In his weekly radio and Internet address, President Barack Obama defended his proposal to subject as many as 50 financial institutions to a levy to recoup the cost of the Troubled Asset Relief Program. Obama also vowed to enact legislation that would rein in practices and strategies that caused the financial crisis.
Posts Tagged ‘Congress’
Obama defends plan to charge banks to recoup TARP funds
January 16th, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Amp, Apps, Banks, Barack Obama, Chris Van Hollen, Congress, Democratic Leaders, Financial Crisis, Financial Institutions, Internet Address, Legislation, Levy, Pid, Proposal, Radio, Sid, Taxpayers 
No Comments »House Kills Amendement Aimed at Expanding FINRA’s Power
December 11th, 2009 Before You Invest The House passed an amendment killing a proposal that would have given the Securities and Exchange Commission (SEC) the power to allow the Financial Industry Regulatory Authority (FINRA) to carry out oversight on investment advisers working at broker-dealer firms.
The amendment, submitted by Republican Representative Spencer Bachus, R-Alabama, was part of the Investor Protection Act of 2009.
Posted in Finance Fraud Tags: Broker Dealer, Congress, Financial Industry Regulatory Authority, Independent Broker Dealers, Investment Broker, Investment Firms, Investor Protection Act, Oversight, Power House, Proposal, Registered Investment Advisers, Republican Representative, Sec, Securities And Exchange, Securities And Exchange Commission, Spencer Bachus No Comments »This Day in Wall Street History 1987: Chicago Board of Trade implements daily price ceilings
November 23rd, 2009 Before You Invest With Wall Street still feeling the effects of the record crash of October 1987, futures exchanges scrambled to prevent any more precipitous declines.
On this day in 1987, the Chicago Board of Trade took its own precautionary steps, implementing a daily price ceiling on the Major Market Index future, as well as the Institutional Index future.
Under these limits, the 20 stocks on the Major and Institutional indices were restricted to moves of no more than 40 and 25 points, respectively.
Following the October debacle, Wall Street officials came under fire for failing to reign in and regulate index-futures trading; the move by the Chicago Board was a step toward quieting these claims, as well as holding off potential legislative action by Congress or federal officials.
Source: History.com
Posted in Finance Fraud Tags: Ceilings, Chicago Board Of Trade, Congress, Crash, Debacle, Declines, Federal Officials, Futures Exchanges, Implements, Index Futures, Institutional Index, Legislative Action, Market Index, Precautionary Steps, Source History, Stocks, Wall Street, Wall Street History No Comments »Firms try to prevent reinstatement of Glass-Steagall Act
November 14th, 2009 Before You Invest Former President Bill Clinton repealed the Glass-Steagall Act, which split investment-banking activities from retail-banking operations, a decade ago. Congress is considering reinstating the measure, and financial firms are scrambling to prevent the change. “We’re playing with live ammo,” said Sam Geduldig, a lobbyist at Clark Lytle & Geduldig who represents financial-services companies.
New Provision in Investors Protection Act to Provide FINRA with Additional Power
October 29th, 2009 Before You Invest In a recently added amendment to the Investor Protection Act (IPA) of 2009, the Securities and Exchange Commission (SEC) would have the power to allow the Financial Industry Regulatory Authority (FINRA) to carry out oversight on investment advisers working at broker-dealer firms.
Though some agree with this move while others oppose, it came as a shock to both sides that the amendment was added so easily to the language of the bill.
Posted in Finance Fraud Tags: Additional Power, Adviser, Advisory Business, Broker Dealer, Congress, Financial Industry Regulatory Authority, Finra, Full House, Independent Broker Dealers, Investor Protection Act, Ipa, Iteration, Oversight, Provision, Registered Investment Advisers, Republican Representative, Securities And Exchange, Securities And Exchange Commission, Shock, Spencer Bachus No Comments »Regulating derivatives could do more harm than good
October 23rd, 2009 Before You Invest Rep. Eric Cantor, R-Va., writes that lawmakers are focusing on an easy target — the derivatives market — rather than identifying and tackling the root causes of the global financial crisis. Cantor, the Republican whip, warns that new regulations being considered by Congress could do irreparable damage to businesses and consumers. “Rather than the tool for gross financial manipulation it is portrayed to be, the derivatives market plays a very important role in solidifying the competitiveness of American businesses,” Cantor writes.
This Day in Wall Street History 1914: Nation’s first income tax
October 22nd, 2009 Before You Invest The passage of the anti-protectionist “Underwood-Simmons Act” took a bite out of the nation’s pocketbook. To compensate for the lost income, Congress passed the “Revenue Act” on Oct. 22, 1914, mandating the first tax on incomes over $3,000.
Source: History.com
Posted in Finance Fraud Tags: 1914, Congress, Income Tax, Incomes, Lost, Pocketbook, Revenue Act, Simmons, Source History, Wall Street, Wall Street History No Comments »Blankfein questions resentment directed at Goldman
August 30th, 2009 Before You Invest During the past six months, Goldman Sachs has taken risks and been handsomely rewarded for it. The firm repaid billions of dollars the government forced it to take in the fall, raised billions more from Warren Buffett and other investors, and encouraged its executives to tone down activities that could be construed as conspicuous consumption. Despite all of these efforts, Goldman has been the target of much resentment from its rivals, the media, Congress and the public, raising questions from CEO Lloyd Blankfein.
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Geithner presses Congress for rules on derivatives market
July 10th, 2009 Before You Invest Treasury Secretary Timothy Geithner is seeking laws for the $592 trillion derivatives market. Geithner is set to testify before a joint hearing of the House Agriculture and Financial Services committees to call for requiring all “standardized” contracts to be traded on exchanges or other regulated platforms. Disclosure rules also would apply to the derivatives contracts, Geithner said.
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Posted in Finance Fraud Tags: Agriculture, Amp, Committees, Congress, Contracts, Derivatives Market, Disclosure Rules, Financial Services, Pid, Platforms, Sid, Timothy Geithner, Treasury Secretary, Trillion No Comments »Geithner reportedly abandons push to merge SEC, CFTC
June 7th, 2009 Before You Invest Treasury Secretary Timothy Geithner convinced lawmakers at a dinner that he will not push for a merger of the Commodity Futures Trading Commission and the Securities and Exchange Commission, sources said. The proposal already faces opposition in Congress, with Barney Frank, chairman of the House Financial Services Committee, saying resistance from “entrenched interests” makes the move impossible.
more at
Posted in Finance Fraud Tags: Amp, Apps, Barney Frank, Cftc, Commodity Futures Trading, Commodity Futures Trading Commission, Congress, Financial Services Committee, Futures Trading Commission, House Financial Services Committee, Lawmakers, Merger, Opposition, Pid, Proposal, Resistance, Sec, Securities And Exchange, Securities And Exchange Commission, Sid, Treasury Secretary No Comments »
