http://www.cnbc.com/id/37619671


By: Reuters | 10 Jun 2010 | 02:04 PM ET Text Size LONDON - Following is a timeline of U.S. efforts to tighten financial regulations in the wake of the 2007-2009 financial crisis:

January 28, 2009 - President Barack Obama meets members of his economic team at the White House to discuss financial "re-regulation."

February 4 - U.S. Treasury announces restrictions on executive pay for banks getting assistance from the government.

March 10 - Some of the largest U.S. public pension funds unveil guidelines for regulations aimed at restoring confidence in capital markets, including a bigger role for shareholder activists from their ranks.

March 26 - Obama administration announces plans to rewrite financial rules that would create a single regulator to monitor any firm whose failure could threaten the financial system, while also tightening rules for big hedge funds and private equity firms. The proposal would give the government authority to shut down troubled financial firms.

May 13 - The administration sketches out a framework for regulating financial derivatives. The recommendations call for subjecting all over-the-counter derivatives dealers to "a robust regime of prudential supervision and regulation," including conservative capital, reporting and margin requirements.

May 19 - The Senate approves a bill to curb sudden credit card interest rate increases and hidden fees.

June 8 - The internal watchdogs of five major U.S. financial regulatory agencies will have to be appointed by the president in the future under a bill approved by the House of Representatives -- a step meant to increase their independence and influence.

June 17 - Obama lays out a financial reform plan that would vest the Federal Reserve with new powers over "systemic risk." The plan calls for the elimination of the U.S. Office of Thrift Supervision.

August 26 - Federal Deposit Insurance Corporation (FDIC) releases a final policy on the qualifications to acquire failed banks.

August 28 - The FDIC say it is extending the amount of time it keeps new banks under strict supervision, to seven years, from three, saying recent bank failures indicated that new institutions pose an elevated risk to the insurance fund that safeguards bank deposits.

September 17 - The Securities and Exchange Commission orders flash order ban and approves new rules to govern rating agencies.

November 17 - Obama establishes Financial Fraud Enforcement Task force.

December 11 - The House of Representatives approves the biggest changes in financial regulation since the 1930s. The 1,279-page bill aims to safeguard the financial system and ward off future crises. All the chamber's Republicans and 27 Democrats vote against it.

January 21, 2010 - Obama threatens to fight Wall Street banks with a new proposal to limit financial risk-taking. The proposal, which requires congressional approval, would prevent banks from investing in, owning or sponsoring a hedge fund or private equity fund.

January 28 - Senate backs Ben Bernanke for a second four-year term running the Federal Reserve, despite deep misgivings over his perceived policy missteps.

March 10 - The controversial "Volcker rule" to curb risky trading by banks gets a boost in the Senate, as two Democrats introduce a bill that will enact and expand the rule.

March 22 - The Senate Banking Committee passes a 1,336-page bill for financial regulatory reform. The panel votes 13-10 along party lines after bipartisan talks break down. The vote pushes the fight over the issue to the full Senate.

April 16 - Federal regulators charge Goldman Sachs with fraud over its marketing of a debt product tied to subprime mortgages that was designed to fail.

April 22 - Obama scolds Wall Street for its "furious efforts" to fight tighter regulation, saying the U.S. was doomed to another financial crisis if reforms were not implemented.

April 29 - Senate opens debate on Wall Street reform with an amendment to bar use of taxpayer funds in any future government actions to dismantle financial mega-firms that get into trouble.

May 11 - The Senate unanimously votes to expose the details of the Fed's emergency lending during the financial crisis.

May 12 - Reversing an earlier plan drawn up by Senator Christopher Dodd, the Senate approves an amendment by a 90-9 vote to preserve Fed supervision of hundreds of smaller banks, instead of transferring them to other regulators.

May 20 - The Senate approves -- by a vote of 59 to 39 -- landmark Wall Street reform legislation. The Senate bill must be merged with measure passed by House in December.

Copyright 2009 Reuters.