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 ‘Proposal’
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 »Obama plans to propose fee for top banks
January 14th, 2010 Before You Invest President Barack Obama is set to announce today a proposal to assess a fee on large financial institutions to recoup money lost from the Troubled Asset Relief Program. The “financial crisis responsibility fee” would target financial institutions with more than $50 billion in assets, an administration official said.
Senators propose reinstatement of Glass-Steagall Act
December 17th, 2009 Before You Invest Sens. John McCain, R-Ariz., and Maria Cantwell, D-Wash., proposed reinstating the Depression-era act that forced banks to split investment- and commercial-banking operations. “Under our proposal, ‘too big to fail’ banks would be forced to return to the business of conventional banking, leaving the task of risk-taking or management to others,” McCain said.
Posted in Finance Fraud Tags: Ariz, Banking Operations, Banks, Business Banking, Depression Era, Federal Deposit Insurance, Federal Deposit Insurance Corp, Former General Counsel, Glass Steagall Act, Insurance, John Mccain, Maria Cantwell, Proposal, Reinstatement, Risk Taking, Senators, Sens 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 »Support for transaction tax is low
November 19th, 2009 Before You Invest Lawmakers are considering a House proposal that would impose a tax on stock trades and over-the-counter derivatives transactions. Key lawmakers, however, are not lending their support to such a tax, and many market participants are opposed. “Imposing a tax on financial transactions is the wrong idea at the wrong time,” said Ken Bentsen, executive vice president of public policy and advocacy at SIFMA. “It would directly and detrimentally affect millions of Americans by imposing a tax on their savings such as mutual funds, just as they are seeing their investment assets regain value.”
Posted in Finance Fraud Tags: Advocacy, Amp, Derivatives, Executive Vice, Financial Transactions, Investment Assets, Ken Bentsen, Lawmakers, Market Participants, Mutual Funds, Pid, Proposal, Public Policy, Sid, Sifma, Stock Trades, Transaction Tax, Vice President, Wrong Idea, Wrong Time No Comments »U.S. criticizes U.K. proposal to tax financial transactions
November 9th, 2009 Before You Invest Treasury Secretary Timothy Geithner voiced disapproval with a proposal from U.K. Prime Minister Gordon Brown for a tax on financial transactions. Geithner said he would not support the tax but appeared to soften his stance later, saying the International Monetary Fund would be responsible for coming up with possibilities.
Posted in Finance Fraud Tags: Borders, Contingent Capital, Finance Minister, Financial Transaction, Financial Transactions, Gordon Brown, Imf, Insurance Fee, International Monetary Fund, Levy, Mr Brown, Opponents, Possibilities, Prime Minister Gordon Brown, Proposal, Proposals, Systemic Risk, Treasury Secretary, Voiced Disapproval, Volatility No Comments »Financial industry execs oppose proposed transaction tax
November 3rd, 2009 Before You Invest Lawmakers are considering a proposal that would levy a tax on all trades of financial products, including stocks, bonds, derivatives and commodities. Executives in the financial industry said the tax would discourage investment in the country, driving business overseas.
SEC delays decision on short-selling limits
August 18th, 2009 Before You Invest Four months after releasing its proposal for restricting short-selling stocks, the Securities and Exchange Commission has yet to settle on an approach. The SEC has run into obstacles related to the effectiveness of the proposal as well as its cost. The agency is suggesting a different approach to the issue and has given the public 30 days to comment.
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Flash trading under consideration at SEC
August 5th, 2009 Before You Invest Securities and Exchange Commission Chairwoman Mary Schapiro released a statement noting that she instructed SEC staff to explore “an approach that can be quickly implemented to eliminate the inequity that results from flash orders.” The statement further says, “Under the rule-making process, such a proposal …
SEC proposes prohibiting flash orders
The Securities and Exchange Commission voted 5-0 to propose a rule amendment that would prohibit flash-order trading. The SEC will seek public comment on the proposal for 60 days. Nasdaq OMX Group’s Nasdaq Stock Market and privately held BATS Exchange recently ended the practice of flashing marketable orders.