Word: chairmaned
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...London summit was that of Iran, Afghanistan's influential neighbor on its western flank. "The approach of this conference is still towards increasing military actions in Afghanistan," an Iranian official told the official Fars news agency. Tehran's decision to stay away, said British Foreign Secretary and conference chairman David Miliband, was "inexplicable...
...turf-based: how to structure the resolution authority and regulate systemic risks, a loophole exempting "industrial loan companies" from various regulations, more loopholes shielding community banks and auto dealers (known for their pull with local Congressmen) from the new consumer agency's direct oversight. House Financial Services Committee chairman Barney Frank points out that the Republican alternative to the bill consisted of ending TARP and otherwise maintaining the status quo; he's surprised the GOP hasn't paid a political price. "I'm disappointed with the zeitgeist," Frank says. "The Republicans are so extreme they couldn't help themselves; they...
...fact, while Volcker did have some policy disagreements with Geithner and National Economic Council chairman Larry Summers - who were not eager to dismantle large banks and did not see how proprietary trading contributed to the crisis - those ideas had support from White House economists like Christina Romer and Austan Goolsbee of the Council of Economic Advisers and Jared Bernstein in Vice President Joe Biden's office. Volcker was never really persona non grata; he's friendly with Biden, and Goolsbee says Volcker spoke "extensively and repeatedly" with all the key players - including Obama. Still, White House officials were increasingly frustrated...
...already in the works, but after Volcker made his case at a White House meeting in October, the rest of the Administration started shifting his way. Giant firms like Goldman Sachs were raking in record profits, and financiers ranging from British central banker Mervyn King to former Citigroup chairman John Reed were endorsing the Volcker rule. (See the worst business deals...
...issue this complex, with so many contentious provisions and alternative proposals floating around, naysayers are always going to be able to find a populist excuse to say nay. For example, some in both parties have turned to Fed-bashing, trying to strip the agency's regulatory powers and opposing Chairman Ben Bernanke's nomination for a second term. Who knows? In 2010, "Bailout Ben" could be just as potent a populist issue as "financial reform...