Ben White, CNBC contributor, weighs in on the top political stories of the morning, including the chance of a Republican majority in the Senate, and the fate of the Export-Import Bank.» Read More
After last night’s primary elections, a pipedream came to me: A new tea-party center is forming in the Republican Senate caucus
Senate Democrats are close to holding a final vote on a major financial reform bill but disagreement over a few controversial measures threatens to drag the process into next week.
Party-switching Sen. Arlen Specter fell to a younger and far less experienced rival in the Pennsylvania Democratic primary, and political novice Rand Paul rode support from tea party activists to a Republican rout in Kentucky on Tuesday, the latest jolts to the political establishment in a tumultuous midterm election season.
The Senate has approved major items such as too-big-to-fail authority, Federal Reserve audits and larger capital requirements for banks, but major battles still loom.
In the latest sign of the zeal in Congress to get tough on Wall Street, the Senate approved two initiatives on Thursday aimed at addressing the role that major credit rating agencies played in the 2008 financial collapse, including a proposal to end the reliance on companies like Moody’s Investors Service and Standard & Poor’s.
Former President Bill Clinton says it is "time to lower the rhetoric and talk about the facts," in reference to the government's scrutiny of Wall Street.
Over the last year, the Obama administration has pressed forward on hundreds of new mandates, while also stepping up enforcement of rules by increasing the ranks of inspectors and imposing higher fines for violations. The New York Times explains.
Public attitudes toward the economy have created ominous political problems for the Democratic Party and for Wall Street, according to the new NBC News/Wall Street Journal poll.
The Senate’s decision to drop a $50-billion resolution fund from its package of financial reforms increases the chance that the Obama administration can push through a controversial $90-billion bank tax.
Some fear the bill will wind up giving preferential treatment to big firms, while others worry that the American taxpayer will remain on the hook, much the way it happened with the near failuremof AIG and others in 2008.
After three entire days, the Republicans finally relented Wednesday after reducing bailout language in the current Dodd bill, but the debate and amendment process is just beginning.
Every now and then an idea takes hold that is, conceptually, so elegant and alluring as to be nearly irresistible. Resolution authority – like the call of the Sirens – has enchanted every US official who was in a decision-making capacity during the financial crisis.
The job of a market maker is to determine a price at which the trader is willing to buy a particular product AND a price at which that same trader will sell that same product at the same moment in time. Yes – a market maker will give you a price to buy, or sell – and they are generally indifferent to what you do, they just want you to do business.
Senate Democrats Wednesday prepared for a third procedural vote to advance a sweeping financial reform bill, after the latest round of talks on a bipartisan compromise appeared to yield no agreement.
Today four democratic senators — Charles Schumer, Michael Bennet, Mark Begich, and Al Franken — wrote a letter to Facebook CEO Mark Zuckerberg asking him to review the company's policies. They say they "look forward to the FTC examining the issue," and they're asking the FTC to get involved.
Democrats and Republicans keep talking about finding a bipartisan compromise but they'll have to agree enough to simply get the legislation on the Senate floor for debate.
The blame for the real politicization of the process should be laid at the feet of Senate Minority Leader Mitch McConnell, who charged that Democrats wanted to create a system to bailout the banks.
While the focus in Washington this week is on the forensics of Goldman Sachs’ actions during the financial crisis, and the outlook for domestic financial regulatory reform legislation, scant attention has been paid to the need for reforms to bring greater safety and stability to the global financial system.
While this is a heavy duty inside-the-beltway item, it has everything to do with whether the US government will be able to continue to prop up zombie institutions or pick winners and losers in the private sector.
With the Senate scheduled to begin debate on a financial overhaul bill this week, the fraud suit against the Wall Street titan Goldman Sachs has emboldened Democrats to ratchet up pressure on Republicans who oppose the Obama administration’s proposal.