The top U.S. derivatives regulator may dwindle to just two voting commissioners and struggle to approve new rules unless the White House and Senate can overcome political hurdles to fill the vacancies by the end of the year.
Treasury Secretary Jacob J. Lew warned chief executive officers of top U.S. banks in a private meeting last month that the final Volcker rule ban on proprietary trading would be tougher than Wall Street expects, likely putting limits on portfolio hedging.
The fiscal showdown in Washington entered its final stages as the House and Senate prepared competing plans that would end the 15-day-old government shutdown and prevent the U.S. from missing promised payments.
Senate Majority Leader Harry Reid rejected a House plan to halt the fiscal impasse, as he tried to build support for an emerging bipartisan Senate agreement to end the government shutdown and prevent a U.S. default.
Senate Majority Leader Harry Reid rejected a House plan to halt the fiscal impasse, as Senate leaders put on hold bipartisan talks aimed at ending the 15-day- old government shutdown and preventing a default.
Senate talks aimed at ending the government shutdown and preventing a default are on hold and haven’t broken down while the House considers its competing plan, said the chamber’s top leaders in the U.S. Senate.
The House will vote as soon as tonight on a bill that would prevent U.S. borrowing authority from lapsing Oct. 17 and end a 15-day government shutdown, following through on a maneuver that put Senate talks on hold.
U.S. Senate Republicans, whose votes President Barack Obama will need to approve his pick for Federal Reserve chairman, have adopted an unofficial strategy: stand on the sidelines and watch the Democrats feud.
Richard Fisher, president of the Federal Reserve Bank of Dallas, said the White House botched the nomination for Chairman Ben S. Bernanke’s successor by allowing an unprecedented public debate over who would be the best choice.