up To 7 Years?
    Posted in In Case You Missed It on October 6, 2014 | Preview rr
    Tags: Credit Reports and Scores

    Credit-related mistakes can follow you link a stink you can’t wash off. Have an account go into collections, miss payments on your student loans, credit cards, mortgage, car loan, and that info can linger on your credit report for up to seven years, even if it’s just a fluke. This is particularly a problem with medical debt, where even someone with otherwise pristine credit is unable to pay a huge hospital bill. So why is seven years? That was the question that Credit.com’s Gerri Detweiler looke... Read more

  • House TRIA Bill Gets No Support From Business Groups
    Posted in In Case You Missed It on October 5, 2014 | Preview rr
    Tags: TRIA

    A House Republican's effort to rally support for overhauling the Terrorism Risk Insurance Program fell flat, sources familiar with the matter told SNL on Nov. 5. Trade groups and business organizations spanning the insurance, real estate and banking industries refused to formally back Rep. Randy Neugebauer's bill to reauthorize the program for five years and make significant changes to its structure, despite assurances from Neugebauer's office that he was open to softening some of those changes.... Read more

  • J.P. Morgan Data Breach Draws Scrutiny From State Attorneys General
    Posted in In Case You Missed It on October 3, 2014 | Preview rr
    Tags: Data Breach, Cybersecurity

    Two state attorneys general say they have been in contact with J.P. Morgan Chase & Co. about a recent cyberattack in which the personal information for 76 million households was compromised. Among the issues being scrutinized is whether the bank alerted customers quickly enough about the breach, according to people familiar with the matter. The office of Connecticut Attorney General George Jepsen has contacted the bank since its disclosure earlier this year, a spokeswoman for the attorney genera... Read more

  • Rep. Waters: ‘Congress Must Move’ on Hacking Protections
    Posted in In Case You Missed It on October 3, 2014 | Preview rr
    Tags: Data Breach, Cybersecurity

    The top Democrat on the House Financial Services Committee is calling for Congress to pass cybersecurity legislation in response to the massive security breach at JPMorgan Chase. “The massive data breach announced yesterday at JPMorgan Chase serves as a pressing reminder that more must be done to strengthen data security across the financial system and protect consumers’ sensitive financial and other personally identifiable information," Rep. Maxine Waters (D-Calif.) said in a statement. JPMorga... Read more

  • Secret Goldman Sachs Tapes Put Pressure on New York Fed
    Posted in In Case You Missed It on October 2, 2014 | Preview rr
    Tags: Federal Reserve

    Wall Street’s top regulator is coming under new criticism for failing to adequately police the banks under its supervision, years after the financial crisis. Lawmakers are scrutinizing allegations that the Federal Reserve Bank of New York went easy on one of the most prominent banks under its watch, Goldman Sachs, despite concerns voiced by those inside the Fed that a deal Goldman was pursuing was “legal, but shady.” Now committees in the Senate and House of Representatives are looking at whethe... Read more

  • House Dems Want NY Fed Hearings, Too
    Posted in In Case You Missed It on September 30, 2014 | Preview rr
    Tags: Federal Reserve

    Three Democratic members of Congress joined their Senate colleagues in calling for a probe of Wall Street regulators. The three members — Reps. Maxine Waters of California, Al Green of Texas and Keith Ellison of Minnesota — signed a letter Tuesday urging hearings on the Federal Reserve Bank of New York and whether it's too close with the banks it supervises. They were responding to a collaborative This American Life and ProPublica story centered around the experiences of a frustrated ex-Fed inve... Read more



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