Sweeping

In last week’s story titled “Sweeping Financial Regulatory Reform Clears Senate” (see NGI, May 24), NGI incorrectly stated that both the Federal Energy Regulatory Commission and the Commodity Futures Trading Commission carried out legal action against Amaranth Advisors LLC and its principal over the manipulation of gas futures prices in 2006. Both agencies have carried out legal action only against Amaranth Advisors LLC. NGI regrets the error.

The Senate late Thursday passed historic, broad-based legislation that calls for a sweeping overhaul of the nation’s financial regulatory system, including regulation of the over-the-counter (OTC) derivatives market for the first time.

The Senate late Thursday passed historic, broad-based legislation that calls for a sweeping overhaul of the nation’s financial regulatory system, including regulation of the over-the-counter (OTC) derivatives market for the first time.

Late Wednesday the Senate appeared ready to end a three-day standoff over consideration of a bill encompassing a sweeping reform of the financial regulatory system and move the measure to the floor for debate. Senate Banking Committee ranking Republican Richard Shelby of Alabama conceded that his negotiations with Chairman Chris Dodd, D-CT, aimed at getting concessions in advance had failed and released his fellow Republicans to vote their conscience.

Late Wednesday the Senate appeared ready to end a three-day standoff over consideration of a bill encompassing a sweeping reform of the financial regulatory system and move the measure to the floor for debate. Senate Banking Committee ranking Republican Richard Shelby of Alabama conceded that his negotiations with Chairman Chris Dodd, D-CT, aimed at getting concessions in advance had failed and released his fellow Republicans to vote their conscience.

Democrats Tuesday fell short of winning enough votes to move forward with limited debate on their sweeping legislation to reform the financial regulatory system.

Democrats Tuesday fell short of winning enough votes to move forward with limited debate on their sweeping legislation to reform the financial regulatory system.

In a major speech Thursday directed at Wall Street, President Obama called on the titans of industry to “join us” in supporting sweeping reform of the financial regulatory system, and he urged industry lobbyists to put a stop to their “furious” attempts to shape the legislation to their special interests.

In a major speech Thursday directed at Wall Street, President Obama called on the titans of industry to “join us” in supporting sweeping reform of the financial regulatory system, and he urged industry lobbyists to put a stop to their “furious” attempts to shape the legislation to their special interests.