BUSINESS
By Clifford Marks and Bill Swindell
Taking a whack at one of the banking industry's biggest cash cows, the Federal Reserve Board proposed today to slash the "swipe fees" for debit card transactions, a move that could cost Mastercard, Visa, and banks billions of dollars.
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CONSUMER PROTECTION
By Bill Swindell
Elizabeth Warren, the architect of the new Bureau of Consumer Financial Protection, spelled out a sweeping new strategy today to use the latest in “crowd-sourcing” technology to collect tips from millions of consumers about dece...
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ECONOMY
By Bill Swindell
The Financial Stability Oversight Council held its first formal meeting today, with members pledging to work together as they carry out their duty to monitor against risks to the financial system and prevent another crisis.
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WHITE HOUSE
By George E. Condon Jr., with Aamer Madhani, Bill Swindell, Billy House, Jerry Hagstrom and Dan Friedman contributing
President Obama is losing more than a chief of staff. He is also losing perhaps his most important link to Congress and the man most responsible for the administration's legislative victories on Capitol Hill.
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FINANCE
By George E. Condon Jr., with Bill Swindell and Billy House contributing
President Obama, choosing a route that allows him to placate liberal groups and avoid a confirmation battle in the Senate, today named Elizabeth Warren as an adviser to set up the new Bureau of Consumer Financial Protection that was...
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WHITE HOUSE
By Bill Swindell, with George E. Condon Jr. contributing
President Obama is set this week to name Elizabeth Warren as a special adviser to help set up the Bureau of Consumer Financial Protection, according to Capitol Hill sources. The move would sidestep a nomination fight over whether th...
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ECONOMY
By Bill Swindell
Federal Reserve Chairman Ben Bernanke said today the central bank has three policy options ready to boost the slumping U.S. economy, but it is not willing to implement them unless more troubling signs such as deflation start to show.
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CONGRESS
By Bill Swindell
A law prohibiting Internet gambling is facing a serious challenge less than four years after it was enacted, with key House Democrats looking to build on support for a repeal when the Congress returns in September.
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ECONOMY
By Bill Swindell
The Securities and Exchange Commission voted today to give shareholders greater power to nominate candidates to the boards of public companies, handing unions and institutional investors a win in their campaign to have more say over...
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FINANCE
By George E. Condon Jr., with Bill Swindell contributing
President Obama celebrated one of his top legislative victories today, signing into law a major overhaul of financial regulations that he promised would shine light on "shadowy deals" on Wall Street and "put a stop to taxpayer bailo...
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FINANCE
By Bill Swindell, John Maggs and Alexis Simendinger contributing
President Obama is facing a major lobbying battle over whether to appoint Elizabeth Warren as the first head of the Bureau of Consumer Financial Protection just a day before he will sign the financial regulatory revamp that will est...
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FINANCE
By Bill Swindell, with John Maggs and Alexis Simendinger
President Obama is facing a major lobbying battle over whether to appoint Elizabeth Warren as the first head of the Bureau of Consumer Financial Protection just two days before he will sign the financial regulatory revamp that will ...
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FINANCE
By Bill Swindell, with Dan Friedman contributing
Sen. Scott Brown , R-Mass., said today he will support a financial regulatory revamp, bringing supporters within one vote to send to President Obama that biggest overhaul in banking regulations since the Great Depression.
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FINANCE
By Billy House and Richard E. Cohen, with Bill Swindell and Erin McPike contributing
Two names, especially, prompted surprise this week when Speaker Pelosi unveiled the 10 Democratic appointees to a 16-member House conference committee that is to negotiate with the Senate over a final bill to overhaul of the natio...
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FINANCE
By Bill Swindell
Democratic Sens. Jeff Merkley of Oregon and Carl Levin of Michigan today unveiled an amendment to ban banks from trading for their own benefit rather than their customers, noting that Senate Banking Chairman Christopher Dodd a...
