The government should continue to play a role in any new system of housing finance Congress develops, Treasury Secretary Timothy Geithner told lawmakers on Tuesday as they began to debate an overhaul of the way Americans buy their homes.
The U.S. mortgage finance system should be revamped, government guarantees should be clearly defined and risk priced accordingly, Treasury Secretary Timothy Geithner plans to tell Congress on Tuesday.
With the housing sector still on the ropes, the Obama administration on Tuesday will begin to sketch out plans for the market's two biggest financing pillars, Fannie Mae and Freddie Mac.
Treasury Secretary Timothy Geithner on Monday will reaffirm the Obama administration's demands for a financial reform bill that provides strong protections for consumers and strong constraints on risk taking by big financial firms.
Republicans in the House of Representatives on Friday recommended the country's top two mortgage finance companies, the recipients of a massive government bailout during the height of the financial crisis, be phased out in four years in order to restore stability to the housing market.
Current Fannie Mae and Freddie Mac mortgage-backed securities are likely to retain U.S. government backing should Congress create a new system for financing U.S. homes, Federal Reserve Board Chairman Ben Bernanke said on Wednesday.
A House panel will hold a hearing exploring regulatory failures leading up to the collapse of Lehman Brothers, after a court-appointed examiner report found elaborate accounting tricks that helped to hide the investment bank's insolvency.
A Republican lawmaker requested a congressional hearing on a bankruptcy examiner's report on Lehman Brothers Holdings Inc , saying the findings cast doubts on the Federal Reserve's supervisory role.
Members of Congress on Tuesday threatened Beijing with duties on some of its exports if it fails to revalue its currency, pressuring the Obama administration to label China a currency manipulator.
European Union finance chiefs failed on Tuesday to resolve a row over new rules to control hedge funds, a spokeswoman for the EU's Spanish presidency said.
(Updates to note senators' news conference on Tuesday)
President Barack Obama faced growing congressional pressure on Monday to get tough with China over its currency practices, one day after Chinese Premier Wen Jiabao brushed off accusations that Beijing was undervaluing its currency for an unfair trade advantage.
President Barack Obama faced growing congressional pressure on Monday to get tough with China over its currency practices, one day after Chinese Premier Wen Jiabao brushed off accusations that Beijing was undervaluing its currency for an unfair trade advantage.
Senator Charles Schumer said on Friday he plans to move forward soon on legislation aimed at stopping China from manipulating its currency.
U.S. retail sales rose unexpectedly last month despite heavy snow storms that were thought to have kept shoppers at home and bolstered hopes of a sustainable economic recovery.
In mid-January, a who's who of Wall Street gathered to hear Paul Volcker, the former Federal Reserve chairman whose role in the White House seemed at best unclear.
U.S. Treasury Secretary Tim Geithner has written to the European Commission warning that plans to regulate hedge funds and private equity firms could cause tensions with Washington, the Financial Times reported.
Treasury Secretary Timothy Geithner said on Wednesday that fundamental reform of the government's role in the housing finance market is needed and it will be next year before proposals are ready for Congress.
Treasury Secretary Timothy Geithner on Tuesday said the Obama administration's strategy to halt recession and contain the financial crisis has been effective, but vowed to continue stabilization efforts.
Top Greek officials pressed their case on Tuesday for curbs on speculative trading they blame for pushing the country into crisis, but the Obama administration reacted coolly, saying it was working on its own plans to make trading more transparent.
Greek Finance Minister George Papaconstantinou on Tuesday proposed a ban on derivative trading techniques that increase debt costs for countries like Greece which struggle to cut their deficits.
Four Democratic senators entered into the clean energy vs. jobs fray, charging that too much federal stimulus money for wind energy projects is going to foreign suppliers and creating jobs abroad instead of in the U.S. The administration and the domestic wind energy industry immediately rejected the lawmakers' charges, as the political pressure to reduce unemployment continued to fuel the economic debate in Washington.