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Finance

2021-10-19 21:23:09
by Dan McCue
Administration Scaling Back Plan to Deepen IRS Scrutiny Into Bank Accounts

WASHINGTON - The Biden administration is reversing course on a proposal that would have required banks to flag private accounts... Read More

WASHINGTON - The Biden administration is reversing course on a proposal that would have required banks to flag private accounts to the Internal Revenue Service when an individual deposit or withdrawal exceeded $600. A revised plan, expected to be announced... Read More

2021-10-12 17:18:19
by Dan McCue
IMF Downgrades Global Growth Outlook on Supply Chain Woes, Uncertainty

WASHINGTON -- The International Monetary Fund on Tuesday downgraded its estimate for global gross domestic product growth this year, citing... Read More

WASHINGTON -- The International Monetary Fund on Tuesday downgraded its estimate for global gross domestic product growth this year, citing supply chain concerns and uncertainties related to the pandemic. However, the global financial institution suggests growth should rebound next year.... Read More

2021-10-06 17:58:28
by Victoria Turner
U.S. Chamber Study Finds Company Buybacks Benefit All Shareholders

WASHINGTON -- When a company buys back its own shares to reduce the amount of available stock in the open... Read More

WASHINGTON -- When a company buys back its own shares to reduce the amount of available stock in the open market, it benefits investors and decreases market volatility, freeing up capital for companies to better allocate it, according to a... Read More

2021-10-05 20:08:11
by Reece Nations
Biden Administration Lays Out Consequences of Debt Default

WASHINGTON -- President Joe Biden detailed on Monday the ramifications of failing to raise the United States government’s debt limit... Read More

WASHINGTON -- President Joe Biden detailed on Monday the ramifications of failing to raise the United States government’s debt limit while condemning Republicans in Congress for their role in the procedural delay. Congress has until Oct. 18 to raise the... Read More

2021-08-30 17:50:33
by Dan McCue
SEC Seeks Info on Digital Engagement by Investment Advisors, Brokers

WASHINGTON - The Securities and Exchange Commission is seeking information from the public and industry professionals on the digital engagement... Read More

WASHINGTON - The Securities and Exchange Commission is seeking information from the public and industry professionals on the digital engagement practices of investment advisors and brokers. These tools include behavioral prompts, differential marketing, game-like features (also known as gamification) and... Read More

2021-08-19 13:18:01
by Dan McCue
Ex-Netflix Employees Accused of $3.1 Million Insider Trading Scheme

WASHINGTON -- Three former Netflix software engineers and two close associates have been charged with generating over $3 million in... Read More

WASHINGTON -- Three former Netflix software engineers and two close associates have been charged with generating over $3 million in profits by trading on confidential information about Netflix's subscriber growth, the Securities and Exchange Commission announced Wednesday. According to a... Read More

2021-07-29 20:28:16
by Victoria Turner
Centralized Digital Bank Currencies: The Future of Digital Money Says IMF Chief

After working for over a decade on modernizing its payment system, the Bahamas is now home to the world’s first... Read More

After working for over a decade on modernizing its payment system, the Bahamas is now home to the world’s first central bank digital currency called the “sand dollar.” For this archipelago of 700 Caribbean islands, moving to a mobile payment... Read More

2021-07-27 19:57:27
by Tom Ramstack
US Government Digital Currency Gets a Second Look in Congress

WASHINGTON -- The U.S. dollar risks losing its preeminence in international transactions unless the Federal Reserve moves promptly to sponsor... Read More

WASHINGTON -- The U.S. dollar risks losing its preeminence in international transactions unless the Federal Reserve moves promptly to sponsor a digital currency, economists told Congress Tuesday. Once again, the main competitive threat to U.S. currency comes from China, according... Read More

2021-07-21 20:28:30
by Daniel Mollenkamp
Mandating Climate Disclosures Could Violate SEC's 'Historically Agnostic Approach'

WASHINGTON- Writing rules that mandate climate disclosures might overstep the U.S. Securities and Exchange Commission's  authority, causing a violation of... Read More

WASHINGTON- Writing rules that mandate climate disclosures might overstep the U.S. Securities and Exchange Commission's  authority, causing a violation of their historical approach to regulations, the agency's commissioner said on Tuesday.  Environmental disclosures are "inherently political" and are "unabashedly" designed... Read More

2021-07-12 16:06:53
by Daniel Mollenkamp
Fiduciary Duty Rules Need Clarifying Says Urban Institute

WASHINGTON- The rich might be able save the world, but only if they focus on using their investments to change... Read More

WASHINGTON- The rich might be able save the world, but only if they focus on using their investments to change power dynamics, and they may need a little help from regulators, according to a new study from the Urban Institute.... Read More

2021-06-30 19:10:43
by Brock Blasdell
SEC Appoints Grewal as Director of Enforcement

