Consumer Protection
More on Consumer Protection
Thank you, Mr. Chairman. While many observers still disagree about the central cause of the financial crisis, we know that among many other factors, proprietary trading did play a role in the 2008 economic collapse. Proprietary trading has indeed produced tremendous profits for some of our largest financial firms, but it also contributed to losses during the height of the financial crisis.
And ultimately, this is why Congress acted and directed our regulators to institute a ban on proprietary trading for those firms that have access to the taxpayer-backed federal safety net.
Thank you, Mr. Chairman, for holding this important hearing this morning.
As the board of the American International Group weighs whether to join a shareholder lawsuit against the United States government, several lawmakers have a simple message for the bailed-out insurer.
Don't do it. Don't even think about it.
With A.I.G. having fully repaid its $182 billion bailout only weeks ago, the prospect of the company trying to claw back some of the $22 billion in profit that its rescue generated for shareholders doesn't sit right with several members of Congress.
Facing outrage from all quarters, AIG Inc. said Wednesday it would not sue the U.S. government over terms of its multi-billion dollar bailout.
Insurer American International Group (NYSE: AIG) had been weighing whether to join a lawsuit filed by its former Chief Executive Maurice "Hank" Greenberg and his company Starr International, which owned 12 percent of AIG before its $182 billion rescue that started in 2008.
Congresswoman Maxine Waters (CA-43), Ranking Member of the Financial Services Committee, released the following statement today in response to reports that the American International Group Inc. (AIG) is considering joining a lawsuit against the U.S. government claiming that the terms of the bailout were unfair:
Until July, swaps dealers engaging in cross-border derivatives activities will be spared from enforcement of new rules so long as they are making a "good faith" effort to comply. The delay follows numerous others granted in recent weeks.
It does not seem like it would be difficult for regulators to block felons and other law-breakers from pitching private investment deals to unsophisticated customers, but nearly 20 months after proposing its "bad actor" rule, the U.S. Securities and Exchange Commission is having trouble finalizing it.
More than a year after the legal deadline for finishing its work on the rule, the agency is stymied by internal disagreements, limited resources and a heavy workload.
Rep. Maxine Waters, who will take over as top Democrat on the House Financial Services Committee next year, is urging the Commodity Futures Trading Commission to delay implementation of certain derivatives rules set to go into effect Jan. 1.
The CFTC was mandated under Title 7 of the Dodd-Frank reform law to help overhaul the derivatives market following the financial crisis. But concern is growing over how and when some of the provisions are being implemented, including across national borders.
The House is expected to vote as early as Thursday evening on a bill that would repeal the government's ability to seize and unwind large, failing financial institutions and eliminate a popular mortgage modification program.
The bill, which is designed to avoid the so-called "fiscal cliff" — automatic spending cuts and tax hikes that will be triggered automatically next year unless a bill is passed — is the first time the GOP has tried to tie that issue with a rollback of the Dodd-Frank Act.
Leading Democrats are blasting Republican leaders for including a package of cuts alongside their backup tax plan that would eliminate major pieces of the Dodd-Frank financial reform law.
Rep. Barney Frank (D-Mass.) accused the GOP of trying to sneak the dismantling of the Wall Street overhaul through at the last minute as part of a broader series of spending cuts being considered as part of Speaker John Boehner's (R-Ohio) "Plan B" tax plan.
Pages
Los Angeles Office
Phone: (323) 757-8900
Fax: (323) 757-9506
Washington, DC Office
Phone: (202) 225-2201
Fax: (202) 225-7854