Geithner Under Fire on Economy... Nov 20, 2009
The House Financial Services Committee voted, 43-26, to approve a measure sponsored by Texas Republican Ron Paul, vociferously opposed by the Fed, that would direct the congressional Government Accountability Office to expand its audits of the Fed to include decisions about interest rates and lending to individual banks ... The House Financial Services Committee voted, 43-26, to approve a measure sponsored by Texas Republican Ron Paul, vociferously opposed by the Fed, that would direct the... (The Drudge Report)
House Panel: Wall Street Must Prepay for Failures Nov 20, 2009
WASHINGTON (AP) -- The House Financial Services Committee has voted to assess fees on Wall Street firms and other large companies to pay in advance for the costs of dismantling failing nonbank financial institutions. The money would be paid into a $150 billion "dissolution fund" by firms with assets of more than $50 billion. (13WMAZ.com, GA)
Beacon Hill Roll Call Nov 20, 2009
Pay as you drive auto insurance (H 1037) The Financial Services Committee held a hearing on a measure requiring the state to study and assess the benefits of allowing drivers to purchase automobile insurance on a pay as you drive basis. This system would allow insurance companies to consider how much a person drives when calculating his or her insurance premium. (Chelmsford Independent, MA)
Treasury secretary urges faster action on financial overhaul Nov 20, 2009
Both the House Financial Services Committee and the Senate Banking Committee are working on their own versions of sweeping overhaul plans. But the two panels are taking sharply divergent approaches in some areas. (USA Today -- Money)
Dem lawmakers introduce Afghan war surtax Nov 20, 2009
The measure has attracted eight co-sponsors, all of whom are House Democrats: Financial Services Committee chairman Barney Frank (Mass. Anna Eshoo (Calif. (TheHill.com)
Democrats Want Probe of AIG Bailout Nov 20, 2009
Elijah E. Cummings and six colleagues on Wednesday sent a joint letter to House Financial Services Committee Chairman Barney Frank and Senate Banking Committee Chairman Christopher J. Dodd that requests "a complete and public audit of the [Federal Reserve] system.". The seven Democrats also want "an exploration of possible changes in [the Federal Reserve's] governance model.". (Newsmax)
Geithner, Under Fire, Defends AIG Bailout Nov 20, 2009
The U.S. House of Representatives Financial Services Committee has been working on a bill for weeks, and the Senate Banking Committee kicked off a similar effort on Thursday. Senator Richard Shelby, the top Republican on the Senate panel, said he would not support a bill put forward by Senator Christopher Dodd, the Democrat who chairs the committee, and called for a "complete rewrite. PRESSURE ON BAILOUTS, CHINA Geithner said because the United States had no authority to seize and wind down... (ABC News -- Wire)
Labour denies expenses 'omission' Nov 19, 2009
PLANNED NEW LAWS Fiscal Responsibility Bill - put into law promise to halve deficit Financial Services and Business Bill - clamp down on bonuses for bankers taking too many risks The Flood and Water Management Bill - give councils powers to prevent floods Social Care Bill - neediest elderly to get home care Policing, Crime and Private Security Bill - DNA of more sex offenders added to database Children, Schools and Families Bill - Guarantees school standards and extra help pupils who fall behind... (BBC News -- UK)
Fed Regional Presidents, Lawmakers Step Up Clash Over Appointment Process Nov 19, 2009
The House Financial Services Committee voted on Nov. 17 to amend legislation to limit powers of the regional Fed presidents, so they wouldnt share the decision-making power awarded the Fed board to oversee financial stability. I doubt very much that by a year from now Fed presidents are going to have as big a role as they now have, Financial Services Committee Chairman told reporters after the vote. (Bloomberg -- US)
Forex bankers alarmed by clearing plans Nov 19, 2009
Foreign exchange bankers reacted with alarm on Wednesday to proposals from Barney Frank, the powerful chairman of the House financial services committee, that would require trades in currency derivatives to be processed through a centralised clearing system ... Barney Frank: chair of House financial services committee. (FT.com -- Markets)
Bill to control financial firms' size Nov 19, 2009
Kanjorski's proposal will come in the form of an amendment to legislation that the House Financial Services Committee is considering this week. That bill, drafted by committee chairman Rep. (AZCentral -- News)
