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Entries tagged "Frank"House leaders spell out auto conditionsCongressional Democrats sent letters to the heads of Chrysler and GM, urging them to describe specifically how they will position their companies to become competitive. Congress jumps all over Madoff scandalCongressmen from both sides of the aisle are jumping at the chance to launch another round of congressional hearings, and the latest topic is the Bernard Madoff scandal. First to announce planned hearings into the alleged $50 billion Ponzi scheme is Rep. Paul Kanjorski, D-Penn., and likely to follow suit is Rep. Barney Frank, D-Mass.... Kashkari takes Congress' tongue-lashing in strideCool, calm and collected. That's the only way to describe the point man for the government's $700 billion financial rescue package Wednesday as he faced angry lawmakers and at one point was even asked to step aside. In testimony before the House Financial Services Committee, Neel Kashkari, the assistant treasury secretary serving as the interim chief of the bailout operation, said the Troubled Asset Relief Program has made "remarkable progress since the president signed the law only 68 days ago." ... House members lash out at Kashkari, each other over TARPLawmakers from both sides of the aisle blasted the Treasury Department Wednesday for failing to responsibly administer the $700 billion Troubled Asset Relief Program and for failing to address foreclosures and enforce lending obligations on banks. ... Wall Street has roughly $20B set aside for 2008 bonusesAlthough 2008 has shaped up to be one of the worse years since the Great Depression for Wall Street, neither massive layoffs nor outright bankruptcies will deter year-end bonuses from going out to many bankers. ... Where Wall Street meets Main Street and CongressHouse Financial Services Committee Chairman Barney Frank is threatening to subpoena two hedge funds and a hedge fund association for a hearing next month. The two funds, Braddock Financial Corp. and Greenwich Financial Services, told The New York Times that they might take action if mortgage service companies participated in government-backed plans to renegotiate delinquent loans in a way that undercut their interests. ... Congress' role in the equity infusionsIf Treasury Secretary Henry Paulson and a series of congressional Republicans had gotten their way, there would have been no equity infusions in financial institutions.... Frank: Open to adding insurance to bailout billAn insurance plan pushed by a cadre of Republican members of the House of Representatives would mean lawmakers would have to "start from scratch" and legislation would not be approved in a timely manner. At least that's the perspective of House Financial Services Committee Chairman Barney Frank, D-Mass., about a measure introduced by Rep. Eric Cantor, R-Va., that would mostly replace the government mortgage-backed asset purchase plan with a proposal to have the federal government insure mortgage-backed securities. Frank late Friday acknowledged that Democrats could agree to some insurance plan as part of the overall deal.... Markets, Dems react to McCain's comments?Did Sen. John McCain's scaremongering send the markets into negative territory Wednesday? No sooner had the Republican presidential candidate announce he was suspending his campaign and requesting that Friday's presidential debate be postponed, than the market started tanking. ... McCain calls for Cox's headThe presidential candidates and members of Congress have the good fortune not to have any immediate responsibility for addressing the carnage on Wall Street, because judging by their knee-jerk comments from the campaign trail and Capitol Hill, it's probably the American economy's good fortune too. ... Mark your calendars for Congressional hearingsTo get a handle on events they have only been able to see from the sidelines, Capitol Hill lawmakers are filling in their calendar with hearings examining the actions taken by Treasury Secretary Henry Paulson to combat the meltdown on Wall Street. Senate Banking Committee Chairman Christopher Dodd was forced to cancel Sept. 16 and 18 hearings on the bailout of Fannie Mae and Freddie Mac and the state of the commercial banking industry because his primary witnesses were, um, tied up trying to stem further collapse of the capital markets. Now, he'll try to tackle the whole mess in... Soapbox: The reformationIn The Daily Deal Thomas P. Vartanian (left) and Robert C. Schwenkel, of Fried, Frank, Harris, Shriver & Jacobson LLP, analyze the U. S. Treasury Department's proposed reforms to restructure the federal financial regulatory system. In an ambitious effort calculated to establish the boundaries of a long-term national debate on financial regulation, the U. S. Treasury Department proposed reforms to substantially restructure every aspect of the federal financial regulatory system. The reforms include proposals to make the Federal Reserve the guardian of market stability and extend comprehensive federal regulation to the insurance industry, payments systems and mortgage market participants. Nothing... Top tagsYou have executed a tag search on Dealscape. On the left,you will find a comprehensive list of stories tagged "Frank." Below are the most-popular tags for Dealscape. On the right of the page you will find a search box to dig deeper into our content.
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