The Securities and Exchange Commission announced Tuesday that Gurbir Grewal, New Jersey’s attorney general since 2018, has been appointed as... Read More

The Securities and Exchange Commission announced Tuesday that Gurbir Grewal, New Jersey’s attorney general since 2018, has been appointed as the director of the Division of Enforcement.  “I’m honored and delighted to welcome Attorney General Grewal to the SEC,” Gary... Read More

2021-06-22 19:11:25
by Victoria Turner
SEC Approves Rule That Could Expose Short-Sell Positions

WASHINGTON - The U.S. Securities Exchange Commission granted the accelerated approval yesterday of a rule change proposed by the National... Read More

WASHINGTON - The U.S. Securities Exchange Commission granted the accelerated approval yesterday of a rule change proposed by the National Securities Clearing Corporation related to its calculation and collection of supplemental liquidity deposits. The change would have both activities performed... Read More

2021-06-07 19:48:45
by Reece Nations
G7 Ministers Reach Global Minimum Tax Agreement, But Some Say Deal is Too Minimal

LONDON — Finance Ministers from the Group of 7 have struck a landmark agreement to establish a 15% global minimum... Read More

LONDON — Finance Ministers from the Group of 7 have struck a landmark agreement to establish a 15% global minimum tax rate, discouraging large multinational companies from shifting profits to offshore tax-havens. The deal, announced over the weekend, was struck... Read More

2021-05-12 12:48:34
by Kate Michael
Could the U.S. Be Close to Creating a Digital Dollar?

WASHINGTON — While cryptocurrencies have dominated the news, another type of digital currency is being considered by the central banks... Read More

WASHINGTON — While cryptocurrencies have dominated the news, another type of digital currency is being considered by the central banks of dozens of countries including the United States. Starkly different from crypto, these electronic currencies would have the full backing... Read More

Coinbase is Here: A Digital Currency Exchange Goes Public

Wall Street will be focused on Coinbase Wednesday with the digital currency exchange becoming a publicly traded company.  Coinbase is... Read More

Wall Street will be focused on Coinbase Wednesday with the digital currency exchange becoming a publicly traded company.  Coinbase is making its initial public offering of stock with cryptocurrency chatter seemingly everywhere, even at the U.S. Federal Reserve. It is... Read More

2021-03-23 20:47:24
by Victoria Turner
How Climate Change is Impacting Investment

WASHINGTON - Emma Howard Boyd, chairwoman of the United Kingdom’s Environmental Agency, would like you to invest your pension in... Read More

WASHINGTON - Emma Howard Boyd, chairwoman of the United Kingdom’s Environmental Agency, would like you to invest your pension in environmentally-friendly financial funds, she urged today during a Peterson Institute for International Economics event entitled, “Economic Impact of Climate Change.”... Read More

2021-02-12 20:55:07
by Reece Nations
Blockchain Could Move Cryptocurrency to Pivotal Place in Economies

Cryptocurrencies have the potential to decentralize systems of commerce across the world, leading to vast peer-to-peer markets absent of manipulation.  ... Read More

Cryptocurrencies have the potential to decentralize systems of commerce across the world, leading to vast peer-to-peer markets absent of manipulation.   In order for this to come to fruition, Sheila Warren, head of data, blockchain and digital assets and member of... Read More

2020-09-09 16:32:36
by Tom Ramstack
Federal Financial Regulators Assure Congress They Seek Minorities and Women in Workforce

WASHINGTON — Representatives from federal financial agencies defended their record on hiring women and minorities Tuesday while members of a... Read More

WASHINGTON — Representatives from federal financial agencies defended their record on hiring women and minorities Tuesday while members of a congressional subcommittee accused them of an uninspired effort. “I’m not sensing that we’re making a lot of progress here,” said... Read More

A Seattle Police Officer’s Extraordinary Pay Raises Questions Department Can’t Answer

SEATTLE — Seattle Police Officer Ron Willis was exceptionally busy in 2019 — so much so that he crammed the... Read More

SEATTLE — Seattle Police Officer Ron Willis was exceptionally busy in 2019 — so much so that he crammed the work of two years into just one. Willis, a 58-year-old patrol officer, made $414,543.06 last year — more than the... Read More

2020-08-20 15:35:05
by Gracie Kreth
Senate Committee on Aging Reports on Financial Challenges Women Face

WASHINGTON - United States Senators Susan Collins, R-Maine, and Bob Casey, D-Penn., the chairman and ranking member, respectively, of the... Read More

WASHINGTON - United States Senators Susan Collins, R-Maine, and Bob Casey, D-Penn., the chairman and ranking member, respectively, of the Special Committee on Aging, released a report last week examining the challenges older women face preparing financially for retirement.  During... Read More

