Fed proposes new bank capital rules, SEC approves circuit breaker rules, EU plans to adopt strict auto emission limits, and more.
- The Federal Reserve proposed raising the amount of funds banks are required to keep on reserve.
- Barnes & Noble Inc. wrote to the Justice Department (DoJ) objecting to the government’s proposed settlement of a price-fixing lawsuit with several major book publishers, arguing it will be hurt by the settlement. See related The Regulatory Review essay.
- A draft Chinese regulation would impose additional restrictions on online expression.
- The Securities and Exchange Commission (SEC) approved two “flash crash” circuit breaker rules.
- Brazilian regulators stated they will penalize Chevron for November 2011 oil spill, although the amount is still to be determined.
- New York City Mayor Bloomberg said he plans to support New York Governor Cuomo‘s proposal limiting some police authority over marijuana.
- Former EPA region 6 administrator at the center of the “crucify” comments controversy cancelled a scheduled appearance before a congressional committee.
- U.S. Comptroller of the Currency (Treasury) Thomas Curry testified to Senate Committee on Banking, Housing and Urban Affairs that JPMorgan’s risk-containment policies contained inadequate risk management, which resulted in the $2 billion-plus loss.
- The Consumer Financial Protection Bureau (CFPB) issued a final rule establishing procedures for its investigations of potential violations of federal consumer financial law.
- Reuters reported that the European Commission will adopt more stringent carbon emissions standards for automobiles.
- The Securities and Exchange Commission (SEC) ordered OppenheimerFunds Inc. to pay more than $35 million in fines for allegedly making misleading statements to investors about two company mutual funds.
- The Senate Environment and Public Works Subcommittee on Clean Air and Nuclear Safety heard recommendations on siting nuclear waste facilities.
- To reduce fatalities from distracted driving, U.S. Secretary of Transportation Ray LaHood announced a plan “Blueprint for Ending Distracted Driving”.
- The Canadian government released details of a new plan to reduce aviation emissions and to lower fuel costs.
