The U.S. Senate is expected to approve a sweeping revamp of financial rules this week. Of all the surprises that entails -- about a dozen Democrats signing on, Republicans leaving a lot of the much-maligned Dodd-Frank legislation intact -- the biggest is the lack of goodies for Wall Street. Some big banks are lobbying right up to the vote in hopes of salvaging a victory because the legislation probably marks the last time lawmakers with full plates will take up financial regulations before November’s crucial midterm elections. After that, it’s anyone’s guess when the industry will get another chance at relief. “Is there something more that is going to happen this Congress? You can make the case that it is hard to see,” said Ken Bentsen, chief executive officer of the Securities Industry and Financial Markets Association, a Wall Street lobbying group. The bill has a good chance of becoming law. The U.S. House and President Donald Trump are eager … [Read more...] about Rare Loss for Wall Street in Senate’s Reboot of Financial Rules
Wall street week
In 1994, President Bill Clinton signed a ban on semi-automatic assault-style weapons into law. Eight weeks later the Democrats were out of office and pro-gun lobby group, the National Rifle Association (NRA), claimed it as a scalp. A decade later Congress let the ban lapse. Twitter is littered with the use of “#1994” – a warning to politicians of what can happen should they go head-to-head with the NRA. Following the shooting that killed 17 at a school in Florida, Democrats are making fresh calls to ban semi-automatic firearms. The gun used was a semi-automatic assault rifle, an AR-15. As the school community took to social media to decry the 150th mass shooting since 1966, shares in gun manufacturers bounced. People expected the traditional response: a spike in gun sales. Standing in front of an array of weaponry, Howell Copp reflected on how demand for guns is already on the increase in the wake of the Parkland shooting. Fearing fresh curbs on gun ownership, … [Read more...] about America’s gun problem: does the answer lie with Wall Street?
One in five Americans is on Medicaid, and Medicare and Social Security will require huge future tax increases. Yet some in the ostensible party of limited government think this is the perfect time to add a new entitlement for paid family leave. Who wrote that book about Republican Party suicide again?Florida Senator Marco Rubio, R-Florida, and his sidekick Mike Lee, R-Utah, are teaming up with Ivanka Trump to design a plan for federal paid leave. President Trump has endorsed the concept, and his budget includes an outline involving unemployment insurance.Kristin Shapiro and Andrew Biggs recently laid out a proposal in the Wall Street Journal to open up Social Security to finance family leave, and it is gaining some traction on the right. New parents could choose to draw on their retirement benefits for some length of time, perhaps 12 weeks, in exchange for delaying Social Security payments for a roughly comparable period.The plan would supposedly pay for itself because workers would … [Read more...] about Wall Street Journal: Republicans offer a new entitlement
Damian Paletta and Josh Dawsey, The Washington Post Published 1:24 pm, Thursday, March 1, 2018 Photo: Washington Post Photo By Jahi Chikwendiu Image 1of/1 CaptionClose Image 1 of 1 President Donald Trump at a meeting with bipartisan members of Congress to discuss gun control and school and community safety in the Cabinet Room of the White House on Wednesday. President Donald Trump at a meeting with bipartisan members of Congress to discuss gun control and school and community safety in the Cabinet Room of the White House on Wednesday. Photo: Washington Post Photo By Jahi Chikwendiu Trump upends Washington and Wall Street with shifts on trade, guns 1 / 1 Back to Gallery WASHINGTON - President Donald Trump whiplashed Washington through 24 hours of chaos and confusion, culminating Thursday with a surprise … [Read more...] about Trump upends Washington and Wall Street with shifts on trade, guns
SCOOP: WARREN TARGETS WALL STREET HARASSMENT — Sen. Elizabeth Warren (D-Mass.), along with Sens. Catherine Cortez Mastro (D-Nev.) and Dianne Feinstein (D-Calif.), is sending letters on Thursday to the SEC and FINRA seeking data on the prevalence of sexual harassment on Wall Street and what finance industry regulators are doing about it. The letters come in the midst of the #MeToo movement and as very few claims of sexual harassment have arisen from the nation’s biggest banks. The concern is that arbitration agreements and settlements – along with fear of losing out on big paydays – may be blocking people from speaking out. Story Continued Below In the letter to the SEC, Warren and the other senators write: “The financial sector … has had fewer public revelations of sexual harassment than other industries. This disparity is not, according to female employees, a sign that sexual harassment does not occur … Rather, the silence appears to result … [Read more...] about Warren targets Wall Street harassment