In February, federal prosecutors began a 90-day examination to determine whether to bring cases against individuals for their role in the 2008 financial crisis.
The deadline for that inquiry passed last month, with the Justice Department failing to hold any individuals accountable for their crimes. Instead, the DOJ announced that it would allow five megabanks to plead guilty to felony… Read more »
Citing the “criminal behavior” of some of the world’s biggest banks, a group of Democratic lawmakers is asking the Obama administration to take a closer look at the lenders’ actions before granting waivers they are seeking.
The legislators want Secretary of Labor Thomas Perez to consider the seriousness of the crimes committed by global banks requesting waivers to continue functioning… Read more »
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… Read more »
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… Read more »
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… Read more »
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… Read more »
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… Read more »
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… Read more »
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… Read more »
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… Read more »
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… Read more »
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… Read more »
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… Read more »
“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… Read more »
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… Read more »
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… Read more »
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… Read more »
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… Read more »
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… Read more »
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… Read more »
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… Read more »
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… Read more »
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… Read more »
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… Read more »
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… Read more »
