SEC’s Schapiro: Money-Market Funds’ Stable NAV Is a ‘Fiction’
SEC Chairwoman Mary Schapiro reiterated to senators Thursday that further reforms to money-market funds are necessary, saying the funds still “pose a significant risk” to the nation’s economy.
JPMorgan’s Dimon to Senators: $2 Billion Loss ‘Isolated Event’
“In hindsight,” JPMorgan Chase CEO Jamie Dimon told the Senate Banking Committee on Wednesday, “traders did not have the requisite understanding of the risks they took.”
Combatants Gear Up for SRO Hearing
Their collective rallying cry: an SRO isn’t needed—particularly if that SRO is FINRA. What to do instead? Fund the SEC so that it can conduct more frequent advisor exams.
The Next Congress
This year’s congressional elections hold considerable potential to reshuffle power on Capitol Hill.
Senate Banking’s Johnson Asks JPMorgan’s Dimon to Testify
Sen. Tim Johnson, D-S.D., chairman of the Senate Banking Committee, said Thursday that he planned to hold the first hearing regarding the JPMorgan losses on Tuesday, May 22.
Senate Banking Committee to Hold Hearings on JPMorgan Loss, Other Key Issues
Sen. Bob Corker called Friday for a hearing on the JPMorgan loss. The Banking Committee chairman said Monday the group would hold a series of hearings that will cover that situation, along with money-market funds and Dodd-Frank.
Rep. Bachus Targeted for Insider Trading in Ethics Probe
House Financial Services Committee Chairman Spencer Bachus is under investigation regarding allegations that he may have violated insider-trading laws.
Fed Asks Congress to Ease Lending Standards and Housing Inventory
Quincy Krosby, chief market strategist for Prudential Annuities, thinks the 'Fed will probably give us QE3' this year, but will focus on buying mortgage-backed securities rather than Treasuries.
Obama Uses Recess Appointment to Name Cordray to Head CFPB
President Barack Obama on Wednesday named Richard Cordray through a recess appointment as the director of the Consumer Financial Protection Bureau, a move that Senate Republicans cried is unconstitutional.
Senators Cite Deficiencies in FHFA's Oversight of Fannie and Freddie
As part of an ongoing series of hearings on how to reform housing finance, the Senate Banking Committee heard testimony on Tuesday from the Federal Housing Finance Agency’s first inspector general, Steve Linick.