Word: congression
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...similar restrictions at the federal level, nervous investors sold off the pawnshop stocks. When the most restrictive proposal - a 36% cap proposed by Senator Richard Durbin, a Democrat from Illinois - failed to win support, the shares rebounded. However, the Senator has reintroduced the bill in the current session of Congress, and it could ultimately find its way into financial-industry reform. More worrisome to investors is the potential power of a Consumer Financial Protection Agency, part of the financial-reform bill recently passed by the House and under consideration in the Senate. Under the current versions of the bill...
...more regulations, please. That was the message from top executives at four of the nation's largest financial firms on Wednesday, spoken to a commission set up by an act of Congress to investigate the causes of last year's credit crunch. But more than a year after poor lending standards, unregulated products and bonus bonanzas helped spark the worst recession since the Great Depression, many say that reining in Wall Street is the only way to prevent another financial crisis. (Read "Hearings to Begin on Causes of Financial Crisis...
...Still, many believe the government needs to do more to rein in risky behavior on Wall Street. Among the proposals that have been promoted by President Barack Obama and Congress are a systemic regulator that would be on guard for markets and participants that were creating unseen risks in the financial system. Last month, the House of Representatives passed a bill that would create a new agency to protect consumers and regulate products like mortgages and credit cards. Even the Independent Community Bankers Association, which has fought new regulations of the financial sector, says the government needs to do more...
...decision to offer a censored search page prompted an outcry from human-rights activists and some members of Congress that the company was turning a blind eye to its "Don't be evil" motto for the sake of access to the lucrative Chinese market. "Google came into the market bending some of its own rules," says Mark Natkin, managing director of Marbridge Consulting in Beijing. "It was intoxicated with the prospect of this enormous and still just-beginning-to-develop market. I think it always knew it was already having a little bit of misgiving about being in the market...
...forces already have a list of the private armies being run by warlords," says veteran politician Aquilino Pimentel, a Senator. As Banlaoi puts it, "The biggest challenge to getting rid of these groups are the close political connections of those running them to figures in power and allies in Congress...