I think it's a bit early to label the administration's financial regulatory reform proposals a "damp squib." This wouldn't be the first time that the run-up to a major policy announcement announcement out of the Obama White House depressed expectations but observers found themselves pleasantly surprised when the details were unveiled.
WASHINGTON (AP) — Congress is finally close to a vote to rewrite the outdated and highly criticized No Child Left Behind education law.The compromise legislation, approved Thursday by House and Senate negotiators, would sharply reduce the federal role in education policy but still require students to be tested in reading and math in grades three to eight, and once in high school.The conference committee action paves the way for a vote in the House during the first week of December, and days later in the Senate.
Moments ago, the in a 241-185 vote, the House passed passed H.R. 3189, aka Fed Oversight Reform and Modernization Act. The bill would make changes to how the Fed conducts monetary policy and regulatory activities and would direct the Fed to take a rules-based approach to interest rate decisions; require audits of more Fed functions such as monetary policy; and place restrictions on its emergency lending powers. In other words, everything that the banks that are direct and indirect stakeholders in the Fed would fight to the death to prevent.
Rep. Hakeem Jeffries doesn't expect Congress to get much done this year. Jeffries explained why he doesn't expect much from Congress during a roundtable with local reporters at his district office in Brooklyn Thursday. The New York Democrat predicted there won't be any "significant legislative matters tackled" in Congress until after the midterm elections in November.
And we're back! The Senate returns today after being off since December 20 while the House comes back in session having been off since December 13. After the nasty fiscal cliff fight at the end of 2012, lawmakers (and journalists) were happy to have a few weeks off to return to their districts and spend time with their families over the holidays.
[5:20 pm ET] Thirteen Italian banks suffered additional credit ratings cuts on Monday, which directly led to the losses in Italy and Spain as well as traders are now focused on more cuts to come for Spain. In this WIR, in the section on International Equity Markets, I look at a couple Spanish banks. From Friday’s scoreboard, I could as easily looked at the Italian banks or the French banks or the German banks or the British banks.