Panel gives US Govt right to dismantle big financial firms Nov 19, 2009
Voting along party lines, the House Financial Services Committee modified a sweeping financial regulation bill to give broad new power to a proposed Financial Services Oversight Council that would monitor risk across the financial system ... "This is more moderate than other approaches out there, but we still oppose it," said Scott Talbott, a senior lobbyist for the Financial Services Roundtable, which represents institutions that could be affected by the legislation. (The Star Online, Malaysia)
'Too big to fail' US banking law Nov 19, 2009
The legislation would establish a Financial Services Oversight Council, which would have to consider a bank's "scope, scale, exposure, leverage, interconnectedness of financial activities". The council would have to consult the president before taking "extraordinary" actions. (BBC News -- Americas)
Lawmakers seek Fed audit after critical AIG report Nov 19, 2009
They want to allow congressional audits of the Fed as part of financial rules being debated by the House Financial Services and Senate Banking committees, according to a letter yesterday to the committees chairmen ... The House Financial Services Committee will consider amendments to its financial overhaul bill dealing with the Fed s structure and transparency, Steven Adamske, a spokesman for the panel s chairman, Barney Frank, Democrat of Massachusetts, said yesterday. (Boston Globe)
Elizabeth Warren Winning Means Banks Won't Sell When They Can't Explain It Nov 19, 2009
The agencys opponents, including the U.S. of Commerce, the American Association and the Financial Services , contend another layer of regulation would bury small community banks and rob consumers of freedom of choice in making basic financial decisions ... chairman of the House Financial Services Committee, called Warren a great partner in crafting the legislation. (Bloomberg)
Electronic Privacy Information Center: Privacy Nov 19, 2009
Our financial privacy resources include in-depth discussions of the (law enforcement access and commercial privacy involving credit reporting agencies), the (commercial privacy involving financial services), and the (law enforcement access to financial services records). This page discusses the privacy protections that have been created for gun owners. (Yahoo News -- Online Privacy)
Real estate firm scores big Nov 18, 2009
After very lengthy, in-depth analysis, discussion and consideration of many factors, the Administrative Committee for the CPS Energy Benefit Trusts elected to engage Endura Advisory Group (EAG), according to a statement prepared by the financial services division of CPS Energy. The statement continues: The decision was difficult in that the committee has a long history of working with (NAI REOC) and did not have significant dissatisfaction with any area of service. (San Antonio Business Journal, TX)
Griffin Picking `Juggernaut' Edsparr to Run Bank Means Do-Over at Citadel Nov 18, 2009
His limited experience in dealing with corporate clients may be a hindrance as chief of Citadels investment bank, according to , head of financial services at New York-based Boyden Global Executive Search. On paper, hes not an ideal candidate because foremost hes a trader and lacks the breadth of experience in running a full-service bank, Branthover said. (Bloomberg)
Senate Hears Calls for Regulation of Overdraft PracticesSen. Dodd calls for a limit on overdraft fees per month and year. Nov 18, 2009
Last year, consumers paid $24 billion in overdraft fees and according to Jean Ann Fox, director of financial Services for the Consumer Federation of America, the people who face these fees "are most likely young, low income, and minorities.". "The consumers who are trapped in overdraft are the ones who can least afford the most expensive form of credit that banks offer," she said. (ABC News -- Business)
Use your idle cash to buy a house Nov 18, 2009
00004000 Manish Kumar, 36, of Sitamarhi, Bihar, is a financial services executive ... For the first time, an Indian has been appointed to the highest level advisory committee on strategy at Germanys financial services group, Allianz ... Manish Kumar, 36, of Sitamarhi, Bihar, is a financial services executive. (India Times)
NCW clean chit to pilots Nov 18, 2009
