Justice Official to Be Nominated to Top Labor Slot
WASHINGTON — Seeking to fill yet another second-term Cabinet vacancy, President Barack Obama is set to nominate Thomas Perez, an assistant attorney general, to be the next secretary of labor, the White House says. If confirmed by the Senate, Perez, who has been head of the Justice Department’s Civil Rights Division for 3½ years, would take over the Labor Department as Obama undertakes several worker-oriented initiatives, including an overhaul of immigration laws and an increase in the minimum wage. Before taking the job as assistant attorney general, the 51-year-old Perez was secretary of Maryland’s Department of Labor, Licensing and Regulation, which enforces state consumer rights, workplace safety and wage and hour laws. Obama planned to announce Perez’s nomination Monday morning at the White House. In choosing Perez, the son of immigrants from the Dominican Republic, Obama would be placing an already high-ranking Hispanic official in a Cabinet slot. Perez, a lawyer with a degree ...
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White Promises ‘Unrelenting’ Enforcement at SEC
WASHINGTON — Mary Jo White vowed Tuesday to make “bold and unrelenting” enforcement of Wall Street a high priority if she is confirmed chairman of the Securities and Exchange Commission. White, a former federal prosecutor, says investors need to know the playing field is level and that wrongdoers will be “aggressively and successfully” pursued. “Strong enforcement is necessary for investor confidence and is essential to the integrity of our financial markets,” said White, 65, in prepared remarks to the Senate Banking Committee, which is considering her nomination. White is expected to face tough questions from senators about her decade of legal work representing some of the nation’s largest banks and corporations. But ultimately, she is expected to win confirmation from the panel and the full Senate. She would replace Elisse Walter, who has been interim SEC chairman since Mary Schapiro resigned in December, and become the first former prosecutor to lead the top regulator ...
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FundWatch: Money funds moving to publish NAVs daily
Large money market funds in the $2.7 trillion industry are moving to disclose the value of their funds each day, a decision that could impact the battle in Washington over further regulation of the industry.
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Big Bank Epiphany: Adding New Fees May Be Bad For Business
Could 2013 be when big bank customers finally get some relief from the onslaught of fees they’ve weathered in recent years? According to some bank industry analysts, the answer is a qualified yes. Fees aren’t going away entirely, and the experts say penalty fees in particular will continue to creep higher, but a new regulatory climate in Washington has put banks on notice that piling on costs is not the best way to do business. “The whole landscape changed after the election,” says Ken Thomas, an independent bank consultant and economist. With Obama in the White House and celebrated Wall Street watchdog Elizabeth Warren in the Senate and likely within reach of a seat on the Senate Banking Committee, “regulators feel emboldened. They feel a new sense of purpose,” he says. “Banks want to do what they can to minimize complaints. They’re being a little more consumer sensitive than they were before.” After last year’s debit card fee debacle, in which Bank of America had to ...
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Goldman Sachs switches support to Romney
Tuesday, October 9, 2012 - 11:22 RICHARD A. BROOKS/AFP/Getty Images Goldman Sachs has long supported Democrats in the presidential contest. But not this year. Why Goldman and other Wall Street banks are throwing their support behind Mitt Romney. Goldman Sachs has long supported Democrats in the presidential contest. Goldman employees gave generously to then-Senator Barack Obama in 2008. But not this time. Goldman, along with the majority of people who work at big Wall Street banks, are backing former Massachusetts Gov. Mitt Romney instead. One big reason? Dodd-Frank. Banks initially opposed the federal government's 2010 regulation of the financial sector. Perhaps even more significant, however, was the sense that Goldman and other highly influential institutions suddenly seemed a little less influential in Washington. Accustomed to members of Congressional Financial Services committees coming in for office visits, and frequent telephone communication, under Obama's White House, communciation ...
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