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The U.S. Labor Department said Tuesday that it is seeking authority to monitor a suburban sewer contractor the agency says has been cited multiple times for safety violations.
The contractor, Norridge-based Gerardi Sewer & Water Co., has had a “severe violator history” at work sites where it digs trenches, the agency said in a press release. Get the full story »
Big speculators could face curbs on wheeling and dealing in commodity markets after the Commodity Futures Trading Commission Thursday advanced a plan to cap large positions, but internal dissent could delay final adoption of the plan for months or longer. Get the full story »
A Bridgford Foods processing plant in Chicago faces up to $212,000 in fines for worker safety violations, a federal agency said Tuesday.
The Department of Labor’s Occupational Safety and Health Administration cited the producer of meat snacks and deli foods for failing to implement and provide training for workers on lockout procedures, in turn exposing workers to energized equipment. Get the full story »
CME Group, which began clearing interest-rate swaps in October, expects a jump in business this year after a U.S. legislative mandate on clearing goes into effect, a CME executive said on Monday. Get the full story »
The Food and Drug Administration is launching a website explaining its regulations to companies as part of a broader effort to rebrand itself as a more transparent, accessible agency.
The website, dubbed “FDA Basics for Industry,” features answers to frequently asked questions about the regulation of food, drugs and medical devices. The FDA also pledged to respond to questions from manufacturers within five business days. Get the full story »
A top official at the U.S. futures regulator said on Tuesday he was now in favor of a stalled position limit plan, a key turnaround that would allow the controversial rules to advance to the public comment stage. Get the full story »
American International Group Inc. didn’t report $18.7 billion of policyholder guarantees at two property-casualty subsidiaries in 2008, Bloomberg reported Wednesday, citing a Pennsylvania regulator. Get the full story »
Several financial industry trade groups said on Tuesday that the Commodity Futures Trading Commission risks causing confusion and reducing legitimate trading practices if it fails to clearly outline what practices are prohibited under its new anti-manipulation authority.
The Futures Industry Association, the Securities Industry and Financial Markets Association and the International Swaps and Derivatives Associations said in a joint letter the CFTC must describe legitimate trading practices with those it has determined can lead to market manipulation. Get the full story »
Alfred Kahn, an economist who became known as the “architect of deregulation” under the Carter administration, has died of cancer. He was 93.
It is widely accepted that Kahn’s efforts dismantled air travel as the domain of the elite and paved the way for low-cost airlines. Get the full story »
Millions of H&R Block Inc. customers who relied on short-term loans backed by their expected tax refunds will not have that option this year, since Block’s banking partner was forced by federal regulators to stop offering the loans.
It’s a blow to Block, the nation’s largest tax preparation company, which could lose customers to competitors still offering the loans because it has virtually no time to find a new funding partner before tax season starts in January. Get the full story »
ICE Trust, the unit of exchange operator IntercontinentalExchange Inc. dedicated to clearing credit-default swaps, has withdrawn its application to be a derivatives clearing organization registered with the Commodity Futures Trading Commission in response to changes proposed by the regulator.
ICE filed the application Nov. 12, but a spokeswoman told Dow Jones Newswires on Thursday that it decided to withdraw it, “given the significant changes proposed to the commission regulations” for derivatives-clearing organizations, or DCOs. Get the full story »
The U.S. futures regulator said on Tuesday it has promoted Andrei Kirilenko, an economist known for his role in the review of the May 6 “flash crash,” as chief economist for the Commodity Futures Trading Commission. Get the full story »
The New Year’s celebrations will barely be over before financial advisers face their first challenge for 2011 — new rules requiring brokerages to tell Uncle Sam how much investors paid for stocks.
The cost-basis reporting rules are designed to ensure people do not understate investment gains or overstate investment losses to minimize their taxes. Get the full story »
U.S. communications regulators adopted Internet traffic rules on Tuesday that prevent providers from blocking lawful content but still let them ration access to their networks.
The rules aim to strike a balance between the interests of Internet service providers, content companies and consumers, but some industry analysts think a court challenge is still likely. Get the full story »
Norridge-based Gerardi Sewer & Water Co. was issued multiple safety citations for failing to protect workers from cave-ins during trenching operations, said the U.S. Department of Labor’s Occupational Safety and Health Administration.
Cave-ins are a leading cause of deaths during excavations. Get the full story »
