politics

WASHINGTON (Reuters) - Two senators who authored legislation aimed at pressuring China to lift the value of its yuan said on Thursday they asked the Commerce Department to investigate alleged Chinese currency "manipulation." Sen. Charles Schumer, a New York Democrat, and Lindsey Graham, a South Carolina Republican, said the department has legal authority to determine whether China's currency practices are a form of subsidy and if so, impose tariffs on Chinese imports. "Commerce has authority under existing law to initiate investigations that can help U.S. industries and protect U.S. jobs, and we are urging the Department to use that authority," the senators wrote in ... Read Full Story

WASHINGTON (Reuters) - U.S. Treasury Secretary Timothy Geithner said on Thursday that no financial firm should be able to escape regulation, and the largest institutions need oversight from a single, strong regulator. "The regulation of the largest, most interconnected firms requires tremendous institutional capacity, clear lines of authority and single-point accountability. This is no place for regulation for council or by committee," Geithner said in testimony to the congressional Joint Economic Committee. The Treasury, as part of sweeping Obama administration reform plans, has proposed that the Federal Reserve be given powers to oversee the largest financial firms. Geithner's comments signaled opposition to proposals favored ... Read Full Story

Treasury Secretary Timothy Geithner is pushing Congress to move quickly in overhauling the nation's badly flawed financial rules, which he says is essential for the health of the economy. Both the House and Senate are making progress toward revamping the current regulations, but Geithner said a rapid conclusion is needed to keep the economic recovery on track. "To ensure the vitality, the strength and the stability of our economy going forward, we must bring our system of financial regulation into the 21st century," Geithner said in remarks prepared for an appearance Thursday before the Joint Economic Committee. Both the House Financial Services Committee and ... Read Full Story

I started writing this post before it was known that Mary Landrieu had accepted a $100 million bribe for her vote on healthcare reform. While it now seems pointless to fight this legislation anymore because the end result will be passage no matter how much bribe money Harry Reid has to offer I have decided to post in anyway. The one and only victory that conservatives can claim in the battle over the healthcare reform bill that came out of the House of non-Representatives was on the issue of federal funds being used for abortions. Other than that victory the battle was a complete ... Read Full Story

WASHINGTON — Political frustration over the rescue of Wall Street and high unemployment erupted in the House Thursday, with one committee threatening to impose tighter scrutiny on the Federal Reserve and another trading verbal insults with Treasury Secretary Timothy Geithner. The House Financial Services Committee voted, 43-26, to approve a measure sponsored by Texas Republican Ron Paul, vociferously opposed by the Fed, that would direct the congressional Government Accountability Office to expand its audits of the Fed to include decisions about interest rates and lending to individual banks. The Fed says the provision threatens its ability to make monetary policy without political interference. Treasury ... Read Full Story