RAW STORY– US President Barack Obama on Saturday urged senators to grant the Federal Reserve a dramatic expansion of its regulatory powers and to establish a new consumer protection committee to help safeguard Americans from Wall Street’s excesses. “These reforms are essential,” Obama said in his weekly radio address. “As I’ve urged over the past year, we need common-sense rules … Read More
BLOOMBERG– U.S. taxpayers may be on the hook for as much as $23.7 trillion to bolster the economy and bail out financial companies, said Neil Barofsky, special inspector general for the Treasury’s Troubled Asset Relief Program. The Treasury’s $700 billion bank-investment program represents a fraction of all federal support to resuscitate the U.S. financial system, including $6.8 trillion in aid … Read More
FOX NEWS– China will continue buying U.S. government debt while paying close attention to possible fluctuations in the value of those assets, a vice governor of Beijing’s central bank said Monday. Investing in U.S. Treasury bills is “an important component part of China’s foreign currency reserve investments,” People’s Bank of China Vice Governor Hu Xiaolian said at a news conference … Read More
BLOOMBERG– To close out 2009, I decided to do something I bet no member of Congress has done – actually read from cover to cover one of the pieces of sweeping legislation bouncing around Capitol Hill. Hunkering down by the fire, I snuggled up with H.R. 4173, the financial-reform legislation passed earlier this month by the House of Representatives. The … Read More
