Richard Lugar of Indiana, a six-term Senate veteran and one of the most influential lawmakers on foreign affairs, lost in a primary that underscored the dominance of anti-tax Tea Party activism against established Republican party leaders.
Standard & Poor’s president Deven Sharma comments on a U.S. proposal, offered by Senator Al Franken, Democrat of Minnesota, and approved in May by the Senate, to let regulators decide who rates asset-backed securities.
President Barack Obama scored a political victory by pressuring BP Plc to commit $20 billion for damages from an environmental disaster that’s weighing on his presidency as the company struggles to contain thousands of barrels of oil flowing into the Gulf of Mexico each day.
Senate Democrats, in danger of losing control of the chamber next November, hold a cash advantage a year before the election as each of their most vulnerable incumbents banked at least $1 million and some have far more money on hand.
The U.S. Senate approved a proposal to let regulators decide who rates asset-backed securities after investors said Standard & Poor’s and Moody’s Investors Service inflated assessments of mortgage bonds because the companies were paid by Wall Street firms selling the debt.