The World Economic Forum has ranked the US as the most competitive economy, ousting Switzerland from a nine-year run atop the ranking. The ranking system was overhauled this year to focus on technology-driven growth expected in the future.
President Donald Trump continued his criticism of the Federal Reserve on Tuesday, calling it his "biggest threat" and saying of Jerome Powell's appointment as Fed chairman, "maybe it's right maybe it's wrong, but I put him there." Under Powell, the Fed has raised interest rates faster than Trump wants.
Controversial 14-year-old blog posts written by current Consumer Financial Protection Bureau official Eric Blankenstein will be examined by the bureau's inspector general. In the posts, Blankenstein questioned the validity of some hate crimes and whether the use of a racial slur means someone is racist.
The importance of retirement security justifies the creation of a working group of government agencies and market participants with the task of proposing legislative and regulatory changes, said Securities and Exchange Commission member Kara Stein. Retirement issues are complex, and the SEC's legal mandate is not broad enough to deal with all of them, she said.
Among all business owners, 43% are working with an adviser dedicated to retirement planning, while among millennial business owners, the figure is 50%, a survey by Nationwide found. Only 10% of business owners overall have identified a buyer for their business in preparation for eventual retirement, but 23% of millennial business owners have done so, the survey indicated.
Financial firms in more than a half-dozen jurisdictions are participating in cryptoasset markets, but the size of investments is unclear, and this exposure could threaten the global economy, the Financial Stability Board says. National regulators have a responsibility to come up with data to track growth of cryptoasset holdings, the FSB says.
Former Federal Reserve chief Janet Yellen says she doesn't see any financial imbalances in the economy, which she predicts could remain strong through 2019. But a continued tight labor market with low unemployment and accelerated wages could cause unhealthy inflation growth, she notes.
In letters to the heads of the Department of Veterans Affairs, the Social Security Administration and Comerica Bank, Sen. Elizabeth Warren, D-Mass., says she wants to know more about a security breach reported in August that affected Direct Express, a program that issues prepaid debit cards to federal benefit recipients. Comerica has administered the program since 2008.
What constitutes an abusive act by a financial-services firm is not well-defined in law, and the Consumer Financial Protection Bureau plans to establish a rule to clarify that definition, acting Director Mick Mulvaney says. Companies have long said the language in the Dodd-Frank Act is overly broad, but consumer advocates say making it more specific will limit the CFPB's power and therefore mean fewer enforcement actions.
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