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COP Report: Modernizing the American Financial Regulatory System
January 29, 2009
COP released its special report on regulatory reform today. The report discusses how regulation would have averted the crisis that we are in today, and how the implementation of smart regulation will help the United States can prevent another financial crisis and determine our economic success in the years to come.
Watch video of Chair Elizabeth Warren introducing this report below.
The report examines how deregulation of financial markets over the last twenty-five years have returned the boom-and-bust cycles that had plagued the United States’ economy until reforms of the Great Depression ushered in a half-century of financial stability. The report specifically points to three areas of regulation that could have prevented the current economic crisis, specifically basic consumer protection rules, supervision of credit rating agencies, and regulation of companies that are “too big to fail.”
Read summaries of reports examined by Panel members in preparing this report:
COP Daily News Roundup
January 28, 2009
- American Banker - Looking Under the TARP
- WaPo - Treasury Moves to Restrict Lobbyists From Influencing Bailout Program
- NYT - Geithner Sets Limits on Lobbying for Bailout Money
- USA Today - Bailout firms have program recipients among their clients
- WaPo - Treasury Weighs Hard Choices To Save Banks
- Bloomberg - New York City Securities Industry Bonuses Fell 44% (Table)
- NYT - Bank of America Board Under Gun From Critics
- AP - 4 Years for Christian Milton, ex-A.I.G. Executive
- AP - Citigroup Will Not Take Possession of New Aircraft
- WaPo - Fed Adopts Program to Stem Foreclosures
- Bloomberg - FDIC May Run 'Bad Bank' in Obama Plan to Remove Toxic Assets
- WSJ - U.S. House Panel Approves Mortgage Measure
- NYT - Home Price Index Fell Again in Nov.
- WSJ - Unemployment Rises in Every State
COP Daily News Roundup
January 27, 2009
- NYT - Senate Confirms Geithner for Treasury Post
- Memphis Daily News - Banks Dodge About Where TARP Money's Gone
- Bloomberg - Banks With TARP Lend Less Than Those Without: Chart of Day
- AP - New bank bailout studied; lawmakers balk
- AP - US bets on bank execs to fix this mess
- FT - The Right and Wrong Way to Bail Out the Banks
- WSJ - Fannie Mae Seeks Billions From Treasury
- Bloomberg - Highest Rates in Generation Confront Everyone Without Fed Funds
- NYT - Bank of America's Difficult Choice
- NYT - For Fed Policy-Making, Murky Era Lies Ahead
- Bloomberg - Fed's Move Into 'Uncharted Waters' Spurs New Look at Forecasts
- NYT - Layoffs Spread to More Sectors of the Economy
- Reuters - Home sales tick up but job cuts deepen gloom
- WSJ - A Refinancing Crunch Emerges
- NYT - Barclays to Write Down ��8 Billion, but Asks for No Help
COP Daily News Roundup
January 26, 2009
- WSJ - Lending Drops at Big U.S. Banks: Top Beneficiaries of Federal Cash Saw Outstanding Loans Decline 1.4% Last Quarter
- NYT - Nationalization Gets a New, Serious Look
- Bloomberg - Summers Says TARP to Be 'Very Different' Under Obama
- Reuters - Obama aide won't rule out more money for bailouts
- Reuters - Pelosi signals willingness to add to TARP funds
- WaPo - Banks May Need More, Biden Says: Treasury to Report On Use of Bailout
- WaPo - Fed May Gain More Financial Oversight: Some Worry Plan Would Give Bank Too Much Power
- NYT - Obama Plans Fast Action to Tighten Financial Rules
- NYT - Six Errors on the Path to the Financial Crisis
- CNNMoney.com - Flood Of Foreclosures: It's Worse Than You Think: Banks are moving slowly to list repossessed homes for sale, which could mean that housing inventory is even more bloated than current statistics indicate
- WSJ - Earnings Season Expected to Be Dismal for Most Sectors
- Bloomberg - Slump Probably Deepened as Credit Froze: U.S. Economy Preview
- WSJ - California Towns Bail Out Auto Dealerships
COP Daily News Roundup
January 24, 2009
- WaPo - Obama to Decide Soon Whether to Add to Bailout: As Banks' Situation Worsens, Some Lawmakers Say $700 Billion Rescue Won't Be Enough
- Bloomberg - Obama Signals Tough Restrictions on Banks in Rescue Package
- NYT Blog - Geithner Says TARP Would Force Banks to Lend More
- HousingWire - Geithner Champions TARP Disclosure
- WaPo - Delays in Bank Aid Spur Frustration: As Requests Pile Up, Executives Leery Of Treasury's Silence on Bailout Decisions
- American Banker - Viewpoint: Guarantees More Useful Than Capital Infusions
- AP - Some bailout recipients upped lobby spending in 4Q
- NYT - Firms That Got Bailout Money Keep Lobbying
- Bloomberg - Freddie Seeks Up to $35 Billion From U.S.; Fannie May Follow
- NYT - Price Paid for Merrill Is Rising
- WSJ - Chrysler Set to Push Dealers to Buy More
- NYT - Sweden���s Fix for Banks: Nationalize Them
- WaPo - Wall Street Bonuses Draw Scrutiny in Bailout's Wake
- NYT - Costs and Tighter Rules Thwart Refinancings
- WSJ - FDIC Says 1st Centennial Bank Is Closed
- NYT - Credit Crisis Is Leaving Charities Low on Cash
COP Daily News Roundup
January 23, 2009
- WaPo - TARP Watchdog Will Ask Where Money Is
- WSJ - TARP Watchdog To Require Bks To Account For Fedl Money
- WSJ - Pressure Grows for More Rescue Funds
- WSJ - Firms Keep Lobbying as They Get TARP Cash
- USA Today - Fiat stumbles as Chrysler plan raises bailout funds questions
- WSJ - Thain Ousted in Clash at Bank of America: Surprise Losses at Merrill Unit Led to Former Chief's Fall; Pressure Is Seen Mounting on CEO Lewis Over Soured Deals
- Reuters - Goldman draws bailout critic's ire
- WaPo - By Switching Their Charters, Banks Skirt Supervision
- WSJ - Fed as Risk Regulator?