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OUTLOOK
By Bill Swindell and Billy House, with Darren Goode, Humberto Sanchez, Megan Scully,
The Senate will start voting this week on a measure to revamp the nation's financial regulatory system, with liberals pushing populist amendments to tighten the screws on Wall Street banks while Republicans attempt to scale back the...
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THE FRIDAY BUZZ
By Dan Friedman and Bill Swindell
Sen. Sherrod Brown , D-Ohio, is the lead sponsor of an amendment to break up big banks that industry lobbyists are working to kill, but that isn't stopping him from raising campaign funds from them.
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FINANCIAL REGULATION
By Bill Swindell
Senate Democrats will include Agriculture Chairwoman Blanche Lincoln 's tough derivatives language as a part of their package to revamp the nation's financial markets, according to an aide, sending a message that they intend to con...
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FINANCE
By Bill Swindell
Senate Agriculture Chairwoman Blanche Lincoln released her draft today to regulate the over-the-counter derivatives market, the toughest measure so far against the banks that dominate trading in the multitrillion-dollar industry.
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FINANCE
By Bill Swindell and Jerry Hagstrom, with Dan Friedman contributing
Senate Agriculture Chairwoman Blanche Lincoln for months appeared to be crafting a bipartisan derivatives bill designed to please business interests much more than legislation from Senate Banking Chairman Christopher Dodd or lan...
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FINANCE
By Bill Swindell
Administration officials said today they were opposed to Congress setting capital ratios for large financial institutions, arguing that it would not provide regulators with enough flexibility to ensure that a firm does not become to...
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By Bill Swindell
The Senate Banking Committee today approved legislation that would overhaul the nation's financial regulatory system, setting up a Senate floor battle over how far to rein in Wall Street to prevent another financial crisis.
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OUTLOOK
By Anna Edney and Humberto Sanchez, with George E. Condon Jr., Peter Cohn, Megan Scully, Darren Goode, Bill Swindell, Chris Strohm, Erin McPike and David Hatch contributing
The House aims to have a vote on healthcare overhaul legislation this week, though leaders have acknowledged the vote could slip to the weekend. Having delayed his trip to Indonesia, President Obama will spend most of this week push...
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By Bill Swindell
UPDATED, 10:01 a.m. --Senate Banking Chairman Christopher Dodd said today he will unveil legislation to revamp the nation's financial regulatory system without the support of Sen. Bob Corker , R-Tenn., with whom he had been work...
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FINANCE
By Bill Swindell
Senate Banking Committee staff indicated today that they want to give federal regulators oversight power on systemically important insurance companies but are grappling with how to construct such a role without interfering with the ...
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FINANCE
By Bill Swindell
Embattled Treasury Secretary Geithner today defended himself against skeptical Republicans and Democrats on the House Oversight and Government Reform Committee over his role in the $182 billion bailout of American International Grou...
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FINANCE
By Bill Swindell
Senate Minority Leader McConnell said today that Federal Reserve Chairman Bernanke will be reconfirmed despite misgivings from both Republicans and Democrats over his handling of the economy.
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OUTLOOK
By Kasie Hunt and Anna Edney, with Billy House, Humberto Sanchez, Megan Scully, Darren Goode, Bill Swindell, Chris Strohm, Andrew Noyes and George E. Condon Jr., contributing
Even as the Senate comes back for a brief session this week before Wednesday's Veterans Day holiday, the stage is largely set for the rest of the year's legislative agenda in the wake of House passage of a landmark healthcare overha...
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OUTLOOK
By Kasie Hunt and Anna Edney, with Peter Cohn, Billy House, Humberto Sanchez, Megan Scully, Darren Goode, Bill Swindell, Chris Strohm, Erin McPike, David Hatch and George E. Condon Jr., contributing
House Democratic leaders have an ambitious agenda this week as they work to resolve some of the most difficult disagreements surrounding their health reform overhaul. They will have to address abortion and immigration before they re...
