Thursday, July 26, 2012

Lawmakers react to Weill's call to break up banks

Welcome to the morning roundup. Here's a look at today's banking and finance news. 

Breaking up the banks. Former U.S. Senator Phil Gramm, who helped pave the way for giant global banks, said breaking up those lenders won't make them safer, Bloomberg reports. That comes after former Citigroup Inc. CEO Sandy Weill said Wednesday on CNBC he would now support dismantling financial holding companies, splitting investment banking from consumer banking. Also Thursday, former Connecticut Senator Chris Dodd defended his signature banking legislation on CNBC, drawing a contrast with Weill's comments. 

Dodd-Frank's anniversary. Congressman Jeb Hensarling weighs in on the two-year anniversary of the Dodd-Frank financial reform legislation in the Wall Street Journal, saying its rules "are proving to be some of the most confusing, complex and harmful our capital markets have ever seen." 

Rate-rigging. Treasury Secretary Timothy Geithner was questioned Wednesday on the Libor scandal, with lawmakers at a House hearing wondering why he failed to stop the wrongdoing during the financial crisis, the New York Times reports. 

Jobless claims fall. The number of people filing new claims for unemployment benefits in the U.S. fell last week to near a four-year low, Reuters reports. Stock futures climbed on that news and a rise in durable goods orders. But experts said the economy still appears stuck in a rut.


Anonymous said...

Nothing about Ron Paul's "Audit The Fed" bill passing by a 327-98 margin in the House? With Mel "I bankers" Watt among the NO votes?

Bonus: Video of Harry Reid calling for an audit of the Fed back in 1995, saying that "There is no entity in the world that controls our lives more than the Federal Reserve".​watch?v=oXOsZ7Ad7dM

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