Rep. Maxine Waters, D-Calif., who is slated to chair the House Financial Services Committee next year, said her priorities include protecting investors from abusive practices, preventing another financial crisis, supporting innovation in financial technology and pressing for greater diversity in the financial-services industry.
The death toll from the Camp Fire in Northern California has risen to 42, making it the deadliest fire in state history, with many of the deaths in the town of Paradise, where up to 90% of homes were destroyed. President Donald Trump has approved a "major disaster declaration" in the state, and combined with the Woolsey Fire in Southern California, which killed two, the fires have destroyed more than 7,000 structures and burned 325 square miles.
The Dow Jones Industrial Average, the S&P 500, the Nasdaq composite and the Russell 2000 index sustained losses between 2% and 2.8% Monday, with tech giants leading the downtrend, while financial entities also had a poor day. Analysts and lawmakers have contested President Donald Trump's assertion the prospect of Democrat investigations caused the drop.
The euro has broken below support at 1.13 against the US dollar to hit a fresh low for the year, technical analyst Blake Morrow writes. Morrow expects the pair to find support at 1.1191 and sees development of a long-term head-and-shoulders pattern, which might bring the currencies closer to parity.
The divided Congress should not be an issue for passage of the National Flood Insurance Program because it is more of a regional issue, said PCI's Nat Wienecke, who said he wouldn't be surprised if marijuana legislation came out of the House. "PCI is particularly focused on getting an impairment standard for workplace and driving safety," Wienecke said.
As digital disruption challenges the banking sector, financial institutions are seeking to boost competitiveness through diversification, acquisitions or implementation of digital operations.
The Italian government is expected to present a redrafted budget today to the European Commission after being told the last proposal would have breached the EU Stability and Growth Pact. Italy, which has shown no sign of backing down in the standoff, could face disciplinary measures if the commission rejects the latest proposal.
The European Commission's proposal to monitor financial-stability risk from clearinghouses outside the EU is not at odds with US agreements, German deputy finance minister Joerg Kukies says.
Germany hopes to draw thousands of bankers to Frankfurt from London after Brexit, German deputy finance minister Joerg Kukies says. The government is working to make Frankfurt attractive to banks, including relaxing labour laws to make firing senior staffers easier, Kukies says.
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