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Financial Regulation News
Business groups issue whitepaper on reforms to restore faith in SEC
A coalition of business groups, including the U.S. Chamber of Commerce, released a whitepaper this week detailing its concerns with the agenda of the Securities and Exchange Commission (SEC) and offering reforms to restore public confidence in the agency’s role as regulator. © Shutterstock The whitepaper makes the case that the SEC doesn’t understand how […] The post Business groups issue whitepaper on reforms to restore faith in SEC appeared first on Financial Regulation News.
Americans deferred 7.4 percent of income to 401(K) plans in 2023
The average 401(k) plan participant deferred 7.4 percent in 2023, according to Vanguard’s annual report on Americans’ retirement savings behavior.© Shutterstock When combined with employer contributions, the average participant total savings rate was 11.7 percent. “The 401(k) plan is evolving, bringing together not just retirement savings, but also broader financial wellness support for employees,” John […] The post Americans deferred 7.4 percent of income to 401(K) plans in 2023 appeared first on Financial Regulation News.
U.S. Treasury Secretary announces efforts to increase supply of housing
U.S. Treasury Secretary Janet Yellen announced Monday new department efforts to use its existing authorities to increase the supply of housing as part of the Biden administration’s push to lower housing costs.© Shutterstock “Quality housing that is affordable supports good health, saving families from unsafe situations such as lead exposure. It supports education, preventing frequent […] The post U.S. Treasury Secretary announces efforts to increase supply of housing appeared first on Financial Regulation News.
ICE to launch U.S. Treasury securities clearing service
Intercontinental Exchange Inc. said Monday it will launch a clearing service for all U.S. Treasury securities and repurchasing agreements. © Shutterstock The clearing service will leverage ICE’s global clearing house for credit default swaps (CDS), ICE Clear Credit, which was founded during the financial crisis in 2009 to bring stability to the CDS market. The […] The post ICE to launch U.S. Treasury securities clearing service appeared first on Financial Regulation News.
GOP senators urge DOL to support states’ work to prevent unemployment insurance fraud
U.S. Sen. James Lankford (R-OK) led several Republican senators last week in urging the U.S. Department of Labor (DOL) to support state unemployment insurance agencies and their efforts to prevent fraud.© ShutterstockSen. James Lankford Lankford sent a June 18 letter to Acting Secretary for the Department of Labor Julie Su and DOL Assistant Secretary for […] The post GOP senators urge DOL to support states’ work to prevent unemployment insurance fraud appeared first on Financial Regulation News.
Freddie Mac’s second mortgage pilot approved by FHFA
The Federal Housing Finance Agency (FHFA) on June 21 issued a conditional approval for Freddie Mac to engage in a pilot program to purchase single-family closed-end second mortgages.© Shutterstock That conditional approval represented the first time a proposed new product from Freddie Mac or Fannie Mae was published for public comment under the process required […] The post Freddie Mac’s second mortgage pilot approved by FHFA appeared first on Financial Regulation News.
Sens. Young, Shaheen introduce bill to address student debt crisis
U.S. Sens. Todd Young (R-IN) and Jeanne Shaheen (D-NH) introduced legislation to address the mounting student debt crisis in America.© Shutterstock The Student Protection and Success Act seeks to increase higher education institutions’ accountability for their students’ ability to repay their loans and mandates that institutions have a vested interest in the success of their […] The post Sens. Young, Shaheen introduce bill to address student debt crisis appeared first on Financial Regulation News.
Treasury Department issues report to Congress on its major U.S. trade partners
The U.S. Department of the Treasury issued a report last week that reviewed and assessed the policies of major U.S. trading partners.© Shutterstock The Treasury’s semiannual Report to Congress on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States concluded that no major U.S. trading partner manipulated the rate of exchange […] The post Treasury Department issues report to Congress on its major U.S. trade partners appeared first on Financial Regulation News.
Treasury Department issues final rules on PWA requirements
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) came out with final rules on prevailing wage and registered apprenticeship (PWA) requirements in the Inflation Reduction Act. © Shutterstock The finals rules — developed in close partnership with the Department of Labor (DOL) – provide clarity and certainty on the PWA requirements […] The post Treasury Department issues final rules on PWA requirements appeared first on Financial Regulation News.
Reps. Kim, Scott introduce bill to expand access to banking
U.S. Reps. Young Kim (R-CA) and David Scott (D-GA) introduced legislation that seeks to provide greater access to financial services for the underbanked and in underserved communities. © Shutterstock The Financial Inclusion in Banking Act (H.R. 4067) directs the Consumer Financial Protection Bureau (CFPB) to improve consumer access to banking. Specifically, it directs the CFPB […] The post Reps. Kim, Scott introduce bill to expand access to banking appeared first on Financial Regulation News.
