Elizabeth Warren, in her first year as a U.S. senator, has captured headlines by pressuring such industry titans as Goldman Sachs Chairman Lloyd C. Blankfein for transparency, including a Dec. 4 call for Wall Street banks to disclose their contributions to policy groups that provide financial analysis to Congress.
Five U.S. agencies will finish the Volcker rule tomorrow after more than three years of Wall Street resistance to its limits on trading and investing. Lawmakers and their allies who want to rein in big banks are ready to pounce if it isn’t strict enough.
Senator Elizabeth Warren called on Wall Street banks to disclose their financial contributions to organizations that aim to influence policy, saying a lack of transparency threatens to undermine the groups’ credibility.
President Barack Obama must name a Commodity Futures Trading Commission member with the experience needed to ward off Wall Street lobbying over the Volcker rule and speculation limits, nine Democratic senators said.
The most significant change in three decades in how the Senate approves presidential nominees could make one of the least productive Congresses even more gridlocked, endangering efforts to raise the nation’s debt ceiling and fund the government, Republicans say.
Janet Yellen’s nomination to be chairman of the Federal Reserve won support from the Senate Banking Committee today in a 14-8 vote, moving her bid to be the Fed’s first female head to the Senate for confirmation.
Janet Yellen, the nominee for Federal Reserve chairman, defended the central bank’s bond purchases in a letter to a U.S. senator, saying they boosted economic growth and provide benefits that exceed the risks.
The U.S. Senate changed its rules to let a simple majority confirm most presidential nominees, defying opposition from Republicans who called it the most dangerous revision of its process in more than two centuries.
New U.S. rules requiring simplified mortgage paperwork will take effect in August 2015 without an exemption for small lenders, according to people briefed on plans by the Consumer Financial Protection Bureau.