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OUTLOOK
By Anna Edney and Kasie Hunt, with Humberto Sanchez, Dan Friedman, Billy House, Megan Scully, Bill Swindell, Carrie Dann, Chris Strohm, Andrew Noyes, David Hatch and George E. Condon Jr. contributing
After months of being poked and prodded by an array of specialists at the committee level, healthcare legislation is about to be examined by hundreds of general practitioners who will decide its fate on the floors of the House and Senate.
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FINANCE
By Bill Swindell
Despite President Obama's renewed call for legislation this year to revamp the nation's financial regulatory system, its chances remain slim amid Republican resistance, heavy industry lobbying and a crowded legislative calendar focu...
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FINANCE
By Bill Swindell
As the battle over the proposed Consumer Financial Protection Agency heats up, opponents are focusing on regulators' qualms to make their point instead of emphasizing complaints of the industry that stands to come under tighter scrutiny.
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OUTLOOK
By Megan Scully and Anna Edney Peter Cohn, Dan Friedman, Humberto Sanchez, Darren Goode, Bill Swindell, Carrie Dann, Kasie Hunt, Chris Strohm, Andrew Noyes, Andy Leonatti, David Hatch and George E. Condon Jr. contributing
Congress faces a packed schedule this week, as members of each chamber continue to search for ways to pay for healthcare reform, the Senate debates funding authorization for the Pentagon and considerable attention will be cast towar...
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ENVIRONMENT
By Darren Goode with Billy House, Dan Friedman, Humberto Sanchez and Bill Swindell contributing
House Democratic leaders enter today's scheduled floor vote on climate change legislation confident they will have enough backing, although there is still uncertainty in their Caucus that they might fall short.
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OUTLOOK
By Humberto Sanchez and Bill Swindell, with Jerry Hagstrom, Megan Scully, Darren Goode, Carrie Dann, Anna Edney, Kasie Hunt, Andrew Noyes, Andy Leonatti, Peter Cohn and David Hatch contributing
There is just one small thing standing in the way of lawmakers and the beginning of the two-week spring recess: a $3.6 trillion budget for the federal government. So as tourists begin streaming into the capital region for a look at ...
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FINANCE
By Bill Swindell, with Darren Goode and Andy Leonatti contributing
The Treasury official overseeing the $700 billion rescue fund today urged patience as his department begins allocating the money to stabilize financial markets -- even as Congress has ramped up criticism over the program's implement...
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FINANCE
By Bill Swindell
Democrats have upped the pressure on the Treasury Department to better implement provisions in the recently passed $700 billion financial rescue package, calling on Secretary Paulson to take additional steps to ensure banks that hav...
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FINANCE
By Bill Swindell, with Joe Vines contributing
Four days after rejecting a similar package, the House cleared legislation today, 263-171, to provide a $700 billion rescue to at-risk financial institutions to shore up an economy teetering near recession. The measure went to Presi...
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FINANCE
By Christian Bourge and Bill Swindell, with Larry Lipman contributing
House Majority Leader Hoyer today expressed confidence that the House will approve the $700 billion economic rescue package Friday, but warned that he needs to be "pretty confident" the bill will pass before he agrees to bring it ...
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ECONOMY
By Bill Swindell and Christian Bourge, with Dan Friedman, Ben Schneider, Peter Cohn, Anna Edney, Darren Goode and Humberto Sanchez contributing
The Senate Wednesday night overwhelmingly passed a multibillion-dollar rescue fund for at-risk financial institutions, placing additional pressure on the House to clear the measure amid signs that opposition appears to be cracking i...
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FINANCE
By Bill Swindell, with Ben Schneider and Larry Lipman contributing
The Senate is expected tonight to pass legislation that would provide a multibillion-dollar bailout to financial institutions, forcing House leaders to try to cobble together a majority on the package that the lower chamber rejected...
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FINANCE
By Bill Swindell, with Christian Bourge and Darren Goode contributing
The House today rejected the largest federal government bailout to shore up shaky credit markets that threaten to bring the U.S. economy to standstill, leaving lawmakers scrambling to find a way to revive a plan for the Treasury Dep...
