Finance

Washington, D.C. -- November 17, 2009 -- "Good afternoon. I am joined here by some of my partners in the new effort we are launching today, Secretary of the Treasury Tim Geithner, Secretary of Housing and Urban Development Shawn Donovan, and Robert Khuzami, the Director of Enforcement at the Securities and Exchange Commission, who is here representing SEC Chairwoman Mary Schapiro.    » read more »

November 17, 2009 -- WASHINGTON -- Attorney General Eric Holder, Treasury Secretary Tim Geithner, Housing and Urban Development (HUD) Secretary Shaun Donovan, and Securities and Exchange Commission (SEC) Chairwoman Mary Schapiro today announced that President Barack Obama has established by Executive Order an interagency Financial Fraud Enforcement Task Force to strengthen efforts to combat financial crime.    » read more »

Federal Reserve action does not stop significant overdraft loan abuses; FAIR Act is needed to provide comprehensive consumer protections.

November 17, 2009 -- Washington, DC -- The Consumer Federation of America today urged the Senate to protect consumers from unauthorized and extremely expensive overdraft loans. Jean Ann Fox, Director of Financial Services for the Consumer Federation of America testified before the Senate Banking Committee on the need for Congress to pass the FAIR Overdraft Coverage Act, S. 1799, to rein in overdraft loan abuses.    » read more »

November 18, 2009 -- Today's Small Business Financing Forum marks another step in the Obama Administration's commitment to ensuring small businesses can play a crucial role in leading job growth and recovery. As they search for the best ideas and strategies to bring to the President, Treasury Secretary Tim Geithner and Small Business Administrator Karen Mills will build on the measures the Obama Administration has already taken to help small businesses expand through increased access to credit and new tax cuts as part of the American Recovery and Reinvestment Act.

Obama Administration's Actions to Support Small Business

I. Improving Access to Credit    » read more »

$500 million Commitment to New Program

November 17, 2009 -- November 17, 2009 – The Goldman Sachs Group, Inc. (NYSE: GS) today announced the launch of 10,000 Small Businesses -- a $500 million initiative that will unlock the growth and job-creation potential of 10,000 small businesses across the United States through greater access to business education, mentors and networks, and financial capital. It is based on the broadly held view of leading experts that a combination of education, capital and support services best addresses the barriers to growth for small businesses. Program highlights include:    » read more »

November 17, 2009 -- Washington, DC -- Today, Congressman Hodes introduced and passed an amendment to financial industry reform legislation that would prevent more taxpayer-funded bailouts from occurring in the future. Congressman Hodes offered his amendment to the Financial Stability Improvement Act of 2009 in order to ensure that taxpayers are never again forced to pay for the reckless mistakes of Wall Street executives. The Financial Services Committee passed the amendment unanimously.    » read more »

November 17, 2009 -- WASHINGTON – Senator Carl Levin, D-Mich., introduced legislation today that would provide flexible loans to small businesses suffering from a lack of credit due to poor economic conditions or changes in the financial market.    » read more »

November 17, 2009 -- "Mr. President, I introduce today the Small Business Intermediary Lending Pilot Program Act of 2010.

As a member of the Small Business and Entrepreneurship Committee I have been concerned about access to affordable financing for small businesses.    » read more »

November 17, 2009 -- WASHINGTON, DC – Senator Ted Kaufman (D-DE), a member of the Senate Judiciary Committee, released the following statement after the Obama Administration’s announcement of a Financial Fraud Enforcement Task Force earlier today:

“I applaud the President’s creation today of an interagency Financial Fraud Enforcement Task Force. As I’ve said since my first week in office, we need to hold accountable the people and institutions whose criminal behavior contributed to the worst financial crisis in my lifetime. That is the only way for investors and the public again to have confidence in the financial markets.”    » read more »

Senator has pushed for action to investigate and prosecute financial fraud

November 17, 2009 -- (WASHINGTON, D.C.) – U.S. Senator Byron Dorgan (D-N.D.) said today’s announcement that the Justice Department will ramp up efforts to crack down on financial fraud “is critical to bring these modern day bank-robbers to justice, necessary to restore confidence in our financial system, and I applaud the Department of Justice for taking this action.”

Dorgan has been pushing for increased investigations and prosecutions of those who wrongly profited from the financial collapse. In January, Dorgan introduced the Taxpayer Protection Act (S. 195), which would, among other things, investigate and prosecute financial fraud that contributed to the collapse of our financial markets.    » read more »

Washington, D.C., Nov. 16, 2009 — The Securities and Exchange Commission today charged four individuals and two companies involved in perpetrating a $30 million Ponzi scheme in which they persuaded more than 300 investors nationwide to participate in purported environmentally-friendly investment opportunities.

The SEC alleges that Wayde and Donna McKelvy, who were previously married and living in the Denver area, particularly targeted elderly investors or those approaching retirement age to finance such "green" initiatives of Pennsylvania-based Mantria Corporation as a supposed "carbon negative" housing community in rural Tennessee and a "biochar" charcoal substitute made from organic waste.    » read more »

November 17, 2009 -- WASHINGTON – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for September 2009. The next release, which will report on data for October 2009, is scheduled for December 15, 2009.

Net foreign purchases of long-term securities were $40.7 billion.

* Net foreign purchases of long-term U.S. securities were $55.7 billion. Of this, net purchases by private foreign investors were $44.8 billion, and net purchases by foreign official institutions were $10.9 billion.
* U.S. residents purchased a net $15.0 billion of long-term foreign securities.

Net foreign acquisition of long-term securities, taking into account adjustments, is estimated to have been $31.7 billion.    » read more »

Nov. 16, 2009 -- WASHINGTON, D.C. - While Congress has debated legislation to reform Wall Street, the financial services industry has showered members of the Senate and House banking committees with about two and a half times as much money, on average, as other members of Congress, according to a new Public Citizen report.

The industry - including banks, investment firms, insurance companies and real estate companies - has given $42 million in campaign contributions to lawmakers and their leadership political action committees since the current election cycle began in November 2008. The industry has concentrated its contributions on members of the House and Senate banking and the congressional leadership, the report showed.    » read more »

National Mobilization Continues to Demand End to Multi-Billion Dollar Bonuses at Bailed Out Banks and the Too Big To Fail Doctrine

November 16, 2009 -- Washington, D.C.--Today, hundreds of workers, clergy members, community leaders, and other taxpayers converged on the Washington, D.C. headquarters of Goldman Sachs to demand the bank put an end to multi-billion dollar bonuses, reject the Too Big To Fail Doctrine, and use their anticipated $23 billion bonus pool to help families facing foreclosure.

Taxpayers also called on Congress to take immediate action on real financial reform.    » read more »