Reveling in victory, President Barack Obama on Wednesday signed into law the most sweeping reform of financial regulations since the Fantastic Depression, a package that aims to protect consumers and ensure economic stability from Main Street to Wall Street.The law, pushed through mainly by Democrats in Washington’s deeply partisan environment, comes nearly two years after the infamous near financial meltdown in 2008 in the United States that was felt around the globe. The legislation gives the government new powers to break up companies that threaten the economy, makes a new agency to guard consumers in their financial transactions and puts more light on the financial markets that escaped the oversight of regulators.Obama described them all as commonsense reforms that will help people in their daily life — signing contracts, understanding fees, understanding risks.He went so far as to call the reforms “the strongest consumer protections in history.” The president added to a burst of applause: “Because of this law, the American people will never again be questioned to foot the bill for Wall Street’s mistakes.”
Posts Tagged ‘Legislation’
Financial Overhaul Signed Into Law
July 21st, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Applause, Barack Obama, Burst, Consumer Protections, Consumers, Contracts, Democrats, Economic Stability, Economy, Financial Markets, Financial Meltdown, Financial Transactions, Globe, Great Depression, Legislation, Oversight, Regulators, United States, Victory, Wall Street 
Comments OffNew Financial Reforms Move Forward
July 15th, 2010 Before You Invest The financial-overhaul legislation cleared a major procedural hurdle on the way to President Barack Obama’s desk Thursday, setting the stage for the Senate to give its final approval to the measure later Thursday. The Senate voted 60-to-38 to end debate on the wide-ranging legislation, a go that required 60 votes to succeed.
Posted in Finance Fraud Tags: Barack Obama, Budget, Consumers, Credit Cards, Desk, Economy, Final Approval, Final Vote, Financial Markets, Financial Reforms, Flashpoints, Hurdle, Legislation, Mortgages, Objections, Procedural Vote, Regulators, Republicans, Senate Lawmakers, Victory Comments OffFinancial industry shifts its focus to creation of regulations
June 28th, 2010 Before You Invest Congressional negotiators recently finalized legislation that would instruct federal agencies to address a wide range of issues. Before the final version of the bill was completed, the financial industry and consumer activists had started preparing to influence the development of specific rules. For example, regulators would choose how much money financial institutions would be required to set aside to cover unexpected losses. Industry groups have argued that squeezing banks too hard would hinder the broader economy.more at http://www.nytimes.com/2010/06/27/business/27regulate.html
Posted in Finance Fraud Tags: Address, Banks, Congressional Negotiators, Consumer Activists, Creation, Economy, Financial Institutions, Focus, How Much Money, Industry Groups, Legislation, Regulators, Unexpected Losses Comments OffSenate considers reining in proprietary trading at banks
May 13th, 2010 Before You Invest Senators are considering legislation that would give regulators authority to restrict proprietary trading by banks. Sens. Jeff Merkley, D-Ore., and Carl Levin, D-Mich., are seeking to prohibit such trading by banks, while other large financial firms would have restrictions on their proprietary trading. Ken Bentsen, executive director at SIFMA, said more studies are needed and that it is hard to define what constitutes proprietary trading.
Posted in Finance Fraud Tags: Banks, Carl Levin, Executive Director, Gray Area, Jeff Merkley, Ken Bentsen, Legislation, Proprietary Trading, Regulators, Senate, Senators, Sens, Stuff Comments OffGerman parliament passes Greek bailout package
May 7th, 2010 Before You Invest Germany’s lower parliament has voted through plans for the country to contribute €22.4 billion ($28.5 billion) to the bailout of Greece.Despite widespread public and media opposition to the size of Germany’s loan, the bill was passed by a large majority, with 390 votes in favour and 72 against.There were 139 abstentions, reports BBC News.The plans will now be passed to the upper house for that section of parliament to vote on the proposals.If the legislation is approved, the funding pledge will be signed into law.France has agreed to provide up to €16.8 billion, while Italy is to initially place forward €5.6 billion of its promised total of €14.8 billion.Last week, Dominique Strauss-Kahn, head of the International Monetary Fund, said that the crisis in Greece has to be solved.”If we don’t fix it in Greece, it may have a lot of consequences on the European Union,” he stated.