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ECONOMY
By Bill Swindell, with Christian Bourge contributing
The House is expected to pass legislation today for a multibillion-dollar financial services bailout, though questionable GOP support means Democrats will likely have to push it across the finish line, forcing much of their caucus t...
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FINANCE
By Bill Swindell
Congressional talks over a $700 billion rescue plan for at-risk financial institutions were revived today after House Minority Whip Blunt was designated to negotiate for his Conference. House Minority Leader Boehner tabbed Blunt...
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ECONOMY
By Bill Swindell, with Larry Lipman, Humberto Sanchez, Darren Goode, Christian Bourge, Ben Schneider and Dan Friedman contributing
Democratic and Republican negotiators will return today to try to revive a deal over a $700 billion rescue fund for at-risk financial institutions after it was derailed by House Republican opposition, interrupted by presidential pol...
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FINANCE
By Bill Swindell, with Ben Schneider and Erin McPike contributing
President Bush will address the nation tonight to make a case that the administration's proposed $700 billion bailout is the best option to stabilize U.S. financial markets. Bush's 9 p.m. address comes on the heels of congressional ...
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ECONOMY
By Bill Swindell, with Christian Bourge and Ben Schneider contributing
Congress appeared Tuesday to be coalescing around an outline to allow the Treasury Department to purchase up to $700 billion of bad mortgage assets from troubled banks, despite political sniping throughout the day.
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ECONOMY
By Bill Swindell and Christian Bourge
Negotiations on a multibillion-dollar federal program to purchase bad debt from struggling financial firms continued at a dizzying pace Monday, with a consensus forming on limiting executive pay at firms that participate in the program.
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ECONOMY
By Bill Swindell
Treasury Secretary Paulson differed with Senate Banking Committee members today over his $700 billion proposal to buy the bad mortgage assets of troubled banks, especially over a bid to allow the federal government to get an equity ...
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OUTLOOK
By Bill Swindell and Peter Cohn, with Humberto Sanchez, Darren Goode, Jerry Hagstrom, Megan Scully, Kasie Hunt, Dan Friedman, Anna Edney, Chris Strohm and David Hatch contributing
( Editor's Note : For developments that took place since this edition went to press, please click here .)
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ECONOMY
By Bill Swindell
Top Democrats warned Monday that efforts to privatize and drastically shrink mortgage-financing giants Fannie Mae and Freddie Mac would likely face opposition and cautioned against any effort to prejudge solutions for the two firms ...
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OUTLOOK
By Peter Cohn and Humberto Sanchez, with Christian Bourge, Ben Schneider, Darren Goode, Megan Scully, Bill Swindell, Dan Friedman, Anna Edney, Kasie Hunt, Chris Strohm, Andrew Noyes and David Hatch contributing
Senate Democratic leaders will take another shot as early as Tuesday to pick up the 60 votes to move a renewable energy and tax "extender" bill, this time beefed-up with Midwest flood relief, mental health parity legislation and oth...
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OUTLOOK
By Bill Swindell and Darren Goode, with Humberto Sanchez, Megan Scully, Dan Friedman, Anna Edney, Christian Bourge, Chris Strohm, Peter Cohn and Andrew Noyes contributing
Congress could complete its work on a housing-recovery package as early as this week as lawmakers look to make minor changes to the legislation so they can ship it quickly to the White House before the August recess.
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By Chris Strohm and Bill Swindell, with Humberto Sanchez, Anna Edney, Peter Cohn, Darren Goode, Megan Scully, Dan Friedman, Andrew Noyes, Erin McPike, Keith Koffler and David Hatch contributing
Lawmakers face several issues this week that might cause fireworks, even as they look to clear the legislative docket and leave for the Independence Day recess.
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By Peter Cohn, with Bill Swindell contributing
The Senate could take up its version of the housing and foreclosure assistance bill as early as this afternoon after tax-writers in the chamber reached tentative agreement on a $14.5 billion package of incentives, including a new fi...
