Items tagged with banking:

News & Updates:

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  US-China Trade Talks begin on a high note
  Fed weakens bank requirements; U.S.-China trade talks started off on positive note; Senate will vote to reverse Trump healthcare, tax, and environmental changes; Push for FASC to work for whole-government; California proposes new data privacy rules; Import prices rise 0.2%
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  How Regulators Can Help Smooth the Credit Cycle
  As economists discuss the possibility of another recession, it is useful to keep in mind that certain alternative private funds that invest in debt or credit have the potential to play an important role in promoting financial stability by supplying the economy with a countercyclical source of credit. Despite the benefits to economic resilience, however, the development of a robust market for nonbank credit has generated concern among some financial stability watchdogs, reflecting long-standing distrust about the shadow banking sector. This brief outlines the rationale for why regulators and legislators should be thinking of ways to allow more—not less—investment to flow into the private credit/debt market, to mitigate future economic downturns. In particular, the brief argues that certain private credit/debt fund investments should be made accessible to retail investors, and recommends possible avenues the SEC could pursue—i.e., amending the definition of an accredited investor and expanding exemptions under Regulation D—to enable that to happen. In addition to fostering a countercyclical source of credit, such a deployment of the SEC’s rulemaking power also stands to have the ancillary benefit of promoting broader financial inclusion.
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  Fed clash with Trump sharpens as former official urges resistance
  In response to an op-ed published by Bill Dudley, Professor Peter Conti-Brown comments on what heeding this advice means for the Federal Bank. According to Conti-Brown, this could be an end to the central bank’s political insulation.
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  Big Tech raises concerns about privacy rules
  BLM greenlights Arctic drilling, claiming “there is no climate crisis.”; Big Tech worried about lack of federal privacy rules; Federal judge upholds SALT cap; Trump administration takes step to make Fannie Mae and Freddie Mac private again; On Tuesday, the WTO said that global trade is expected to grow at the lowest pace since 2009; IHS Markit’s PMI indicates September expansion. 
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  House opens formal impeachment inquiry
  Speaker Nancy Pelosi announced Tuesday that the House will launch a formal impeachment inquiry against President Trump in response to the ongoing whistleblower complaint; The UN Intergovernmental Panel on Climate Change released a report on Wednesday that reviewed and predicted the state of the world’s oceans and ice; Congress is currently acting on the SAFE Banking Act: a bill that would provide protections to financial institutions that serve cannabis businesses; More workers to qualify for overtime; Despite advice from Energy Department, EPA granted full biofuel waivers; U.S. home sales increase more than expected in August.