The Federal Reserve may give U.S. banks insight into whether it will scale back its proposed crackdown on debit card processing fees, when a top official testifies before a congressional panel next week. Get the full story »
Inside these posts: House of Representatives
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House passes symbolic tax-cut renewal
The House of Representatives on Thursday voted to extend Bush-era tax cuts on individual income up to $200,000 a year and $250,000 for families, letting extra cuts for the wealthiest to expire. Get the full story »
House fails to extend expiring jobless benefits
An effort to continue assistance for millions of jobless people who will see their benefits run out in coming weeks failed in the House Thursday.
By a vote of 258 to 154, the proposal to extend jobless benefits for three months fell short of the two-thirds margin needed to pass the House under special rules that limit debate. Get the full story »
Tea Party could challenge Federal Reserve
A sign at a Tea Party rally in September. (Brendan Smialowski/Getty Images)
The popularity of Tea Party candidates in U.S. elections could spell renewed efforts to curtail the power and independence of the Federal Reserve, which has been cast as an emblem of big government overreach.
Outsider candidates thriving on the right flank of the Republican Party have tapped anger at bank bailouts, soaring budget deficits and President Barack Obama’s health care and regulatory initiatives to topple establishment GOP politicians in elections around the country.
Tea Party members have lambasted the Fed for its unprecedented and aggressive steps to bolster the economy in the wake of the 2007-2009 financial crisis, saying the moves have exposed a lack of accountability at the Fed and raise the risk of damaging inflation down the road. Get the full story »
Aug. 23, 2010 at 10:26 a.m.
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Filed under: Bank failures, Banking, Economy, Policy, Politics Fed’s Hoenig: ‘Too big to fail” hurts small banks
The viability of community banks is threatened by policies that have conferred “too big to fail” status on larger banks, reducing their cost of capital, Kansas City Federal Reserve Bank President Thomas Hoenig said on Monday.
Hoenig, in prepared testimony to a field hearing of the U.S. House of Representatives Subcommittee on Oversight and Investigations here, said the community bank model was still viable, especially if allowed to compete on an equal footing with larger banks. Get the full story »
July 19, 2010 at 3:46 p.m.
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Filed under: Banking, Investing, Policy, Politics, Regulations U.S. SEC sees staff beef-up to enforce new law
The broadest shake-up in U.S. financial services law since the Great Depression will likely require the Securities and Exchange Commission to beef up its staff with 800 new positions, the SEC’s chief said in prepared remarks on Monday. Get the full story »
Homebuyers closer to getting more time for tax credit
The House of Representatives Tuesday approved giving extra time to homebuyers trying to get a popular federal tax credit by the end of the month.
The House voted 409-5 to extend the closing deadline to Sept. 30 for buyers who met the April 30 deadline to have a signed contract. The current deadline requires those buyers to close the transaction by June 30 to receive the $8,000 tax credit for first-time homebuyers. Get the full story »