NEW DELHI: The National Commission for Women (NCW) on Tuesday ruled out sexual harassment in the alleged molestation case of airhostess Komal Singh, even as sources close to the victim said that she had received no communication from the Commission. NCW sources said, "There was no sexual harassment by the pilots. It is just misbehaviour from both sides. There were arguments which led to one of the pilot pushing the victim.'' Singh had filed an FIR against the pilots saying that she was allegedly... (India Times)
House Dems Sharpening "Too Big to Fail" Plan Nov 18, 2009
The House Financial Services Committee, locked for weeks in debate over financial reforms, voted to kill a Republican measure that would have added a new chapter to the bankruptcy code for large, troubled non-bank financial institutions. The unsuccessful proposal had been offered months ago by Republicans as an alternative to a major Democratic bill that was further debated and amended by the committee on Tuesday. (ABC News -- Business)
* Fed seeking to ensure strong US dollar Nov 18, 2009
US Federal Reserve Chairman Ben Bernanke testifies before the House Financial Services Committee on Capitol Hill in Washington on Oct. 1. PHOTO: EPA. (Taipei Times, Taiwan -- World)
IPO funding seen hit by unsecured lending curb Nov 18, 2009
"The Reserve Bank of India is afraid of asset bubbles," said Alex Mathews, head of research at Geojit BNP Paribas Financial Services ... For the first time, an Indian has been appointed to the highest level advisory committee on strategy at Germanys financial services group, Allianz. (India Times)
CEOs concerned about climate Nov 18, 2009
NEW DELHI: The percentage of Indian CEOs, who are concerned about the risks of climate change, has nearly doubled over the past year, even as majority of firms do not currently have a climate change strategy in place, a survey says. As per the research conducted by PricewaterhouseCoopers, as much as 52 per cent of Indian CEOs cited climate change as a concern from 27 per cent last year. (India Times)
Push to curb credit-card rates fades Nov 18, 2009
Bill Himpler, executive vice president of the American Financial Services Association, an industry trade group, said it is easy from a populist standpoint to embrace a cap on interest rates. But he said many firms could continue to offer credit if the rate was capped at 15 to 18 percent, as some have suggested. (Boston Globe)
Former Temple Health CEO joins law firm Nov 18, 2009
He said Griffin, which has existing strength in financial services and commercial and industrial, could use a top-flight health care professional. Harenza said Marshall s biggest value might be providing Stevens & Lee s Philadelphia office with a high profile name. (Philadelphia Business Journal, PA)
Superannuation fee transparency on way Nov 17, 2009
But the initiative, which is included in the Investment and Financial Services Association's (IFSA) new charter, will not come into full effect until July 2012 - after a two-year transition period - and apply only to consumers signing up to new products. IFSA chief executive John Brogden said the charter would allow individual superannuation fund holders to have more control over how they were charged for financial advice. (Sydney Morning Herald -- Business)
Super customers may get lower fees Nov 17, 2009
But the initiative, which is included in the Investment and Financial Services Association's (IFSA) new charter, will not come into full effect until July 2012 - after a two-year transition period - and apply only to consumers signing up to new products ... Fellow IFSA deputy chair and group head of banking and financial services group at Macquarie Bank Ltd, Peter Maher, said the changes would lead to customers being better informed and able to make ''more conscious choices about whether or not... (Sydney Morning Herald -- Business)
UK MPs seek to veto EU financial reforms Nov 17, 2009
The panel noted that Paul Myners, the financial services secretary, had testified on November 4 that he was prepared to use a veto to protect the fiscal position of member states. "Even though there is a consensus that reform of European financial institutions is needed, that reform needs to be carefully established: it is better to be right than quick," the committee said. (Business Report, South Africa)
Ex-BofA exec says had no role in Merrill bonuses Nov 17, 2009
Add Bob Kelly to the list of financial services executives who aren't clamoring for the top job at Bank of America Corp.. The Bank of New York Mellon Corp. CEO was approached in the past couple of weeks about becoming the Charlotte bank's leader but he said he had no interest, a person familiar with the situation said Monday. (Fresno Bee -- Business)
Obama domestic agenda largely a one-party effort Nov 17, 2009