Sen. Brown urges FDIC, OCC to more closely scrutinize bank mergers
U.S. Sen. Sherrod Brown (D-OH) is urging the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) to keep a close eye on bank mergers.© Shutterstock Specifically, Brown, the chairman of the Senate Committee on Banking, Housing, and Urban Affairs, would like to see the agencies’ updated bank merger […] The post Sen. Brown urges FDIC, OCC to more closely scrutinize bank mergers appeared first on Financial Regulation News.
Treasury and IRS propose rules to close major tax loophole
The U.S. Treasury Department and the Internal Revenue Service (IRS) are looking to close a major tax loophole exploited by large, complex partnerships. © Shutterstock The Treasury estimates that this initiative could raise more than $50 billion in revenue over 10 years – and potentially much more. The new guidance will also complement the IRS’s […] The post Treasury and IRS propose rules to close major tax loophole appeared first on Financial Regulation News.
Groups call on Congress to reject proposals to tax employer-provided health coverage
A group called Protecting Americans’ Coverage Together (PACT) is among a group of 70 organizations urging Congress to reject proposals to tax employer-provided coverage.© Shutterstock PACT is a coalition that includes the U.S Chamber of Commerce, Business Roundtable, Vermeer Corp., the National Association of Manufacturers, and the Council for Affordable Health Coverage. In a letter […] The post Groups call on Congress to reject proposals to tax employer-provided health coverage appeared first on Financial Regulation News.
Sen. Peters releases report on how AI informs hedge funds trading decisions
A report examining how hedge funds use artificial intelligence (AI) to inform trading decisions was released this week by U.S. Sen. Gary Peters (D-MI), chair of the Senate Homeland Security and Governmental Affairs Committee. © Shutterstock The report had several broad takeaways, including that AI technology is outpacing the work of regulators, who have only recently begun […] The post Sen. Peters releases report on how AI informs hedge funds trading decisions appeared first on Financial Regulation News.
Financial groups urge Congress to pass bill to protect vulnerable adults from fraud
A group of financial industry associations are calling on Congress to pass a bill that seeks to protect vulnerable adults from financial exploitation.© Shutterstock The bill in question is called the Financial Exploitation Prevention Act (S. 1841), and it would allow companies to postpone securities redemption if they suspect exploitation of seniors or individuals unable […] The post Financial groups urge Congress to pass bill to protect vulnerable adults from fraud appeared first on Financial Regulation News.
Senate Republicans introduce bill to put Congress in control of CFPB funding
Senate Republicans introduced legislation last week that seeks to require funding for the Consumer Financial Protection Bureau (CFPB) to be appropriated by Congress. © Shutterstock Currently, the Federal Reserve is required to provide whatever funding that the CFPB requests within certain limits. The Consumer Financial Protection Bureau (CFPB) Accountability Act (S. 4521) would change that, […] The post Senate Republicans introduce bill to put Congress in control of CFPB funding appeared first on Financial Regulation News.
Accountability measure modernizes PCAOB rules
On Wednesday, the Public Company Accounting Oversight Board (PCAOB) adopted an amendment to update rules and hold people accountable when the contribute to a firms violations. © Shutterstock The Responsibility Not to Knowingly or Recklessly Contribute to Violations rule, originally enacted in 2005, would hold associated persons of a registered public accounting firm who contribute […] The post Accountability measure modernizes PCAOB rules appeared first on Financial Regulation News.
Analysis shows strong U.S. business investment part of post-COVID expansion
A new analysis from the U.S. Department of Treasury’s Office of Economic Policy (OEP) has found that American businesses are doing well because they are productively investing their earnings. © Shutterstock The analysis, which came just before Treasury Secretary Janet Yellen spoke to the Economic Club of New York, found that while American businesses have […] The post Analysis shows strong U.S. business investment part of post-COVID expansion appeared first on Financial Regulation News.
Consumers have saved more than $1B in upfront costs on EV purchases this year
Consumers have saved more than $1 billion in upfront costs on their purchase of more than 150,000 clean vehicles since the start of the year, according to the U.S. Department of the Treasury and the Internal Revenue Service (IRS). © Shutterstock This translates to consumers saving $1,750 annually, on average, on fuel and maintenance costs, […] The post Consumers have saved more than $1B in upfront costs on EV purchases this year appeared first on Financial Regulation News.
Bill to help small businesses land government contracts passes in the U.S. House
A bipartisan bill that seeks to help small businesses land government contracts was passed in the U.S. House of Representatives this week. © Shutterstock The Small Business Procurement and Utilization Reform (SPUR) Act (H.R. 7988) would require the U.S. Small Business Administration (SBA) to include the number of new small businesses entering the federal contracting […] The post Bill to help small businesses land government contracts passes in the U.S. House appeared first on Financial Regulation News.
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