Frank Keating News
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Former Senator Judd Gregg is a leading candidate to run Wall Street’s biggest lobbying group, according to people briefed on the discussions.
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Breaking up the largest U.S. banks would push businesses such as Caterpillar Inc. and Boeing Co. to use Chinese lenders instead, said Frank Keating, chief executive officer of the American Bankers Association.
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One of the largest bank lobbying groups in Washington has named the Republican former governor of Oklahoma to lead its campaign to shape the implementation of the Dodd-Frank Act.
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Schadenfreude is misplaced when considering the wreckage of a financial firm in today’s weak economy. Yet empathy for the employees of MF Global Holdings Ltd. and the investors who owned its shares also is compatible with gratitude that no government agency came to the rescue.
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Sanford “Sandy” Weill’s call this week for breaking up large banks revived debate in Washington over “too-big-to-fail” lenders, prompting renewed assertions by industry groups that size yields economic benefits.
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Chesapeake Energy Corp.’s decision to cut directors’ pay and other perks may save the company up to $1.65 million a year without addressing investors’ concern that the board failed to rein in Chief Executive Officer Aubrey McClendon’s borrowing and spending spree.
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The Federal Reserve Board set a 21- cent cap on debit-card transaction fees, a less-severe limit on banks and payment networks than it previously proposed. Financial stocks surged.
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The U.S. Securities and Exchange Commission is writing new rules in the wake of Knight Capital Group Inc. losses that could turn longstanding policies for how exchanges manage their automated systems into regulations.
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A Federal Deposit Insurance Corp. program that expanded safeguards for some business and government bank accounts will probably expire on Dec. 31 after the U.S. Senate failed to advance a proposal for an extension.
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President Barack Obama bypassed Congress and issued an executive order to boost U.S. cybersecurity while telling lawmakers they still must act to further strengthen the nation’s computer defenses.
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