The Obama administration this week sent Congress legislation seeking to impose broad new oversight on derivatives, the complex financial instruments blamed for hastening the global economic crisis. The plan is designed to bring transparency to, and prevent manipulation in, a …
Legislation that would temporarily extend the National Flood Insurance Program (NFIP) until March 31, 2010, was introduced into Congress yesterday. House Financial Services Housing Subcommittee Chairwoman Maxine Waters, D-Calif., and Committee Chairman Barney Frank, D-Mass., introduced the extension bill, which …
The Obama administration will call for a new U.S. Treasury Department office on insurance but won’t propose federal regulation of the industry in the sweeping financial reform plan it will unveil Wednesday. The Office of National Insurance, as proposed, would …
The Obama administration stepped up its push for tougher bank and financial firm rules Thursday, scheduling a briefing for lobbyists, with a focus on insurance oversight, and sending a top regulator to a Senate hearing to discuss plans for regulating …
The Obama administration is studying a long-discussed proposal to create a U.S. agency that would protect consumers who buy financial products, possibly as part of a major package of reforms, congressional aides said on Tuesday. The proposal, offered as legislation …
Health care reform hasn’t completely overwhelmed federal regulation as a concern in Washington, at least for insurance agents. They believe that given all of the current financial turmoil, some type of financial regulatory reform is likely this year. “Congress is …
The Obama Administration has come out in opposition to expanding the federal flood insurance program by letting it add coverage for wind damage. The administration said it opposes the expansion because it would further burden the debt-ridden flood program and …
A congressional panel will examine whether an optional federal charter for insurance companies is needed, the chairman of the U.S. House Financial Services Committee said Tuesday. The committee’s panel on insurance and capital markets is launching a series of hearings …
Oh, for the days when a little irrational exuberance was the biggest problem facing the world’s bankers and financiers. It is way beyond that now. With the financial world mired in a stubborn credit crisis and the U.S. economy in …
