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Goldman Sachs earnings: The company reported a
Here's a snapshot of what four of the
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Fed roundup: President Trump plans to nominate Columbia University economist Richard Clarida as vice chairman of the Federal Reserve Board. He also said he will select Michelle Bowman, Kansas’ bank commissioner, to fill the spot on the seven-member Fed board reserved for a community banker. Both nominations require Senate confirmation. The Wall Street Journal notes Trump “opted against nominating outspoken critics of the central bank, which he repeatedly criticized during the 2016 election campaign.”
Meanwhile, Fed Vice Chair for Supervision Randal Quarles will tell the House Financial Services Committee on Tuesday that he wants banks to have some input on how the central bank’s annual stress tests are conducted. “That is a change bankers sought unsuccessfully during the Obama administration, arguing it was unfair for the Fed to set the scenarios behind closed doors,” the Journal notes. “Such a change could give the industry more influence over the parameters for the annual exams.”
Separately, the president plans to nominate Dan Berkovitz, the Commodity Futures Trading Commission’s general counsel under President Obama, to fill the
Wall Street Journal
Here’s my card: Mastercard has hired Michael Froman as vice chairman and president of strategic growth as it strives to “partner with governments to boost card payments.” Froman, a former official under Presidents Obama and Clinton, will be in charge of
Financial Times
Give us our debts: In a sign that U.S. banks “have finally
Looking for revenue: Barclays is setting up a “venture capital-style unit” it hopes will add “
Something like that may have a more difficult time happening in America, where a “paralyzed regulatory system” slowing the country’s financial innovation and “allowing other governments to take the lead and overseas companies to out-innovate American entrepreneurs,” says Zac Townsend, a partner at the venture capital firm of Deciens Capital.
“While others move forward, Congress is focused on petty squabbles over rewriting the Dodd-Frank rules for traditional banks. They are missing the point,” he writes in an op-ed. “Right now, U.S. laws protect incumbents from innovation and disruption. We need legislation that
Quotable
“I personally believe that our