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By Bill Swindell
Mortgage lenders are making a last-minute bid to scuttle language in the Senate housing-rescue package that would require the licensing of all mortgage brokers and loan officers, arguing that the language would be too burdensome for...
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By Bill Swindell, with Peter Cohn contributing
Senators are expected to revise their housing-assistance package to set loan limits for mortgage giants Fannie Mae and Freddie Mac at $625,000 in an effort to split the difference with House negotiators on a final package and help s...
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By Bill Swindell
The National Association of Home Builders today called on Congress to pass a housing-rescue package that would include a generous homebuyer tax credit to spur sales in a continuing weak market. NAHB CEO Jerry Howard pushed lawmakers...
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By Bill Swindell
The CBO estimates that a Senate bill allowing the Federal Housing Administration to insure up to $300 billion in new subprime mortgages would help about 400,000 struggling homeowners out of the 2.2 million borrowers who are expected...
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ECONOMY
By Bill Swindell
The negotiations over a final bill that would revamp the nation's housing-finance system feature many moving parts that are subject to intense lobbying and interest ranging from Wall Street to bank boardrooms to real-estate offices ...
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OUTLOOK
By Humberto Sanchez and Darren Goode, with Peter Cohn, Bill Swindell, Anna Edney, Dan Friedman, Chris Strohm, Erin McPike, Andrew Noyes, David Hatch and Keith Koffler contributing
House Democratic leaders are looking to take up the war supplemental appropriations package this week and are exploring whether to include an extension of unemployment insurance benefits.
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By Bill Swindell and Anna Edney
Democrats rankled by a recent Supreme Court decision shielding medical device companies from state liability lawsuits plan to unveil legislation to reverse the ruling, the first of many expected efforts to chop away at federal rules...
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OUTLOOK
By Humberto Sanchez and Darren Goode, with Jerry Hagstrom, Bill Swindell, Megan Scully, Dan Friedman, Anna Edney, Chris Strohm, and Andrew Noyes contributing
Congress this week will get the chance to mop up business members had thought would be behind them at this point: the war supplemental bill, the FY09 budget resolution and another farm bill veto override, while starting debate on an...
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By Bill Swindell
The two leaders of the National Governors Association today urged Congress and the White House to enact quickly housing-stimulus legislation so that states can rebound from decreasing tax revenue and increasing crime and neighborhood...
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By Bill Swindell
Top members of the House Financial Services Committee have sent a letter to SEC Chairman Christopher Cox asking him to launch an investigation into Moody's Investors Service after reports disclosed it made a massive error in rating...
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By Bill Swindell
House Financial Services Chairman Barney Frank suggested today other avenues to fund legislation for the Federal Housing Administration to guarantee up to $300 billion in new mortgages rather than diverting monies away from a new a...
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OUTLOOK
By Humberto Sanchez and Peter Cohn, with Megan Scully, Jerry Hagstrom, Bill Swindell, Ben Schneider, Darren Goode, Anna Edney, Chris Strohm, Dan Friedman, Erin McPike and Andrew Noyes contributing
Even with the Memorial Day recess so close, this might be a long week for Congress.
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By Bill Swindell, with Keith Koffler contributing
The White House today threatened to veto the House housing-stimulus bill that could pass this afternoon, although some suspect the threat is more bluster for negotiating purposes. The House is expected to pass the package, which wou...
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By Bill Swindell and Christian Bourge
House Republican leaders today attacked a Democratic housing stimulus package the chamber will consider Wednesday as an unwise bailout to reward speculators and scam artists, but top Democrats remain confident they will be able to p...
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By Bill Swindell
The National Association of Home Builders decided late Friday to renew its political giving to federal candidates, convinced that Congress is sufficiently focused on addressing the downturn in the housing market.
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By Bill Swindell
The Office of Thrift Supervision released preliminary rules Thursday that would curb certain credit card practices, but does not go as far as Democrats have called for in their legislation to rein in the trillion-dollar industry.
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By Bill Swindell
The House Financial Services Committee approved legislation today that would allow the Federal Housing Administration to insure up to $300 billion in troubled subprime loans, providing liquidity to a home mortgage market that has bee...
