10 bailed-out banks spent $16M lobbying

10 bailed-out banks spent $16M lobbying

NEW YORK

The 10 banks that received the most bailout aid during the financial crisis spent more than $16 million on lobbying efforts in the first half of 2010, as the debate over financial regulatory reform reached its height.

Disclosure reports show that the banks that got the most government help in late 2008 and early 2009 also invested the most to influence members of Congress, the White House, the Federal Reserve, Treasury Department and a long list of federal agencies as new rules were enacted governing Wall Street and the nation’s financial system.

Home prices rose in June; fall expected

WASHINGTON

Home prices rose in June for a third-straight month as now-expired tax credits inspired a burst of home-buying. But prices are expected to fall through the rest of the year now that demand has faded.

The Standard & Poor’s/Case-Shiller 20-city home- price index released Tuesday posted a 1 percent increase in June from May and was up 4.2 percent from a year ago.

Home prices nationally were up 4.4 percent in the April-to-June quarter. That followed a decline of 2.8 percent in the January-to-March quarter. The jump largely was because buyers could take advantage of government tax credits of up to $8,000.

Home sales have dropped sharply since those incentives expired. Lending standards remain tight, unemployment is stuck near double digits, and foreclosures are expected to remain at extraordinary levels.

US: China unfairly aided aluminum

WASHINGTON

The Obama administration, under congressional pressure to take a tough stance on Chinese trade policies, determined Tuesday that Beijing unfairly subsidized $514 million in aluminum products last year.

The Commerce Department stopped short of making a stronger ruling on claims by U.S. leaders and manufacturers that an undervalued Chinese currency gives Beijing’s exporters a lopsided price advantage.

The preliminary finding means that some Chinese aluminum importers must post cash deposits or bonds at a rate set by U.S. officials.

Associated Press