2020-06-22 16:45:01
by Dan McCue
Supreme Court Holds SEC Can Recoup Money in Fraud Cases

WASHINGTON - With decisions in several high profile cases pending -- including one on whether President Donald Trump can shield... Read More

WASHINGTON - With decisions in several high profile cases pending -- including one on whether President Donald Trump can shield his financial records from Congressional scrutiny --  the U.S. Supreme court on Monday opted to rule on a case with... Read More

2020-05-26 18:02:58
by Dan McCue
NY Stock Exchange Reopens for First Time in Two Months

The trading floor of the New York Stock Exchange reopened Tuesday, and though it was largely seen as a symbolic... Read More

The trading floor of the New York Stock Exchange reopened Tuesday, and though it was largely seen as a symbolic first step toward economic recovery, the financial markets opened with a surge of optimism. In early trading, the Dow Jones... Read More

2020-04-03 16:44:54
by Dan McCue
Ratings Agency Says Non-Bank Mortgage Lenders Face 'Intense' Liquidity Crunch

WASHINGTON - The rating agency Moody's downgraded its outlook for non-bank mortgage lenders in the U.S. from "stable" to "negative"... Read More

WASHINGTON - The rating agency Moody's downgraded its outlook for non-bank mortgage lenders in the U.S. from "stable" to "negative" on Thursday, warning the industry faces "intense" liquidity problems due to the ongoing coronavirus outbreak. As previously reported in The... Read More

2019-12-06 21:36:54
by Dan McCue
Warren Stand on Private Equity Under Scrutiny at House Hearing

WASHINGTON - Massachusetts Sen. Elizabeth Warren may score political points with the far left-wing of her party by vowing to... Read More

WASHINGTON - Massachusetts Sen. Elizabeth Warren may score political points with the far left-wing of her party by vowing to rein in the ills of the private equity industry, but her proposals came under fire at a recent House Financial... Read More

Zuckerberg Threatened With Facebook Breakup

WASHINGTON — Facebook CEO Mark Zuckerberg faced a threat to break up his company as a congressional hearing opened on... Read More

WASHINGTON — Facebook CEO Mark Zuckerberg faced a threat to break up his company as a congressional hearing opened on the social media giant’s proposal to establish a cryptocurrency, Libra. The cryptocurrency proposal drew scrutiny due to Facebook Inc.’s enormous... Read More

Democrats Seek Insider Trading Probe After ‘Trump Chaos’ Article

WASHINGTON — Democratic lawmakers are increasingly demanding that U.S. authorities investigate allegations raised in a recent magazine article that traders... Read More

WASHINGTON — Democratic lawmakers are increasingly demanding that U.S. authorities investigate allegations raised in a recent magazine article that traders might be using nonpublic government information to reap huge illegal profits, even as the exchange where the transactions purportedly took... Read More

2019-10-18 21:23:06
by Dan McCue
Gottheimer Amendment to Help Senior Investors Passes House

WASHINGTON - The House has passed an amendment offered on the floor by Rep. Josh Gottheimer that will ensure the... Read More

WASHINGTON - The House has passed an amendment offered on the floor by Rep. Josh Gottheimer that will ensure the U.S. Securities and Exchange Commission gives specific consideration to senior investors and the challenges they face. The amendment to H.R.... Read More

2019-09-27 20:59:45
by Dan McCue
House Passes Bill Granting Marijuana Businesses Access to Banking

WASHINGTON - The House passed a bill earlier this week that would grant legal marijuana businesses access to banking, resolving... Read More

WASHINGTON - The House passed a bill earlier this week that would grant legal marijuana businesses access to banking, resolving a longstanding challenge for the growing industry. The bill, called the SAFE Banking Act, passed 321-103 on the strength of... Read More

2019-09-27 20:51:34
by Dan McCue
Top World Bank Official Tapped As New Chief at International Monetary Fund

WASHINGTON - Kristalina Georgieva, a Bulgarian economist and top World Bank official, has been named the new head of the... Read More

WASHINGTON - Kristalina Georgieva, a Bulgarian economist and top World Bank official, has been named the new head of the International Monetary Fund. She succeeds Christine Lagarde who is stepping down to take over as head of the European Central... Read More

2019-09-27 20:41:31
by Dan McCue
McHenry, Maloney Introduce Bipartisan Financial Transparency Act

WASHINGTON - Reps. Patrick McHenry, R-N.C., and Carolyn Maloney, D-N.Y., have introduced legislation to make financial data more easily available... Read More

WASHINGTON - Reps. Patrick McHenry, R-N.C., and Carolyn Maloney, D-N.Y., have introduced legislation to make financial data more easily available online and less opaque. McHenry, ranking Republican of the House Financial Services Committee, said with technology playing such a large... Read More

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