- WSJ - [UK] Bailout Critics Raising Voices Call for Accountability in Rescue of Bank Sector; 'A Big Bill for the Future'?
- NYT - Smaller Banks' Losses Expected to Bring Mergers
- WSJ - Regional Banks Prepare for Worst: Big Boosts in Loan-Loss Reserves Contribute to Weak Quarterly Earnings
COP Daily News Roundup
January 22, 2009
- WSJ - US House Lawmakers Register Their Disgust With TARP
- Reuters - U.S. House approves crackdown on financial bailout
- USA Today - Obama plans sweeping action on financial bailout
- Bloomberg - Geithner Pledges Prolonged Effort to Stabilize Banks
- Reuters - Geithner says financial plan due in weeks
- WSJ - Parsons Named Citi Chairman: After Denials, Bank Taps Former Time Warner CEO to Succeed Bischoff
- WSJ - AIG Loses Star Power in Core Business
- San Francisco Chronicle - Time to get to work
- Bloomberg - Roubini Predicts U.S. Losses May Reach $3.6 Trillion
- WSJ - Credit Losses Hurt Regional Banks
- AP - Home Construction Ends Worst Year Since 1959
COP Daily News Roundup
January 21, 2009
- NYT - Geithner Urges Quick Changes to Bailout Fund
- WSJ - Financials Plunge as U.S. Considers New Rescue Options
- Bloomberg - Treasury Demands Banks With TARP Funds Report Lending
- BusinessWeek - Bank Stocks: The Trouble with TARP: Financial stocks plunged Jan. 20 as investors worry about the strings attached to the U.S. Treasury's bailout of institutions like Bank of America
- WSJ - Home-Loan Banks Struggle to Maintain Capital
- American Banker - Giving B of A More Help, Did Government Tip Hand?
- American Banker - Tarp, Not Flagstar, May Save Thornburg
- Institutional Risk Analysis - To Stabilize Global Banks, First Tame Credit Default Swaps
- WSJ - A Kinder Bankruptcy Law Is Sought as Filings Soar
COP Daily News Roundup
January 17, 2009
- WSJ - U.S. Plots New Phase in Banking Bailout
- Bloomberg - Obama Financial Rescue May Revive Effort to Resolve Bad Assets
- Reuters - Paulson: TARP still needed for bank capital
- U.S. News - How Barack Obama's Bailout May Differ From Henry Paulson's
- WSJ - First Third of TARP Could Cost Taxpayers $64 Billion
- Thompson Financial News - Treasury Issues Interim Rule on TARP Conflicts of Interest
- Thompson Financial News - Paulson Defends TARP Implementation in Final Talk with Press
- WSJ - Bank of America Goes on Offense: Stock Falls on Quarterly Loss, Latest Bailout; Merrill Settles Subprime Suits
- NYT - For Bank of America, the Pressure Mounts Over Merrill Deal
- CNNMoney.com - Bailout Panel Discusses Funding Needs of US Carmakers
- NYT - In Search of One Bold Stroke to Save the Banks
- WSJ - FDIC Hopes to Kickstart Consumer Lending Through New Debt Guarantee
- WSJ - WSJ Interview: FDIC's Bair Fleshes Out 'Aggregator Bank' Idea
COP Daily News Roundup
January 16, 2009
COP Daily News Roundup for January 16, 2009
- WSJ - TARP Funds' Second Half Set for Release as Senate Signs Off on Request
- Bloomberg - Obama Wins Legislative Test as Senate Allows Use of TARP Funds
- WaPo - Senate Votes To Release Bailout Funds To Obama: Democrats in House Unveil $825 Billion Stimulus Package
- NYT - Senate Releases Second Portion of Bailout Fund
- ProPublica - While Congress Debates More Bailout Money, Treasury Is Already Spending It
- AP - Highlights of new bailout proposals
- BusinessWeek - TARP: The Sequel: Now, the debate over how to spend the second $350 billion of the government rescue program. This time, distressed homeowners may get help
- Washington Examiner - Robert Reich proposes how to handle the next TARP installment
- NYT - Some Ask if Bailout Is Unconstitutional
- NYT - Rescue of Banks Hints at Nationalization
- Houston Business Journal - Survey: Banks still bullish on TARP
- AP - Treasury releases bailout rules for small banks
- NYT - Citigroup Reports Big Loss and a Breakup Plan
- NYT - Bank of America Posts Loss as It Gets New Aid
- Reuters - BofA aid diverted from TARP first half: official
- WSJ - Big Holders of GM Debt Form Group to Negotiate
COP Daily News Roundup
January 15, 2009
