Barack Obama

Obama Administration Walks Volcker Rule Tightrope

Brian Beutler | May 22, 2012, 5:34AM

President Barack Obama

The Obama administration will likely tighten rules to prevent federally insured banks from speculating with their money after financial giant JP Morgan lost billions of dollars -- and continues to hemorrhage -- on a risky bet intended to pad the firm's profits.

The acknowledgment by a senior administration official Monday threatens to reopen a protracted fight between Wall Street allies and the White House over imposing new rules on big financial companies in the wake of the 2008 crisis.

The administration hasn't specified any particular steps it would like regulators to take to shore up the so-called Volcker Rule -- a bid perhaps to avoid an ugly public fight with powerful interests in an election year. But inaction -- or a too-tepid response to JP Morgan's losses -- will hurt President Obama with key allies, who want to use the debacle to further rein in Wall Street.

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Financial Reform

Chamber CEO Backs JP Morgan And Dimon In Wake Of Huge Trading Losses

Brian Beutler | May 21, 2012, 12:38PM

Chamber of Commerce CEO Tom Donohue says further regulation is the wrong response to news that banking giant JP Morgan lost billions of dollars speculating with depositor money. And though he allowed that the development raises legitimate questions about the size of major banks, Donohue defended JP Morgan CEO Jamie Dimon from the criticism he's received since he announced the staggering losses 10 days ago.

"Nobody's clear about the Volcker Rule," Donohue told reporters at a Monday breakfast roundtable hosted by the Christian Science Monitor. "It's 270 some pages and if you gave it to six experts on the subject, they'd come back with seven interpretations what it means [but] I do also understand why the regulators start looking at the size of some of these places that they really worry."

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Chamber of Commerce

Chamber's Anti Health Care Advocacy Financed By Insurers, Big-Dollar Contributions

Brian Beutler | November 19, 2010, 2:25PM

A still from the ad "Afford" by Employers For A Healthy Economy

In 2009, a single $86.2 million contribution from the health insurance industry's largest trade association, AHIP, accounted for almost half of the Chamber of Commerce's total contributions. Much of that money was dedicated to the Chamber's then-escalating campaign against the health care reform bill -- a campaign the Chamber characterized as an advocacy effort on behalf of the broader business community.

In the below ad, for instance, the Chamber warned of "increasing health care costs for businesses and working families.

In his State of American Business Address earlier this year, Chamber CEO Tom Donohue bemoaned the plight of business owners.

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BP

Holt: Boehner And Chamber Are Wrong On Oil Spill Costs

Brian Beutler | June 10, 2010, 3:02PM

Rep. Rush Holt (D-NJ)

Rep. Rush Holt (D-NJ), lead sponsor of the Big Oil Bailout Prevention Act, says Minority Leader John Boehner and the Chamber of Commerce are wrong, wrong, wrong if they believe the government should pitch in to help BP cover the costs of the spill.

"The Minority Leader and the Chamber are wrong," Holt says. "BP is responsible for this disaster and BP - not the American taxpayer - should be responsible for every last cent of the cleanup costs and economic damages caused by the spill. My sympathies aren't with BP and Big Oil - my sympathies are with the small business owner, the restaurateur, the vacation home renter, the fishermen, and  the American taxpayer."

Holt's bill would raise the liability cap on oil companies and apply it retroactively to BP, whose exposure is limited to $75 million under current law.

BP

Boehner Spox Walks Back BP Spill Comments

Brian Beutler | June 10, 2010, 2:17PM

Rep. Mike Pence (R-IN), Rep. Eric Cantor (R-VA), and Rep. John Boehner (R-OH)

John Boehner spokesman Michael Steel emails to say Boehner does not believe that the government should be on the hook for the cost of the oil spill.

"Boehner made a general statement about who is responsible for the spill, and the federal government oversight was clearly lacking, but he has said repeatedly that BP is responsible for the cost of the cleanup," Steel writes, pointing me to a Boehner statement from May 3, several days after the spill began.

"The White House must ensure that BP bears the entire financial burden to clean up this disaster. Not a dime of taxpayer money should be used to clean up their mess."

But there's "clean up" and then there's clean up.

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John Boehner

Boehner: Government--i.e. Taxpayers--Should Help Pay For Oil Spill

Brian Beutler | June 10, 2010, 11:19AM

House Minority Leader John Boehner (R-OH)

Congressional Democrats and the White House are toying with different ways to force BP to cover the costs of damages from the Gulf oil spill. But they face stiff opposition from industry...and it seems leading Republicans. In response to a question from TPMDC, House Minority Leader John Boehner said he believes taxpayers should help pick up the tab for the clean up.

"I think the people responsible in the oil spill--BP and the federal government--should take full responsibility for what's happening there," Boehner said at his weekly press conference this morning.

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