Thu, Jul 11, 2013 4:26 PM EDT 1:04
The U.S. Senate Commerce Committee is circulating a bill that marks the upper chamber's first stab at cybersecurity legislation and seeks to formalize part of an executive order that sets up voluntary standards for critical industries. Daniel Tarullo, a U.S. Federal Reserve official says the agency should consider releasing more information to the public when it takes enforcement actions against big banks for hurting consumers. Tarullo's comments, made at a hearing before the Senate Banking Committee, come in response to criticism over a settlement related to mistakes big banks made while processing foreclosures in the years after the financial crisis. Bipartisan Senate negotiators reached a tentative agreement on an overhaul of the federal student loan program after Democrats retreated on their position that subsidized loan rates be locked in for at least another year.