U.S. senators Tuesday tried to pin the blame for the Gulf of Mexico oil spill on the companies involved, scrutinizing their safety practices and demanding full compensation be paid for the cleanup. In hearings before two Senate committees, lawmakers accused …
Big oil goes under the spotlight Tuesday when U.S. lawmakers grill top executives on a drilling rig explosion and oil spill that threatens an environmental catastrophe in the Gulf of Mexico. The hearings come during a desperate race against time …
House Financial Services Committee Chairman Barney Frank, D-Mass., has introduced legislation extending the federal flood insurance program from its current May 31 deadline through September 30, 2010. Frank’s bill would again give Congress more time to address broader reforms and …
BP Plc engineers will search for a solution Sunday after suffering a setback in an attempt to contain oil gushing into the Gulf of Mexico with a huge metal dome, dashing hopes for a quick, temporary solution to a growing …
A three-day U.S. Senate standoff over efforts to overhaul financial regulation ended on Wednesday as Republicans dropped efforts to block a Democratic bill in exchange for a handful of concessions. A deal to proceed came after Democrats threatened to keep …
The federal government wants to save taxpayers billions of dollars by reducing spending on crop insurance after years of big profits by insurers, but the industry claims the reductions could hurt rural areas. The U.S. Department of Agriculture is negotiating …
A bill to overhaul the troubled U.S. National Flood Insurance Program, which covers more than five million homes and businesses in flood-prone areas, was approved on Tuesday by a congressional committee. The bill, if approved in the full House and …
Senate Republicans have proposed an alternative to Democrats’ financial regulation legislation, according to a document obtained by Reuters on Tuesday. Below are their key proposals. ORDERLY LIQUIDATION No resolution fund. Three-part procedure for triggering new a process to dismantle large …
American International Group (AIG) has “remained relatively stable” thanks in great measure to the more than $180 billion in taxpayer assistance the giant insurer has received since March 2008, according to a new government report on the Troubled Asset Relief …
The fraud charges against Goldman Sachs & Co. that rocked financial markets Friday are no slam dunk, as hazy evidence and strategic pitfalls could easily trip up government lawyers. Yet that hardly matters, experts say, because the allegations will kick …