AP - Obama awaits vote in Senate for $350B bailout
Bloomberg - Senate to Vote Tomorrow on Releasing TARP Funds
Reuters - Obama aides offer more assurances on bailout money
NYT - Obama Officials Ask Senate G.O.P. to Back Release of Bailout Money
NYT - Buyers for a Citigroup Fire Sale Have Probably Been Singed, Too
WSJ - Goldman Finds a Way to Dole Out Cash
WSJ - Rates Fall, but Refinancings Are Limited
NYT - Swindlers Find Growing Market in Foreclosures
Boston Globe - Tidy up the bailout
Houston Chronical - Trust, but verify: Reagan wisdom applies in today���s turbulence
Miami Herald - Bailout needs better oversight: OUR OPINION: Tighter rules should govern spending designed to stop meltdown
COP Daily News Roundup
January 14, 2009
The COP had a hearing today on regulatory reform. You can read the testimony from this morning���s hearing HERE.
- TradingMarkets.com - Economists Press Regulatory Reform, Warn Against Too Many Tax Cuts
- Dow Jones - Stiglitz: Stimulus Must Be Big, Provide Relief To States
- NYT - Banks in Need of Even More Bailout Money
- American Banker - House Debates Conditions for Rest of Tarp Funds
- WSJ - Fed Officials Say Ailing Banks Require More U.S. Funds
- WSJ - Rep. Towns Touts Wall Street Oversight
- American Banker - Fed, FDIC: Reconsider Tarp Asset Purchases
- Reuters - Treasury's Kashkari eyes TARP contingency funds
- American Banker - Treasury to Post S Corp Capital Plan
- WSJ - Citigroup Ready to Shrink Itself by a Third: Financial Giant to Shed Units, Curtail Trading to Return to Size Before Its Merger Spree; Deal to Split Off Smith Barney Sealed
- WSJ - Foreclosures Surged 64% in 2008
Watch COP Hearing: Modernizing America’s Financial Regulatory Structure
January 14, 2009
COP is holding a hearing this morning on regulatory reform and will be hearing from leading voices in this debate. Watch the hearing live below and read witness testimony here.
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COP Daily News Roundup
January 13, 2009
Starting today, the COP will add a new feature to its blog: a daily news round-up. Each day we will post an assortment of news stories about the TARP, financial regulation and the economic crisis.
- NYT - Release of More Bailout Money Gains Favor
- WSJ - U.S. Seeks Rest of Bailout Cash: Call to Deploy Remaining $350 Billion Comes as Citi, Rivals Face Steep Losses
- Bloomberg - Obama Asks Bush to Seek TARP Funds From Congress
- AP - Obama pressing for remaining $350B bailout funds
- Financial Times - Obama promises to overhaul Tarp
- Reuters - Final TARP funds aimed to help homeowners: W.House
- WSJ - Fed's Kohn Says Rest of TARP Should Aid Banks
- American Banker - Frank Touts Bill to Guide Obama Tarp Spending
- American Banker - FDIC Tells State Banks to Monitor Tarp Uses
- AP - Treasury developing tools to measure lending
- National Journal - Banks Look To Contain TARP PR Damage
- WSJ - UAW, Bondholder Talks Slow GM's Revamp
- WSJ - UAW Backs Idea of 'Car Czar'
- WSJ - Bernanke Says Stimulus Should Be Paired With Other Measures
- Pensions & Investments - Madoff scandal spurs SRO talk
Check here daily for the latest news on the TARP and the future of financial regulation.
Welcome to the New COP Site
January 9, 2009
Today, COP launches its new website.
We’ve designed the site to be easier to navigate and more appealing visually.
The site will also regularly feature the stories and questions you send us. We invite you to continue sending us your thoughts and questions, and feel free to comment on what you see as well.
Today is also the day that we are releasing our January Oversight Report. Watch the video below of Chairperson Warren announcing the second report and talking about our new site:
An Introduction From Elizabeth Warren
December 10, 2008
This is the first report on the Treasury Department���s use of authority under the Emergency Economic Stabilization Act of 2008 that the Congressional Oversight Panel (COP) is required to release.
Future reports will be released every 30 days.
