Legislation to increase a regulatory threshold for banks to $250 billion from $50 billion could be considered this month by the Senate. Twelve Republicans and 12 moderate Democrats say they support the bill, written by Sen. Mike Crapo, R-Idaho.
US lawmakers from both parties are discussing a need to bolster oversight of cryptocurrencies, high-ranking congressional members say. A House Financial Services subcommittee will conduct hearings in coming weeks.
The UK Financial Conduct Authority and the US Commodity Futures Trading Commission are partnering on financial-technology initiatives. "We believe that by collaborating with the best-in-class FCA fintech team, the CFTC can contribute to the growing awareness of the critical role of regulators in 21st-century digital markets," said CFTC Chairman J. Christopher Giancarlo.
The era of central banks propping up the government-bond market during turmoil might be ending, Richard Barley writes. Economic growth means "that day is now closer" for policy to unwind, he writes.
JPMorgan Asset Management global strategist Thushka Maharaj is warning clients that a diversified stock-bond portfolio won't protect them from market volatility since there will likely be an increased correlation between stocks and bonds. Maharaj says that in the current market environment, "it is more difficult to see bonds providing a consistent diversification benefit."
The Office of Financial Research, created as part of the Dodd-Frank Act to help anticipate economic crises and mitigate their damage, has yet to accomplish one of its primary goals -- the establishment of a database for financial contracts. The agency has spent nearly $500 million over the past 10 years and now faces budget and staff reductions.
The new US tax law could prompt other nations to follow suit, International Monetary Fund Managing Director Christine Lagarde said, characterizing the situation as a potential "race to the bottom." She said that in addition to spurring inflation, significant tax cuts could lead to decreases in government spending on defense, infrastructure, health and education.
The CEOs of Goldman Sachs, Citigroup, JPMorgan Chase, Bank of America and Morgan Stanley last year received their highest pay since before the financial crisis, bringing in a collective $126 million. It was the fifth straight year the CEOs received pay increases.
Cryptocurrency theft is no longer committed solely by sophisticated hackers. Criminals in recent months have seized owners of digital currency at gunpoint, and in some cases held them hostage, to force them to transfer the currency to accounts set up by the thieves.
Goldman Sachs' new online savings and lending platform, Marcus, targets low- to moderate-income borrowers with credit scores as low as 660 for loans.