Posted in Finance Fraud Tags: Bailout Package, Bbc, Consequences, Dominique Strauss Kahn, European Union, Favour, German Parliament, Germany, Greece, International Monetary Fund, Italy, Legislation, Opposition, Parliament, Pledge, Proposals, Upper House, Vote Comments OffSenate approves plan for breaking up failing financial firms
May 7th, 2010 Before You Invest Senators approved an amendment to financial-overhaul legislation that would give the government authority to break up financial firms that are on the verge of collapse. The plot would prevent taxpayer funds from being used to keep companies deemed “too huge to fail” from failing. The Senate is poised to start discussing and voting on other central issues of the legislation, including the creation of a consumer-protection agency.http://www.bloomberg.com/apps/news?pid=20601103&sid=aW77CmyP.HRk
Posted in Finance Fraud Tags: Amp, Break, Collapse, Consumer Protection Agency, Government Authority, Hrk, Legislation, Pid, Senate, Senators, Sid, Taxpayer Funds, Verge Comments OffSEC proposes new trading system
April 16th, 2010 Before You Invest New proposals to introduce a trading system which would enable greater analysis of participants and their activity have been unveiled by the Securities and Exchange Commission (SEC).According to the regulator, ‘larger’ traders would be required to make a filing to the SEC before receiving a number of identification.Broker dealers would then receive the number, which would enable more efficient tracking of traders and their activity, the organisation clarified.Mary L Schapiro, SEC chairman, said: “This rule is designed to strengthen our oversight of the markets and protect investors in the process.“It would give us prompt access to trading information from large traders so we can better analyze the data and investigate potentially illegal trading activity.”The SEC defines a ‘large’ trader as an individual or firm whose transactions exceed $20 million or two million shares on any calendar day.Previously, the commission has proposed a number of changes to legislation to improve fairness within the trading markets.They included banning unfiltered access to markets and providing more transparency to liquidity dark pools.
Posted in Finance Fraud Tags: Broker Dealers, Calendar Day, Dark Pools, Fairness, Investors, Legislation, Liquidity, Oversight, Participants, Proposals, Schapiro, Sec Chairman, Securities And Exchange, Securities And Exchange Commission, Trading Markets, Transparency, Two Million Comments OffTougher curbs on banking bonuses under discussion in Europe
March 9th, 2010 Before You Invest European Parliament politicians are in the process of debating tough new restrictions on banking bonuses across the continent.A new piece of legislation has been proposed by MEP Arlene McCarthy which suggests that bonuses should not be higher than 50 per cent of total annual remuneration.Half of bonus payouts should be paid in the form of shares which would not be divested for three years under the proposals, reports the Financial Times.Up to 60 per cent of bonuses could also be deferred for the same length of time if plans are approved by the European Parliament and European Union member states.The proposals also want to introduce a ban being introduced on the payment of bonuses to directors of financial institutions still receiving government aid.Last week, a survey of 16 global banks suggested that the UK Treasury is set to receive around $3.75 billion from its one-off 50 per cent levy on bankers’ bonuses.
Posted in Finance Fraud Tags: Arlene, Continent, Curbs, European Parliament, European Union, European Union Member States, Financial Institutions, Financial Times, Global Banks, Government Aid, Legislation, Length Of Time, Levy, Mccarthy, Parliament, Politicians, Proposals, Remuneration, Uk Treasury, Union Member States Comments OffObama defends plan to charge banks to recoup TARP funds
January 16th, 2010 Before You Invest 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.
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 »Iceland’s president refuses to sign repayment bill
January 6th, 2010 Before You Invest Iceland’s president Olafur Grimsson has refused to sign a bill to repay more than $5 billion to British and Dutch investors who lost money in the country’s failed banks.It is only the second time in the country’s history that the president, a largely symbolic figurehead, has refused to sign a bill into law, reports Reuters.Under the state’s rules, the bill will now be place to a nationwide referendum.The bill was passed by the nation’s parliament in an attempt to improve Iceland’s international standing as financial aid is vitally needed to help the country recover from its financial meltdown.But many voters were angered by the choice, leading Mr Grimsson to make his stand.”The people must be convinced that they themselves determine the future course,” he said. “The involvement of the whole nation in the final choice is therefore the prerequisite for a successful solution, reconciliation and recovery.”There is fantastic rage against the UK for using anti-terror legislation last year to freeze Icelandic assets at the height of the crisis, reports the Telegraph.Nearly 50,000 people in the country, around 25 per cent of the adult population, have signed a petition calling for the bill to be scrapped.
Posted in Finance Fraud Tags: Adult Population, Anger, Assets, Banks, Dutch Investors, Figurehead, Final Decision, Financial Aid, Financial Meltdown, Legislation, Parliament, Petition, Prerequisite, Reconciliation, Referendum, Reuters, Second Time, Successful Solution, Telegraph, Terror No Comments »
