Corporate Governance

Federal Reserve Chairman Ben Bernanke indicated Wednesday that an exemption to new limits on debit-card fees for smaller banks may not be effective.

Bernanke, testifying before the Senate Banking Committee on the Dodd-Frank financial reform law, said smaller banks exempted from new limits on so-called interchange fees may be required by market forces to lower their rates to compete.

Merchants are crying foul in advance of a hearing on debit card fees after prepared testimony from a Visa executive appeared to misquote a merchant representative.

The spat marks the latest in what has been a particularly vigorous and sometimes nasty fight on Capitol Hill over new limits on so-called interchange fees included in the Dodd-Frank financial reform law.

Republicans on the Senate Banking Committee are worried that regulators implementing the Dodd-Frank financial reform law may be sacrificing quality for speed.

In a copy of a letter obtained by The Hill, the senators warned that regulators were not allowing enough time for the public to weigh in on proposed rules or properly analyzing the costs and benefits to the economy of those proposals in their rush to meet statutory deadlines.

A hearing intended to explore the underpinnings of the financial crisis provided a fresh opportunity for lawmakers to fight ongoing partisan battles.

Six of the 10 members of the Financial Crisis Inquiry Commission (FCIC) appeared before the House Financial Services Committee on Wednesday to discuss the panel's report, which marks the first official governmental take on the financial crisis that drove the recession.

The far-reaching study provided multiple opportunities for lawmakers to air their grievances on a variety of subjects, ranging from government housing policy to the Wall Street reform law.

Democrats on the House Financial Services Committee hammered Republicans Tuesday for cutting the budgets of Wall Street regulators. 

House Oversight Committee Chairman Darrell Issa (R-Calif.) continued his hunt for burdensome government regulations at a hearing Thursday, inviting business officials to discuss the hoops they must jump through to meet government rules.

However, his push was met by pushback from Democrats on the panel, who argued that some regulations play a necessary role in protecting workers and consumers and should not be rolled back to boost corporate profits.

The Environmental Protection Agency is a popular target for companies and business groups asked about what government rules and regulations they consider burdensome. 

On Monday, Rep. Darrell Issa (R-Calif.), the chairman of the House Oversight and Government Reform Committee, released hundreds of pages of responses to a letter he sent asking for input on regulations. The release of the documents comes as the oversight panel is getting set to host a Thursday hearing on the impact of regulations on job creation.

Riffing on the movie "Groundhog Day," a nonpartisan group focused on government transparency is highlighting its push on lobbying disclosures.

The commission examining the causes of the financial crisis said regulators, policymakers and Wall Street titans are culpable.

Rep. Darrell Issa (R-Calif.) has said he wants to hear from American business owners about burdensome regulators, and now he is streamlining the process for doing so.