Administration officials have estimated the tripling of the $1 billion program could fund an additional 500,000 new car sales, giving automakers a late summer boost after months of ragged sales.
The House voted today to slap restrictions on how Wall Street executives are paid after nine banks that took government aid rewarded thousands of their employees with bonuses topping $1 million each.
Congress wants to give the government a direct role in deciding how much executives on Wall Street are paid, after the nation's biggest banks accepted billions in taxpayer money and still managed to distribute $1 million bonuses to thousands of employees.
If a Securities and Exchange Commission proposal that advisers deducting fees from client accounts conduct annual surprise audits is enacted, such audits could cost as much as $24,000 apiece, some three times the $8,000 estimated by the SEC, according to the Financial Planning Association.
The so-called say-on-pay legislation that the House Financial Services Committee is scheduled to act on tomorrow will apply to top brokerage executives, not stockbrokers, Committee Chairman Barney Frank, D-Mass., said today.
The effect of stock market volatility on families' retirement savings is just one issue that Congress should be concerned about, according to a report issued July 14 by the Congressional Research Service in Washington.
The American Council of Life Insurers is worried about efforts to establish a voluntary disability in-surance program.
The Securities and Exchange Commission will likely reissue a rule that classifies equity index annuities as securities and subjects them to federal oversight.
Tucked into proposed legislation that would place new compensation regulations on top corporate executives, Rep. Barney Frank, D-Mass., has specifically called for financial institutions to adhere to stricter executive pay programs that could potentially be subject to government approval.
Depending on the outcome of health care reform, investment opportunities could be found in a variety of related sectors, including pharmaceuticals, biotechnology and even certain insurers.
The case for the proposed consumer financial protection agency is clear, Treasury Secretary Timothy Geithner told Congress today — but not to Federal Reserve Chairman Ben Bernanke.
Certified public accountants who practice in New York — even if they are licensed in other states — will have to register with the New York State Education Department Office of the Professions when a new law goes into effect July 26.
Key regulators on today broke with the Obama administration, reaffirming their belief that some new powers to monitor big institutions against financial threats should go to an interagency council not the Federal Reserve.
Concerns that a new consumer watchdog agency proposed by the Obama administration could play a role in overseeing retirement plan products are unfounded, Rep. Barney Frank, D-Mass., said today at a press conference on Capitol Hill.
The White House proposal to give the Securities and Exchange Commission the authority to ban mandatory-arbitration contracts falls short in looking out for investors' interests, according to attorneys who represent investors in securities disputes.
Ameriprise Financial Services Inc. has agreed to pay $17.3 million to settle charges that it received nearly $31 million in undisclosed compensation for selling its brokerage customers real estate investment trusts between 2000 and 2004, according to the Securities and Exchange Commission.
Financial advisers are overwhelmingly in favor of adopting a uniform fiduciary standard for investment advisers and broker-dealers alike, and they also think that the industry should be governed by a single regulatory body.
Financial advisers are troubled by an administration proposal that would allow the Securities and Exchange Commission to ban commissions and take other sweeping actions regarding their fees.
Two House committees today approved the Affordable Health Choices Act, a health care reform bill that would expand health insurance to 97% of Americans.
Going beyond their past call for a professional oversight board for financial planners, the Financial Planning Coalition today will ask Congress to bring under one organizational umbrella all advisers who provide financial planning services.
