On December 4, 2023, the Commodity Futures Trading Commission (CFTC) issued proposed guidance relevant to “designated contract markets” (DCMs) and “swap execution facilities” (SEFs) as they develop standardized derivative...more
Secretary Yellen to Travel to Beijing. Unnamed Biden administration officials have reported Secretary of the Treasury Janet Yellen is planning to travel to Beijing in early July for meetings with CCP Vice Premier He Lifeng...more
The federal statutory debt limit is currently set at $31.4 trillion. As congressional Republicans and President Joe Biden continue to haggle over a budget agreement that would include an increase in the debt ceiling, the date...more
The United States is facing yet another standoff over its congressionally set debt limit. In addition to causing widespread economic harm, Congress's failure to raise the debt limit, also known as the debt ceiling, could...more
On Jan. 19, 2023, the United States government reached its $31.4 trillion borrowing limit, which was signed into law (P.L. 117-73) by President Joe Biden on Dec. 16, 2021. Last week, Treasury Secretary Janet Yellen wrote to...more
On July 23, the Office of the U.S. Trade Representative (“USTR”) announced the conclusion of its investigation under Section 301 of the Trade Act of 1974 (“the Trade Act”) into Vietnam’s practices related to currency...more
Mere days after Chinese regulators hit Jack Ma’s Alibaba with a staggering $2.8 billion antitrust fine, the e-commerce giant’s sister company, Ant Group, announced “that it would undertake a sweeping, government-ordered...more
In Washington: Treasury Secretary Janet Yellen expressed confidence Wednesday that the U.S. can spend trillions more in upcoming legislation following this month’s $1.9 trillion coronavirus relief package. In testimony before...more
Intel has unveiled plans to spend $20 billion to build two new chip manufacturing factories near existing facilities in Arizona—a “surprise bet that could please government officials worried about component shortages and...more
The Biden administration is reportedly preparing a series of infrastructure, anti-inequality, environmental, and family-focused initiatives that could involve a combined $3 trillion of spending, though details “remain in...more
With Vice President Harris acting as the tiebreaker (and following a 15-hour amendment vote-a-rama), the Senate voted on Thursday to move forward with the White House’s $1.9 trillion Covid relief measure....more
Private equity behemoth Apollo Global Management’s CEO, Leon Black, is stepping down after an outside inquiry by Dechert—“ordered by the firm’s board at Mr. Black’s behest in October”—revealed that Black “had paid more than...more
On Jan. 25, the Senate voted overwhelmingly to confirm President Joe Biden’s nomination of Janet Yellen to be the 78th treasury secretary. Yellen is the first woman to hold the position and she will be responsible for...more
Unilateral steps in a growing number of countries to raise tax revenue from digital services have raised global alarm in recent years, but they have particularly heightened concerns in the United States due to the...more
U.S. drug giant Merck is shuttering its coronavirus vaccine development “after early trial data showed [its pair of vaccines] failed to generate immune responses comparable to natural infection or existing vaccines.” ...more
Google has threatened to pull its search engine from the entirety of the Australian continent “if the government approved legislation that would force tech companies to pay for journalism shared on their platforms.” Facebook...more
During its Q4 earnings report yesterday, Netflix announced a significant departure from past practice: it’s done borrowing money (for now, at least). After borrowing “over $16 billion to feed its titanic appetite for content”...more
Fiat Chrysler and France’s PSA Group completed their mega-auto-merger first agreed-to in late 2019, “creating Stellantis NV, a global auto-making giant that executives say will have the heft needed to compete in the...more
The official transition to a new administration and early Cabinet selections helped drive Wall Street to new highs on Tuesday, with the Dow topping 30,000 for the first time and the S&P 500 up 1.6% to another new high, too....more
Former Fed Chair Janet Yellen is “poised to become the first female Treasury secretary and one of few people to ever have wielded economic power from the White House, the Federal Reserve and the president’s cabinet.” If...more
In case you are not one of the over 3,000 people attending the 2019 NIC Fall Conference in Chicago, we thought we’d share a few observations with you: Blue suits and brown shoes are in! Just from our causal observations of...more
Walmart’s shares took a hit yesterday on Q4 results that showed slowing online sales and below-expected earnings despite a rise in revenue....more
In this newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and...more
Janet Yellen, Chair of the Federal Reserve Board submitted her resignation as Chair and as a Member of the Federal Reserve Board...more
Lots of Fed news this morning, and all of it on the administrative side. First, it now appears that a likely choice to replace Chair Yellen could be out before he was even in. And we’ve learned that Fed No. 2 Stanley Fischer...more