Representative Barney Frank, a Newton Democrat and chairman of the House Financial Services Committee, said the administration is not anticipating GOP support in the House for the financial services overhaul bill there. He s learned how right-wing these people are, Frank said. (Boston Globe)
India to be $2 trillion economy by 2014-15: Enam Nov 17, 2009
The brokerage firm said insurance companies, financial services and equity markets will flourish as the country's annual savings pool grows to $700 billion from $400 billion at present. "More than half of this ($700 billion) could flow into financial savings. With favourable demographics and average seven per cent real growth, India can sustain more than 30 per cent savings rate akin to the Asian tigers, or China and Japan. This will transform the domestic financial services space," Enam said... (India Times)
Banks Sense Danger, Warn Congress on Breakup Power Nov 17, 2009
The Financial Services Forum, a lobbying group for CEOs of firms including Goldman Sachs and JPMorgan Chase , said empowering regulators to break up "too-big-to-fail" banks "could lead to long-term damage to the U.S. economy.". The forum made its comments in a letter to U.S. House of Representatives Financial Services Committee Chairman Barney Frank, a Massachusetts Democrat, that was obtained by Reuters a day before Frank's panel resumes work on financial reform legislation. (ABC News -- Wire)
Manufacturing grows 200 per cent in tax evasion Nov 17, 2009
IT and financial services sector are generally dominated by multinationals and large Indian companies that have gone global and thus have high transparency standards ... For the first time, an Indian has been appointed to the highest level advisory committee on strategy at Germanys financial services group, Allianz. (India Times)
Rise in phishing ups security biz Nov 17, 2009
These companies would primarily include banking, financial services, insurance and utilities, besides a range of service sector companies from hotels to airlines ... For the first time, an Indian has been appointed to the highest level advisory committee on strategy at Germanys financial services group, Allianz. (India Times)
Regal Petroleum Fined Record $1 Million by AIM For Misleading Investors Nov 17, 2009
The U.K. Financial Services Authority in January 2008 dropped its investigation of Regal after the exchange began its own inquiry. Regals Kavala Oil SA unit was behind the drilling of the wells in Greece. (Bloomberg -- UK)
Kishore Biyani on ET Now Nov 16, 2009
We are restructuring the business into three buckets - retail, financial services and the support services, Kishore Biyani, Managing Director, Pantaloons Retail told ET Now ... We are now looking at being pure player retailer and pure player financial services player that the way we are looking at the business bringing down them into three buckets ... Retail being a absolute pure play, financial services being a pure play, and other support businesses which we are created to support this... (India Times)
Returns of m-cap funds decline Nov 16, 2009
Returns of mid-cap funds decline- Analysis-Markets-The Economic Times. Returns of mid-cap funds decline16 Nov 2009, 0445 hrs IST, Udit Prasanna Mukherji & Krishnendu Mukherjee, TNN. (India Times)
Pagliuca’s campaign stance on lobbyists contrasts with Bain Capital’s record Nov 16, 2009
The showdown came at the House Financial Services Committee, which approved a bill that would treat some of the equity funds profits as income ... The Council president, Douglas Lowenstein, urged the House Financial Services Committee to strike some disclosure requirements from the bill. (Boston Globe)
Passionate sense of right and wrong drives Capuano Nov 16, 2009
It s his aggression, said US Representative Barney Frank, the Newton Democrat who is chairman of the House Financial Services Committee. Highlighting Capuano s consistently liberal voting record, Frank notes the disproportionate power of conservative ideologues in the Senate, asserting that liberals need their own crusader. (Boston Globe)
Essar seals Dhabi buy Nov 16, 2009
The Dhabi Group is a diversified business conglomerate with interests in telecommunications, hospitality, property development, oil exploration and supplies, banking, financial services and automobiles ... For the first time, an Indian has been appointed to the highest level advisory committee on strategy at Germanys financial services group, Allianz. (India Times)
Frank, Dodd Will Fix Banking Regulation But Good: Caroline Baum Nov 16, 2009
