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Daily Wrap up July 10 - Finance

The biggest U.S. banks, including Wells Fargo & Co. and Bank of America Corp., JP Morgan Chase and Citibank announced plans to stop exchanging the registered warrants for cash after Friday.

Geithner seeks more control on derivatives

Obama administration officials outlined comprehensive proposals to rein in the free-wheeling market in financial derivatives on Friday, which has been blamed for helping to create the global economic crisis, and proposed stronger investor protections.

Geithner seeks clampdown on derivatives dealers

U.S. Treasury Secretary Timothy Geithner on Friday proposed clamping down on dealers in freewheeling markets for derivatives, the little-understood, complex securities that helped create a crisis in U.S. and world financial markets.

Mid-Day Minute - July 10

'New GM' emerges, Oil rebound in 2010, AIG to pay more bonuses?

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Another Rash of Foreclosures Coming Soon

Some economic observers are predicting another wave of foreclosures later this summer or in the fall. That's because lenders that have held off on foreclosures as part of President Obama's plan will now move forward aggressively to clear the backlog of troubled mortgages.

Fannie, Freddie ease terms for mortgage refinance

The Obama administration on Wednesday expanded its foreclosure prevention efforts to help a greater number of underwater homeowners refinance their mortgages.

Treasury sets wide scope for new consumer agency

The U.S. Treasury on Tuesday sent Congress proposed legislation to create a new regulatory agency with sweeping powers to write and enforce tough new consumer protection rules for banks and other financial institutions.

Geithner eyes existing authority in reform plan

Treasury Secretary Timothy Geithner said on Thursday that he will submit to Congress legislative language on a new consumer protection agency in the next few days, but is also working on regulatory reform plans that use existing authorities.

Obama ready to fight for new financial agency

President Barack Obama said on Saturday he is ready to fight for a tough new agency to protect consumers from risky loans and other financial products and lashed out at groups that might stand in the way.

Congress carves into Obama financial rule reforms

Senior U.S. lawmakers launched an assault on Thursday on the centerpiece of the Obama administration's financial reform plan -- giving the Federal Reserve new powers to police broad risks in the economy.

Senators hit at core of Obama financial reforms

Geithner urges quick action by Congress on reforms

Treasury Secretary Tim Geithner urged Congress to act quickly on the Obama administration's regulatory reform proposals, saying past efforts had started too late after the will to act had faded.

Stock futures flat before data, Geithner in focus

Stock index futures were little changed on Thursday ahead of figures for weekly jobless claims and other indicators that investors hoped would show the recovery was gaining traction.

Stock futures flat before data, Geithner testimony

Stock index futures were little changed on Thursday ahead of figures for weekly jobless claims and other indicators that investors hoped would show the recovery was gaining traction.

Obama urges biggest financial reforms since 1930s

President Barack Obama laid out his vision for recrafting U.S. financial regulation on Wednesday, vowing to halt a cascade of mistakes ... over the course of decades that eroded bank and market oversight.

Obama pushes reform to restore investor confidence

President Barack Obama will lay out on Wednesday his vision for reshaping U.S. financial regulation, aiming to tighten oversight of the largest firms whose excessive risk-taking triggered a global recession.

Obama to unveil plans for financial rules overhaul

President Barack Obama will unveil on Wednesday his plans for reshaping U.S. financial regulation, with proposals to close one bank regulator and create new overseers for big-picture economic risk and consumer financial product safety.

China cuts US bond holdings, signal less reliance on US dollars

Chinese mainland's purchase of US Treasury bonds fell for the first time in 11 months to $763.5 billion in April, latest US government data showed on Monday.

White House says no to California budget help

The White House on Tuesday dashed hopes that the federal government would help California overcome a mammoth budget crisis that has brought the state dangerously close to an economic meltdown, saying the state will have to solve the problem on its own.

U.S. Chamber wants hands-off systemic risk regulator

The systemic risk regulator envisaged under a U.S. overhaul of financial regulations should not add an unnecessary layer of hands-on supervision, the U.S. Chamber of Commerce said on Tuesday.

Banks view regulation plans as just proposals

The U.S. banking industry played down the Obama administration's proposals on Monday for the most wrenching regulatory changes since the Great Depression as just that -- proposals.

IMF warns it too soon to roll back stimulus

The head of the IMF warned on Monday it was too soon to discuss rolling back stimulus spending, saying the world economy had yet to weather the worst of a recession that has hammered industrial output and claimed a record number of European jobs.

IMF chief warns it too soon to roll back stimulus

Obama's Five Steps for Improving US Finances

In the wake of the latest economic crisis, President Obama’s top economic officials today issued five proposals for improving the U.S. financial system that would expand the government’s authority to regulate financial companies and their products.

U.S. financial reforms outlined

Senior Obama administration officials on Monday said in a newspaper op-ed piece that a landmark financial regulation reform plan to be released this week will target capital requirements, securitization and other problem areas blamed for the global financial crisis.

Geithner says rebound will take time

U.S. Treasury Secretary Timothy Geithner said on Monday the financial system was beginning to thaw but any renewed pick-up in the economy would likely be slower than usual.