Stacy Kaper

The Obama administration's massive 2011 budget proposal was notable for what it did not cover, including an outline for the future of Fannie Mae and Freddie Mac or a better sense of its priorities on regulatory reform legislation.

The Obama administration's 2011 budget offered few new details on how to build momentum for legislation that would rework the financial system, but predicted that regulatory reform would finally pass this year.

Sen. Richard Shelby, the Banking Committee's top Republican, said in an interview Thursday that he would eventually like to spin off the government-sponsored enterprises and privatize them, but that doing so will take a lot of time and money.

Despite President Obama's urgent plea to pass regulatory reform legislation, its outlook remained muddy following the State of the Union address.

Senate Banking Committee Chairman Chris Dodd is weighing whether to keep negotiating with Republicans on a regulatory reform bill or shift gears and take a partisan path, according to sources on and off Capitol Hill.

The fate of several financial services priorities, including proposed restrictions on large banks and the creation of a consumer protection agency, could receive a boost or lose steam depending on how much attention the president gives them.

In the past two weeks alone, President Obama has proposed two major initiatives — one to tax the largest banks and another to curb both their growth and their risk taking.

Scott Brown, whose victory cost the Democrats their filibuster-proof 60-seat majority in the Senate, opposed the tax, saying it would drive up consumer costs.

TV host Jon Stewart takes big banks to task on precrisis bonus payments; former Wachovia director joins U.S. Bancorp; ICBA chief starts community banking blog.

With it increasingly likely that a bipartisan reform bill in the Senate would not include an independent, powerful Consumer Financial Protection Agency, lawmakers are exploring alternatives.

House Financial Services Committee Chairman Barney Frank laid out his near-term agenda Wednesday, including a Jan. 22 hearing on executive compensation at financial companies and a Feb. 3 hearing on why banks are not lending more.

House Republicans launched their opposition on Tuesday to a bank tax proposal the Obama administration is developing to recoup taxpayer dollars spent bailing out the financial industry.

Sen. Bob Corker has asked the administration to justify removing the cap on Fannie Mae and Freddie Mac's government financing.

The notion that holding company oversight should be entrusted to a bank's primary supervisor is gaining traction on Capitol Hill.

The notion that holding company oversight should be entrusted to a bank's primary supervisor is gaining traction on Capitol Hill.

Senate Banking Committee Chairman Chris Dodd will not seek reelection this fall after months of dismal polling indicated the Connecticut Democrat's chances of winning a sixth term were bleak.

Senate Banking Committee Chairman Chris Dodd's decision not to seek reelection strengthens his ability to enact regulatory reform, but the final bill is also expected to be more moderate, observers said Wednesday.

The American Bankers Association made a pitch Tuesday to the Senate Banking Committee on its wish list for regulatory reform legislation, highlighting its opposition to a separate consumer agency for banks, efforts to gut federal preemption of state standards and taxing large institutions in advance for resolution costs.

Passing a regulatory reform bill through the House was a bruising, months-long fight that appeared ready to spin out of control. That battle may pale in comparison to the legislation's progress through the Senate.

WASHINGTON — Passing a regulatory reform bill through the House was a bruising, months-long fight that appeared ready to spin out of control. That battle may pale in comparison to the legislation's progress through the Senate.