Law and regulation

Ahead of two votes in the House of Representatives on Republican-backed spending and tax bills, Senate Democrats ripped into House Speaker John Boehner's so-called "Plan B," calling the proposals to avoid going over the fiscal cliff a "nonstarter" in the upper chamber and deepening the partisan impasse ahead of a year-end deadline to avert a series of automatic tax increases and across-the-board spending cuts.

The Clearing House spent 10 months and $2 million to plan a simulation of a large bank failure — and the results are not only fascinating, they're exemplary.

Invesco PowerShares Capital Management today said it plans to close 13 ETFs, which represent less than 1% of Invesco PowerShares’ total assets.

SEC Chairman Elisse Walter may hire as her top lawyer a former enforcement director from the main U.S. derivatives regulator.

Speaker of the House John Boehner said Tuesday that House Republicans would introduce a bill to raise tax rates for millionaires as a “Plan B” in case his negotiations with President Obama on averting the fiscal cliff fail to produce an agreement.

The Board of Trustees of the Direxion Shares ETF Trust has decided to liquidate and shutter three exchange-traded funds because of their “inability to attract sufficient investment assets.”

President Obama lowered his tax revenue demand by $200 billion and offered to start tax rate increases at $400,000 in income instead of $250,000, moving closer to a budget deal with House Speaker John Boehner.

The Financial Services Institute is calling on the leaders of a Senate committee to pass a resolution expressing the "sense of the Congress" that the current tax system includes valuable incentives that encourage Americans to save for retirement and should be preserved.

The lingering effects of the recession, increased health care costs, and uncertainty from the federal government hang over states even as many expect to see revenue collections and spending levels increase in the coming year.

The fiscal cliff negotiations have brought taxes to the forefront of people's minds. What does it all mean for municipal bonds as an asset class?

The Internal Revenue Service said Thursday that low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2012 and the years ahead.

States are creating fiscal risks for themselves by neglecting to control the costs of tax incentives for economic development, according to a new report from the Pew Center on the States.

House Republicans continued their attacks on the Volcker Rule on Thursday, arguing it was unnecessary and overly complex just a day after Federal Reserve Board Chairman Ben Bernanke signaled regulators were close to finalizing it.

Financial crises will not be a suitable excuse for oversight in suitability according to the regulator’s decision against Merrill Lynch.

The Board of Trustees of the Altrius Small Cap Value Fund, a series of the Northern Lights Fund Trust, has decided to liquidate the fund on December 28, according to a Securities and Exchange Commission filing.

Chief financial officers of U.S. companies aren’t overly concerned about the fiscal cliff, according to a survey by Grant Thornton.

The Securities and Exchange Commission is turning over its leadership with the departure of yet another high-ranking official.

Federal Reserve Board Chairman Ben Bernanke said Wednesday that regulators are nearing completion of a contentious rule that will ban proprietary trading at U.S. firms.

JPMorgan Chase CEO said the U.S. economy would thrive next year if lawmakers reach an agreement to avoid the so-called fiscal cliff of spending cuts and tax increases.

More than 150 chief executive officers, including JPMorgan Chase & Co.’s Jamie Dimon and Goldman Sachs Group Inc.’s Lloyd Blankfein, called on President Barack Obama and House Speaker John Boehner to compromise on a budget deal that would include new tax revenue and spending cuts.