The from the House Financial Services Committee, under the leadership of Massachusetts Democrat , would create a council to monitor systemic risks. Council member 1: Say, what do systemic risks look like. (Bloomberg -- Columnists)
Nokia plans m-banking services Nov 16, 2009
Market surveys indicate the global mobile financial services market will reach Euro 18 billion by 2014, of which emerging markets alone are likely to contribute Euro 12 billion ... For the first time, an Indian has been appointed to the highest level advisory committee on strategy at Germanys financial services group, Allianz. (India Times)
Fed's in Congress' crosshairs, but many experts say hold fire Nov 15, 2009
To that end, the bill before the House Financial Services Committee would create a Council of Regulators, headed by the Treasury secretary ... That approach would be similar to Britain's Financial Services Authority, which guards against risks to the financial system and leaves monetary policy to the Bank of England, the British central bank. (Fresno Bee -- Local)
Who's new, what's new Nov 15, 2009
He also offers financial services. Hours: 8:30 to 5:30 p.m. Monday through Thursday and 8:30 a.m. to 5 p.m. Friday and Saturdays by appointment. (Daytona Beach News Journal -- Business)
Obama administration faults Senate bank bill Nov 14, 2009
Dodd's proposal went beyond a separate effort moving through the House of Representatives Financial Services Committee ... Speaking at a forum sponsored by Bloomberg, Goolsbee characterized Dodd's plan as creating an agency similar to Britain's consolidated regulatory agency, the Financial Services Authority, which has come under some criticism for failing to rein in risky activity ... Representative Barney Frank, chairman of the House Financial Services Committee, has favored creating a fund... (MSNBC -- Business)
NY Fed president: Crisis can teach finance system Nov 14, 2009
To that end, the bill before the House Financial Services Committee would create a Council of Regulators, headed by the Treasury secretary. The seven federal regulators who would be the voting members of this council collectively would be charged with determining when an investment bank, hedge fund or other type of financial firm posed a risk to the broader financial system. (Fresno Bee -- Business)
Beacon Hill Roll Call: Patrick signs bill to extend veterans beneifts Nov 14, 2009
"PAY AS YOU DRIVE" AUTO INSURANCE (H 1037) - The Financial Services Committee held a hearing on a measure requiring the state to study and assess the benefits of allowing drivers to purchase automobile insurance on a "pay as you drive" basis. This system would allow insurance companies to consider how much a person drives when calculating his or her insurance premium. (Cambridge Chronicle, MA)
Dodd, At It Again Nov 13, 2009
Along with fellow Democrat Barney Frank, now chairman of the House Financial Services Committee, Dodd, who heads the Senate Banking Committee, has done as much to damage this nation's financial system as anyone and that includes all the CEOs and subprime scoundrels as well as former Fed chief Alan Greenspan, whom many blame for lax oversight and too-loose credit in the run-up to the meltdown. What did Dodd do. (Investors Business Daily)
Rell Says No To One More Run In State Nov 13, 2009
Last week, Mr. Scribner, who represents the 107th state House district, the seat that Mrs. Rell held from 1985 to 1995, indicated during a talk to the Greater Brookfield Chamber of Commerce that Connecticut faces huge obstacles in recovering from the economic recession, since, in part, much of its income tax revenue comes from southern Fairfield County where there is a lot of financial services activity, which has become stagnant over the recent months. Mr. Collins said the state's population... (Litchfield County Times, CT)
Big business tells Congress: 'Frightening' new proposal could 'destroy' Wall Street Nov 13, 2009
House Financial Services Committee Chairman Barney Frank (D-Mass ... The Financial Services Forum, which represents 18 large financial companies, has organized more than half a dozen meetings with members. (TheHill.com)
Pelosi to Endorse Capuano in Massachusetts Senate Race Nov 13, 2009
Whether taking on the CEOs of the financial services industry, supporting marriage equality, or voting against the Iraq War because he didn t believe Bush Administration made the case to take military action, Mike Capuano has a proven record of standing up for progressive values and what he believes is right, Pelosi said in a statement. Mike s proven record of accomplishment in the House is clear evidence that he will be an outstanding advocate for the people of Massachusetts in the tradition of... (Roll Call)
