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Hearings

House Considers Bill to Revamp CFPB Leadership

Arielle Bikard May 04, 2011

The House Financial Services Committee is considering legislation to alter the leadership structure of the Consumer Financial Protection Bureau. If passed, it would replace the director of the Bureau with a five-person commission. The American Bankers Association has thrown its weight behind the measure.

Post-Skilling, Movement Afoot on Honest Services Fraud

Melissa Aguilar October 04, 2010

Three months after the Supreme Court significantly narrowed the scope of the honest services fraud statute, a tool relied upon by federal prosecutors to combat all manner of corruption and self-dealing, movement is afoot to expand it again.On Sept. 28, Senate Judiciary Committee Chairman Patrick Leahy (D-Vt.) introduced the Honest...

FCIC to Focus on Subprime Lending, Securitization, GSEs

Melissa Aguilar March 31, 2010

As Congressional lawmakers continue political maneuvering on the sweeping legislation to overhaul U.S. financial services regulation in the aftermath of the financial crisis, the independent panel investigating the causes of the crisis is setting its sights on sub-prime lending, securitization, and government-sponsored enterprises.Representatives from the Board of Governors of the...

DoJ, SEC, FDIC Officials, Bank Execs Come Before FCIC

Melissa Aguilar January 11, 2010

The autopsy of the financial crisis is set to commence this week, with several top federal officials slated to join banking executives, analysts, and others to testify before the independent investigatory panel led by former California State Treasurer Phil Angelides.U.S. Attorney General Eric Holder, Assistant Attorney General Lanny Breuer, Securities...

Top Wall St. Execs in Hot Seat at Financial Crisis Hearing

Melissa Aguilar December 23, 2009

At least three Wall Street executives will ring in the new year in the hot seat: Top executives from Goldman Sachs, JP Morgan Chase, and Morgan Stanley are among those slated to testify in mid-January before a high-profile commission investigating the causes of the financial crisis.Goldman Sachs Chairman and Chief...

Up Next on the Hill: Improving SEC Performance

Melissa Aguilar September 08, 2009

The fallout from the Madoff debacle continues, as Senate lawmakers seek input on how to improve the performance of the Securities and Exchange Commission in the aftermath of the agency's now well-documented failure to fully examine Bernard Madoff and his firm for operating a Ponzi scheme, despite ample tips and complaints over...

The Fateful February 4 Madoff Hearing

Bruce Carton July 14, 2009

Today's House Financial Services Committee hearing ("SEC Oversight: Current State and Agenda") featured prepared testimony by SEC Chairman Mary Schapiro, as well as a lengthy question and answer session. Among the most interesting parts was a statement by Rep. Gary Ackerman of New York, who lambasted the SEC back in...

Exec Comp Reform Debate Picks Up Steam

Melissa Aguilar June 12, 2009

The national debate on executive compensation reform picked up steam this week, as the Treasury Department laid out its principles for compensation reform, unveiled its Interim Final Rule on the compensation and corporate governance standards that apply for TARP recipients, and appointed Kenneth Feinberg as Special Master for TARP Executive...

SEC Enforcement Director Promises Changes

Melissa Aguilar May 08, 2009

In testimony yesterday before the Senate Banking Committee’s Subcommittee on Securities, Insurance, and Investment, Robert Khuzami, the new Securities and Exchange Commission enforcement director, promised numerous reforms that the Enforcement Division will be implementing to improve its performance.The hearing came just one day after the Government Accountability Office released a...

Schapiro Seeks Legislation, Details Rule Proposals

Melissa Aguilar March 27, 2009

In a bid before Congress to maintain the SEC’s capital markets regulator and investor protection roles in any regulatory reform, Securities and Exchange Commission Chairman Mary Schapiro also detailed plans to seek legislation from Congress to expand the agency’s powers and rule proposals it will consider in the coming weeks...

Debate on Systemic Risk Regulator Begins

Melissa Aguilar March 18, 2009

As they continue efforts to revamp U.S. financial services regulation, lawmakers are now trying to tackle the thorny issue of “systemic risk”—in particular, what exactly it is and how to deal with it in an effort to avoid another financial meltdown.That was the topic of the first in a series...

House to Hold Hearing on Systemic Risk

Melissa Aguilar March 04, 2009

House lawmakers are slated March 5 to hold the first in a series of hearings to examine how to improve the ability of the government to prevent private sector activities from putting at risk the stability of the U.S. economy.Pennsylvania Democrat Paul Kanjorski, chairman of the Sub-committee on Capital Markets,...

Madoff Whistleblower Blasts SEC Inaction

Melissa Aguilar February 04, 2009

The whistleblower credited with repeatedly tipping off the Securities and Exchange Commission over the last nine years about the alleged multi-billion dollar Ponzi scheme involving Bernard Madoff publicly blasted the agency as “over-lawyered” and captive to the industry it regulates.Harry Markopolos, the whistleblower who provided the SEC with findings of...

SEC Nominee Schapiro Vows to Reinvigorate Enforcement

Melissa Aguilar January 15, 2009

President-elect Barack Obama’s pick to fill the top spot at the Securities and Exchange Commission plans to make reinvigorating enforcement at the Commission her top priority if she’s confirmed.“With investor confidence shaken, it is imperative that the SEC be given the resources and the support it needs to investigate and...

Lawmakers Seek Changes to TARP

Melissa Aguilar January 14, 2009

Note to participants in the Troubled Assets Relief Program: House Financial Services Committee Chairman Barney Frank (D-Mass.) has introduced legislation to amend the program that would, among other things, impose new limits and reporting requirements on companies that take TARP money.The bill, known as the TARP Reform and Accountability Act,...

Senate Probes SEC, FINRA Performance in Madoff Fraud

Melissa Aguilar January 09, 2009

The Securities and Exchange Commission, already under investigation by its own watchdog for its alleged failures in the Bernie Madoff scandal, is now also under examination by the Senate Banking Committee.Leaders of the Senate banking Committee, which has jurisdiction over the SEC, informed chairman Christopher Cox in a Jan. 5...

SEC IG: Probe to Include Broader Look At SEC Procedures

Melissa Aguilar January 06, 2009

The head of the watchdog body probing the Securities and Exchange Commission’s handling of the case involving Wall Street money manager Bernard Madoff says his review will go beyond recommendations related specifically to that case to look more broadly at the agency’s operations.During testimony before House lawmakers on Capitol Hill...

House Sets Hearing to Assess Madoff Ponzi, Reform

Bruce Carton December 31, 2008

The House Committee on Financial Services has scheduled a Full Committee Meeting for Monday, January 5, 2009, at 2:00 p.m., to hear testimony on "Assessing the Madoff Ponzi and the Need for Regulatory Reform." The names of the witnesses are not yet listed on the Committee's website, but TPMMuckraker reports...

Frank Warns Banks, Sets Hearing on TARP

Melissa Aguilar November 03, 2008

As lawmakers prepare for a hearing this month to examine how well some efforts to calm the financial crisis are working, the chairman of the House financial services committee issued a warning to participants in a Treasury program that use of the funds for anything other than lending could jeopardize...

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