SEC Official Elisse Walter Chosen to Lead Agency
(WASHINGTON) — President Barack Obama has chosen Elisse Walter, one of five members of the Securities and Exchange Commission, to become chairman of the agency. Chairman Mary Schapiro will leave next month after a tumultuous tenure in which she helped lead the government’s regulatory response to the 2008 financial crisis. Walter will take over at a critical time for the SEC, which is finalizing new rules in response to the 2008 financial crisis. She can serve through 2013 without Senate approval because she’s already been confirmed to the commission. Obama will need to nominate a permanent successor before Walter’s term ends. News reports have suggested that Mary John Miller, a top Treasury Department official, is among those mentioned as a potential candidate. (MORE: Obama Selects Three Financial Regulators) Walter, who is a Democrat, was appointed to the SEC in 2008 by President George W. Bush. Earlier, she was a senior official at the Financial Industry Regulatory Authority, the ...
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Mary Schapiro Stepping Down as SEC Chair
(WASHINGTON) — Mary Schapiro will step down as chairman of the Securities and Exchange Commission next month after a tumultuous tenure in which she helped lead the U.S. government’s regulatory response to the 2008 financial crisis. President Barack Obama designated Elisse Walter, an SEC commissioner, to replace Schapiro. Schapiro will leave Dec. 14, the SEC said Monday. She was appointed by Obama in the midst of the worst financial crisis since the Great Depression. She took over after the agency failed to detect the Bernard Madoff Ponzi scheme. (MORE: Obama Selects Three Financial Regulators) Schapiro is credited with helping reshape the SEC after it was accused of failing to detect reckless investments by many of Wall Street’s largest financial institutions before the crisis. And she led an agency that brought civil charges against the nation’s largest banks. But critics argued that she failed to act aggressively to charge leading individuals at those banks who may have contributed ...
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Banks Waive Fees for Residents in Path of Hurricane Sandy
Anticipating a storm-related cash crunch and bill-paying delays, Chase and Citibank announced on Sunday that they would waive overdraft, ATM, and/or late fees for customers in New York, New Jersey, and Connecticut who will get hit by historic Hurricane Sandy over the next 72 hours. JP Morgan Chase — the nation’s largest bank — sent an e-mail to customers Sunday night informing them that all overdraft fees and late fees on credit cards and business and consumer loans would be waived through Wednesday, Oct. 31. Customers have until the end of business Thursday to make sure their accounts and balances are up-to-date to avoid a fee. (MORE: 11 Weirdest Election-Themed Products) Similarly, Citibank announced that fees would be waived for New York City residents who use another bank’s ATM, according to The Wall Street Journal. As of Sunday evening Bank of America had not announced any specific move that would eliminate fees for any of the estimated 50 million people in the path of Hurricane ...
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PODCAST: All you can eat and the September jobs sheet
Friday, October 5, 2012 - 11:16 Scott Barbour/Getty Images The Telegraph reports a Mongolian barbeque in Brighton banned two very regular customers for life, calling them "pigs" and accusing them of eating the business into the ground. U.S. employers added 114,000 jobs in September . The unemployment rate fell to 7.8 percent, the same place it was when President Obama took office. On both counts, the numbers surpassed economists' expectations. Presidential economic adviser Alan Krueger and Romney adviser Glenn Hubbard share their reactions to this morning's jobs report . Along with September's employment report, the Labor Department also revised up job gains August and July. In August, in particular they now say the economy added 50 percent more jobs than the original estimate. The markets are happy, but there are some sobering details behind the headline jobs numbers. The unemployment rates for blacks, hispanics, and young people were unchanged, while there were job gains in industries ...
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United States: FERC Forms New Office To Focus On Cybersecurity - Morgan Lewis
In the absence of new federal cybersecurity legislation, FERC uses its available authority in an effort to increase the resilience of the nation's critical electric infrastructure to cyber attacks.
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