Phil Gramm, the former U.S. senator who helped write the 1999 law that enabled the creation of financial giants such as Citigroup Inc. and Bank of America Corp., said his legislation didn’t make the system any riskier.
When Jeb Hensarling took over the congressional panel that spawned the Dodd-Frank Act, he vowed to roll back the landmark Wall Street law and eliminate government programs that backstop private markets.
Warren Rudman, the U.S. senator from New Hampshire whose dim view of government’s ability to make painful choices was enshrined in the 1985 Gramm-Rudman-Hollings deficit-reduction law, has died. He was 82.
Japanese regulators said they’re looking for loans to gangsters by the nation’s three biggest banks. The 115-year-old Dutch lender Rabobank Groep was fined more than $1 billion for rigging interest rates. Deutsche Bank AG and UBS AG, Germany and Switzerland’s biggest lenders, both said they’re facing investigations into currency manipulation.