Finance

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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