From TheHill.com | Illinois Democratic Reps. Bobby Rush, Danny Davis, Jesse Jackson Jr. and Jan Schakowsky have asked the Treasury Department to tap remaining TARP funds to help ShoreBank.
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U.S. unions urge Congress to pass currency bill
The largest U.S. labor group urged Congress on Friday to pass legislation to fight China’s currency practices, a day after the Obama administration again declined to label Beijing a currency manipulator.
The United States should also keep other options on the table, including a possible challenge of China’s currency practices at the World Trade Organization, Richard Trumka, president of the AFL-CIO labor federation, said in a statement. Get the full story »
June 25, 2010 at 10:37 a.m.
Filed under: Banking, Exchanges, Government, Policy, Politics, Regulations Lawmakers reach a deal on financial reform
House Financial Services Committee Chairman Barney Frank (D-Mass.) talks with a group including Rep. Spencer Bachus (R-Ala.), left, during a recess from a committee conference on Wall Street reform. (Jonathan Ernst/Reuters)
Ending more than two weeks of often-contentious negotiations, House and Senate lawmakers reached agreement early Friday on the most far-reaching rewrite of financial rules since the Great Depression.
The final details, including creation of an agency to protect consumers in the financial marketplace and new regulations to reduce risk-taking by large banks and limit their trading of complex derivatives, were hashed out in a marathon 20-hour session that began Thursday morning.
Lawmakers on a joint conference committee labored until dawn reconciling House and Senate versions of the legislation in time for President Obama to brief foreign leaders on the completed deal at a major economic summit in Canada starting Friday.
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Unemployment extension fails for 3rd time
A Democratic plan to provide additional aid to jobless workers, businesses and cash-strapped states and raise taxes on investment fund managers failed in the U.S. Senate.
The bill, which also would have provided more aid to cash-strapped states for the Medicaid health program for the poor, fell a few votes short of the 60 needed to advance in the 100-member Senate. One Democrat, Ben Nelson, joined 40 Republicans to block the measure. Get the full story »