Fed KOs some ATM charges Nov 13, 2009
House Financial Services Committee Chairman Barney Frank (D-Mass ... House Financial Services Committee Chairman Barney Frank (D-Mass. (New York Post -- Business)
Waking the sleeping giant Nov 12, 2009
When Paul Keating first outlined his vision for compulsory super at the National Press Club almost 20 years ago, who would have thought it would spawn one of the world's most lucrative financial services sectors ... I've asked questions at many AGMs of Australia's financial services giants but rarely does anyone raise an issue as a super fund customer. (Sydney Morning Herald -- Business)
Bill Gives Fed New Power Nov 11, 2009
Under the final piece of the House reform package being assembled by Financial Services Committee Chairman Barney Frank, the Fed would join seven other regulators to form an oversight council to police financial firms that threaten the stability of the banking system. 2009 Politico. (The American Conservative)
Stop It With The Corporate Shenanigans Nov 11, 2009
The first event portended business as usual: Big banks saw millions of dollars in lobbying payoff, when the House Financial Services Committee of President Barack Obamas consumer-protection agency. The second event suggested a more remarkable future: Several thousand people in Chicago to demand accountability. (Slate)
Dodd Calls for Sweeping New Government Powers Nov 11, 2009
Barney Frank, chairman of the House Financial Services Committee, said he expects a floor vote in December. Dodd's plan differs slightly from Frank's bill and the administration's proposal in that it would do more to scale back the powers of the Federal Reserve, which many lawmakers blame for the economic crisis. (Newsmax)
A comprehensive solution to combustible markets Nov 11, 2009
In response, the House Financial Services Committee, which I chair, is crafting a series of measures that will produce a comprehensive response by, among other things, regulating derivatives, ensuring proper mortgage lending, and making sure taxpayers never again have to take responsibility for reckless and irresponsible business decisions ... If legislation recently passed by the Financial Services Committee had been in effect, derivative dealers such as AIG would have been regulated and the... (Boston Globe)
Dodd Bill Would Cut Federal Reserve Powers Nov 11, 2009
House Financial Services Committee Chairman, Rep ... Barney Frank, chairman of the House Financial Services Committee, said he expects a floor vote in December on his proposal. (CBS News -- Politics)
Frank on Afghanistan: More people 'need protection from criminals' than al Qaeda Nov 10, 2009
the House Financial Services Committee chairman, said that the federal government needs to spend its funds on domestic priorities rather than on foreign wars in light of the nation's record $1. 4 trillion budget deficit. (TheHill.com)
* The seeds of the next economic crisis are being sown now Nov 10, 2009
Kings ideas for splitting up the banks into retail and investment arms puts him in the option four group, as does Adair Turners (chairman of the British Financial Services Authority) support for financial transaction taxes. Others would go further. (Taipei Times, Taiwan -- World)
Carnage at General Motors Nov 10, 2009
" The shame. The shame! Bar the door and pull the curtains down, Sigrid, we can't let the neighbors see us like this! Iceland's The country's banks tried to play with the big boys of international finance and got burned by the meltdown. The nation's currency, the krona, has collapsed, causing great hardship for a small island nation that had become accustomed to importing all manner of goods. That's no joke. McDonald's sourced the ingredients for its fast food menu mostly from Germany, so the... (Salon)
Electronic Privacy Information Center: Privacy Nov 10, 2009
Our financial privacy resources include in-depth discussions of the (law enforcement access and commercial privacy involving credit reporting agencies), the (commercial privacy involving financial services), and the (law enforcement access to financial services records). This page discusses the privacy protections that have been created for gun owners. (Yahoo News -- Online Privacy)
Axa Asia Pacific rejects $10B offer Nov 10, 2009
2bn bid for Axa Asia Pacific, the Australian listed asset manager, in one of the largest takeover offers in the financial services sector since the onset of the financial crisis. Axa Asia Pacific, which is 53. (CNN -- International)
