Consumer Protection
More on Consumer Protection
Thank you, Mr. Chairman, for holding this hearing this morning. It is absolutely essential that we improve the oversight of investment advisers – the people that manage the assets of millions of individual and institutional investors across the country.
Thank you, Chairman Garrett, for holding this hearing this morning.
Improving the regulation of brokers, investment advisors and other financial professionals was a central goal of Dodd-Frank, and is crucial to ensuring that families are protected as they save for retirement, their children's education, or to buy a home.
Chairwoman Capito and Chairwoman Biggert, thank you so much for holding this hearing this morning.
The recent near-collapse of our financial system taught us that capital is essential to fostering a more robust banking system – one that can both protect us from another crisis like the one we saw in 2008, and also ensure that lending to homeowners and small businesses continues even when we experience an economic downturn.
Thank you, Mr. Chairman. I would also like to thank our distinguished witnesses for agreeing to participate this afternoon.
Next week marks the one-year anniversary of the Dodd-Frank Act becoming law. This legislation brought sweeping reforms to our financial regulatory system so that we can avoid another economic meltdown similar to that of 2008.
Thank you, Mr. Chairman. While many observers still disagree about the central cause of the financial crisis, we know that among many other factors, proprietary trading did play a role in the 2008 economic collapse. Proprietary trading has indeed produced tremendous profits for some of our largest financial firms, but it also contributed to losses during the height of the financial crisis.
And ultimately, this is why Congress acted and directed our regulators to institute a ban on proprietary trading for those firms that have access to the taxpayer-backed federal safety net.
Thank you, Mr. Chairman, for holding this important hearing this morning.
Under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Congress responded to one key cause of the 2008 financial crisis - the unregulated over-the-counter (OTC) derivatives market. Through the Act, the Congress tasked the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) with bringing much-needed transparency to this market, which amplified the collapse of the housing bubble and cascaded losses across the global financial system.
Michael J. De La Merced, New York Times
As the board of the American International Group weighs whether to join a shareholder lawsuit against the United States government, several lawmakers have a simple message for the bailed-out insurer.
Don't do it. Don't even think about it.
With A.I.G. having fully repaid its $182 billion bailout only weeks ago, the prospect of the company trying to claw back some of the $22 billion in profit that its rescue generated for shareholders doesn't sit right with several members of Congress.
Eric Linton, International Business Times
Facing outrage from all quarters, AIG Inc. said Wednesday it would not sue the U.S. government over terms of its multi-billion dollar bailout.
Insurer American International Group (NYSE: AIG) had been weighing whether to join a lawsuit filed by its former Chief Executive Maurice "Hank" Greenberg and his company Starr International, which owned 12 percent of AIG before its $182 billion rescue that started in 2008.
Congresswoman Maxine Waters (CA-43), Ranking Member of the Financial Services Committee, released the following statement today in response to reports that the American International Group Inc. (AIG) is considering joining a lawsuit against the U.S. government claiming that the terms of the bailout were unfair:
by Shahien Nasiripour and Stephen Foley, Financial Times
Until July, swaps dealers engaging in cross-border derivatives activities will be spared from enforcement of new rules so long as they are making a "good faith" effort to comply. The delay follows numerous others granted in recent weeks.