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By Bill Swindell
Sensing the political upper hand on the issue, Senate Banking Chairman Christopher Dodd vowed Wednesday to move his legislation that would curb some credit card practices even though the Federal Reserve is scheduled Friday to rele...
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By Bill Swindell
The House Financial Services Committee was expected to approve a measure today that would authorize $35 million in legal aid to borrowers on the verge of foreclosure, settling a dispute among Democrats on whether the language could b...
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By Bill Swindell
Senate Banking Chairman Christopher Dodd will introduce legislation today that would curb certain credit-card practices that consumer groups have labeled abusive, even while the Federal Reserve prepares rules to rein in such activities.
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By Bill Swindell
House Financial Services Chairman Barney Frank today took the blame for House leaders having to pull legislation that would benefit the credit union industry after it came under fire from banking groups. Frank said he overestimate...
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By Bill Swindell with Christian Bourge contributing
The banking industry is launching a last-minute bid against House legislation that would allow credit unions to greatly expand their membership into underserved areas, trying to derail the bill that was put on a fast track by Democr...
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OUTLOOK
By Darren Goode and Jerry Hagstrom, with Humberto Sanchez, Fawn Johnson, Bill Swindell, Megan Scully, Andrew Noyes, Anna Edney, Dan Friedman, Chris Strohm, Erin McPike, Peter Cohn and David Hatch contributing
As Congress reaches the middle point of what is likely to be its longest work period this year, both chambers are looking to finish the long-overdue farm bill conference and continue working toward a budget resolution as the appropr...
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By Bill Swindell
As they race toward clearing a housing stimulus measure, top Democrats are attempting to create the same environment that led to passage of the economic stimulus package.
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By Bill Swindell, with David Hess contributing
House panels approved three pieces of legislation Wednesday that will be part of a housing stimulus package to be debated on the floor during the first week of May.
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By Bill Swindell
The House Financial Services Committee began debate today toward approving legislation to allow the Federal Housing Administration to refinance up to $300 billion in new guarantees for subprime loans at risk of default, despite a Whi...
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By Bill Swindell
The House Financial Services Committee is expected to approve legislation later today that would provide $15 billion to states and cities to buy and rehabilitate foreclosed homes so they can place families back into them. Some Democ...
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By Bill Swindell
The SEC should consider taking action against credit-rating agencies that consistently miss the mark, including stripping them of their national certification status if they continue to engage in shoddy work, top Senate Banking Comm...
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By Bill Swindell
As Congress works to address the housing market downturn, the homebuilders have been the most aggressive lobby in pressing its case, ruffling many feathers along K Street in its advocacy.
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OUTLOOK
By Jerry Hagstrom and Megan Scully, with Fawn Johnson, Christian Bourge, Humberto Sanchez, Bill Swindell, Darren Goode, Dan Friedman, Anna Edney, Andrew Noyes, Chris Strohm, Erin McPike and David Hatch contributing
The House and Senate floors are likely to be lightly tread this week as members negotiate behind the scenes to finish a farm bill conference and to plan their maneuvers for moving a war supplemental appropriations bill and mull poss...
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By Bill Swindell
As he heads to a markup Wednesday, House Financial Services Chairman Barney Frank has tweaked his proposal allowing the Federal Housing Administration to refinance up to $300 billion in new guarantees for subprime loans at risk of...
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By Bill Swindell
Congressional Democrats served notice today that they want to move legislation curbing some credit card practices that have been labeled abusive, even while regulators write rules to rein in such activities. House Financial Services...
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By Bill Swindell
Despite reluctance from much of the housing-finance industry, House lawmakers are set to mark up legislation next week that would remove legal liability for loan servicers that restructure mortgages on their own in an attempt to hel...
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By Bill Swindell
Senate Banking Committee members today wrangled over the extent of federal intervention into rescuing homeowners at risk of foreclosure, as Democrats advocated legislation to allow the Federal Housing Administration to refinance up t...
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