Finance

Approximately $143 million in funding available; BPU approves additional 51 megawatts to spur further development of solar energy systems

(November 10, 2009 - Newark, NJ) - Public Service Electric and Gas Company (PSE&G) today received approval from state regulators to expand its innovative solar loan program by approximately $143 million to finance the installation of an additional 51 megawatts of solar energy systems on homes, businesses and municipal buildings throughout its electric service area.    » read more »

Washington, D.C., Nov. 10, 2009 — The Securities and Exchange Commission today charged the former chief financial officer of a New York-based hedge fund with securities fraud for arranging secret sales of securities from his personal trading account to the hedge fund accounts at inflated prices to generate his own illicit profits.    » read more »

Proposal to Create a Sound Economic Foundation to Grow Jobs, Protect Consumers, Rein in Wall Street, End Too Big to Fail, Prevent Another Financial Crisis

November 10, 2009 -- Today Senate Banking Committee Chairman Chris Dodd (D-CT) was joined by fellow committee members Jack Reed (D-RI), Charles E. Schumer (D-NY), Robert Menendez (D-NJ), Daniel K. Akaka (D-HI), Jon Tester (D-MT), Mark Warner (D-VA), Jeff Merkley (D-OR) and Michael Bennet (D-CO) to unveil a tough, bold bill to reform the way that our financial system is regulated.    » read more »

Testifying as former Indiana governor who had to balance books, Bayh leads “institutional insurrection” before Senate Budget Committee

November 10, 2009 -- Washington – In testimony before the Senate Budget Committee today, Senator Evan Bayh (D-IN) said he would not vote to raise the federal debt limit unless Congress commits to a strict new process to rein in America’s record $12 trillion national debt.

“Who would have thought that the Budget Committee would be the site for the beginning of an institutional insurrection, but here we are,” Bayh testified before the committee. “Many of us count ourselves as pragmatists not idealists, moderates not extremists. Yet here we are, asking for a change in the way business is done in Washington.”    » read more »

November 9, 2009 -- The U.S. Department of the Treasury today announced that the Capital Assistance Program (CAP) which was set up to provide a mechanism for additional taxpayer support in financial institutions subject to the Supervisory Capital Assessment Program (SCAP) will close today with no investments having been made. Earlier today, the Federal Reserve announced that 18 of the 19 banks participating in the SCAP or "stress tests" were shown to have no additional capital need or have now fulfilled their need in the private market.    » read more »

Will hire 325 additional bankers to help business owners Demonstrates Chase's support for small business, overall U.S. economy

NEW YORK, November 9, 2009 - Chase announced today that it plans to increase its lending to small businesses by up to $4 billion in 2010, boosting expected new lending to about $10 billion to this vital segment of the U.S. economy.

This will provide businesses with increased access to working capital, term loans for expansion, commercial mortgages, lines of credit, and business credit cards. While the $4 billion in additional credit will be available to qualified businesses with annual sales of less than $20 million, the majority of new loans will be targeted to companies with sales of less than $10 million.    » read more »

Nearly $760 Billion in Credit Extended Since TARP Investment Began

CHARLOTTE, N.C., Nov. 9 -- Today, Bank of America issued its third quarterly Lending & Investing Initiative report, which outlines the company's progress in driving economic recovery through 10 key areas, including lending to consumers and businesses of all sizes, support for municipalities and nonprofits, community development and other initiatives.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b )

The report, which delivers on a commitment to provide greater transparency into the company's lending and investing efforts across the enterprise, demonstrates how Bank of America is using the government's investment in the company to support the U.S. economy.    » read more »

11/4/2009 -- Washington, D.C. – Today, Congressman John Sarbanes voted to protect American consumers by accelerating implementation of the critical credit card reforms contained in the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009, signed into law by President Obama earlier this year. The bipartisan Expedited CARD Reform for Consumers Act, passed by a vote of 331 to 92, moves up the effective date for these critical card reforms from February 22, 2010 to the date the bill is signed into law. By moving up the start date of much of this act, consumers will be protected from the abusive practices of the credit card industry.    » read more »

November 04, 2009 -- Washington, DC - Rep. Linda Sánchez worked to accelerate critical reforms that will protect consumers from the abusive practices of the credit card industry. The House of Representatives passed a bill today to move up the effective date for credit card reforms to Dec. 1, 2009, from Feb. 22, 2010.

“This marks a step forward in bringing consumers badly-needed relief, said Rep. Linda Sánchez. “Congressional action became necessary because of gamesmanship by credit card companies. It may be a little late for Halloween, but the bill tries to turn the credit card companies’ tricks into a treat for consumers. ”    » read more »

November 4, 2009 -- Washington, D.C. – Speaker Nancy Pelosi issued the following statement today after the House passed the Expedited CARD Reform for Consumers Act, which will move up the effective date for nearly all of the credit card reforms to the date the bill is signed into law. The bill passed by a vote of 331 to 92.

“Today, the House voted overwhelmingly to send a strong and clear message to credit card companies: we will hold you accountable for your anti-consumer practices.

“The Expedited CARD Reform for Consumers Act speeds up the effective date of a law passed in May known as the Credit CARD Act that provides for commonsense reforms and for strong consumer protections.    » read more »

Urges Constituents to Contact Him if Facing Unfair Credit Card Practices

Washington, DC, Nov 4 - Today, Congressman Scott Murphy voted to speed up critical reforms to protect consumers from abusive credit card industry practices. By passing the bipartisan Expedited CARD Reform for Consumers Act, Congress moved up the start date of much of the Credit CARD Act, acting to limit the worst practices of credit card companies before the full law takes effect next year. In addition, Congressman Murphy is urging his constituents to contact him if they are facing any unfair credit card fees and practices.    » read more »

House Passes Legislation to Enact Tough, Timely Protections To Go Into Effect Immediately

November 4, 2009 -- WASHINGTON, DC – Today, Congresswoman Doris O. Matsui (D – Sacramento) joined her colleagues in the House of Representatives to pass H.R. 3639, the Expedited CARD Reform for Consumers Act of 2009, of which she is a co-sponsor. This sensible, consumer-oriented legislation works to ensure that Americans are protected from harmful lending practices as soon as possible. With passage, this legislation moves the effective date for credit card protections Rep. Matsui supported earlier this year from February 22, 2010 to the day which follows President Obama’s signature.    » read more »

Rep. Frank Debates Republican Colleagues

November 4, 2009 -- Washington, DC – The House of Representatives today voted to approve legislation which would push up the effective date of credit cards reform, which had been scheduled for next year. The new bill would make the reforms effective immediately upon the signing of the bill by the President.    » read more »

4 November 2009 -- WASHINGTON, DC -- Representative Steve Driehaus today voted to support the Expedited CARD Reform for Consumers Act of 2009, which would move up the implementation dates of the Credit Card Accountability Responsibility and Disclosure (CARD) Act to December 1, 2009. Since the CARD Act was signed into law in May, many credit card companies have increased interest rates and reduced credit lines for customers before the law’s effective date, increasing burdens on consumers and cutting off credit for families and businesses.    » read more »

November 5, 2009 -- WASHINGTON, DC – Today, Congresswoman Lois Capps voted to accelerate critical reforms enacted earlier this year that will protect consumers from the abusive practices of the credit card industry. By moving up the start date of much of the Credit CARD Act (H.R. 3639), Congress can limit the worst practices of credit card companies before the full law takes effect. The Credit CARD Act implemented tough regulations on the credit card industry and empowered consumers by equipping them with the tools they need to manage their own credit.    » read more »