A proposal by the Federal Reserve Bank of Dallas to limit government support for banks could force JPMorgan Chase & Co. and Bank of America Corp. to shrink their U.S. consumer and commercial-lending units by more than half.
Community bankers who expect the U.S. Senate to pass a bill tomorrow that would extend a program intended to help them retain deposits also believe they will have a tougher time getting the measure though the House.
U.S. Representative Mel Watt pushed back against lawmakers skeptical of his knowledge of housing- finance issues at a Senate hearing on his nomination to oversee mortgage giants Fannie Mae and Freddie Mac.
In little more than a decade, Promontory Financial Group LLC has evolved into a new kind of Washington player tapped by banks including Morgan Stanley and Citigroup Inc. to resolve regulatory disputes behind the scenes.
In nominating former U.S. Attorney Mary Jo White to run the U.S. Securities and Exchange Commission, President Barack Obama said he was sending a signal that the regulator would be tough on Wall Street.
Newt Gingrich took aim at Wall Street and by extension Republican presidential opponent Mitt Romney yesterday as the former U.S. House speaker said he isn’t running for president to “represent Goldman Sachs.”