News & Analysis as of

Biden Administration Financial Markets

Jones Day

Congressional Republicans and State Attorneys General Challenge Biden Administration's ESG 401(k) Rule

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Republicans at the state and federal levels are challenging a Biden administration rule (the "Rule") intended to walk back Trump-era regulations restricting the ability of retirement fund managers to consider climate change...more

Robins Kaplan LLP

Powell Admits Recession Possible, Sees Tricky Path to Soft Landing

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In closely watched testimony before the Senate Banking Committee, Fed Chair Powell acknowledged on Wednesday that the central bank faced a perilous situation in trying to “lower rapid inflation without tipping America into a...more

Robins Kaplan LLP

Markets Revert to Recent Form as Pessimism Takes Hold

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Back at it. Hope all had a great Memorial Day break. Despite our first week of gains on the Street in a good long while, pessimism is the name of the game for most in the U.S. economy at the moment. Front and center: the...more

Robins Kaplan LLP

Peloton Reels from Big Quarterly Losses

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Peloton’s quarterly earnings report showed that the company’s early-pandemic boom times are now firmly behind it, as the connected fitness bike maker delivered losses of $757 million for the first three months of 2022—“far...more

Robins Kaplan LLP

Google Allows Some Apps to Use Their Own Payment Systems in Effort to Quell Antitrust Furor

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Under growing antitrust scrutiny, Google announced on Wednesday that it would let some apps “offer their own billing system within the Google Play store as part of a pilot program.” That move, affecting Spotify, among others,...more

Goodwin

CFPB Launches New Initiative Focused on Rural Communities

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In This Issue. The Consumer Financial Protection Bureau (CFPB) announced a new initiative focused on financial issues faced by rural communities and also updated its examination procedures to cover unfair discrimination; the...more

Latham & Watkins LLP

President Biden Issues Executive Order on Digital Assets

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On March 9, 2022, President Biden issued an Executive Order on Ensuring Responsible Development of Digital Assets (Order). In the face of rapid advancement in blockchain technology and its applications, the Order asserts that...more

Eversheds Sutherland (US) LLP

New executive order forges path for unified US regulation of digital assets

In an Executive Order (EO) issued March 9, 2022, President Joseph Biden set out the guiding principles for US policy on digital assets and digital asset regulation, including US policy with respect to a US Central Bank...more

Robins Kaplan LLP

Markets Tank & Oil Skyrockets as U.S. Mulls Ending Russian Crude Imports

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A weekend of skyrocketing oil prices prompted by talk of the U.S. cutting off all Russian crude imports pushed markets to their worst performance in over a year to start the week. The Nasdaq is now down more than 20% from its...more

Robins Kaplan LLP

Biden Pledges to Fight Inflation in SOTU Address

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President Biden made fighting inflation one of the cornerstones of his State of the Union last night, highlighting the economic progress the country’s made in the past year while stressing efforts to stem rising prices. The...more

Robins Kaplan LLP

Meta Shares Plummet After Facebook Earnings Disappoint

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We know Zuck’s all in on the metaverse. And a decrease in Q4 profits and full-year accounting help us understand the monetary size of that commitment: some $10 billion in 2021, as Meta poured cash into its Reality Labs...more

Robins Kaplan LLP

Financial Daily Dose 12.9.2021 - Italian Antitrust Officials Fine Amazon $1.3 Billion Over Logistics Practices

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Competition regulators in Italy have fined Amazon $1.3 billion, accusing the company “of breaking antitrust laws by giving special perks to third-party merchants who use Amazon’s warehouse and delivery system.” The penalty,...more

Robins Kaplan LLP

Fed to Hasten Taper in Bid to Target Persistent Inflation | Financial Blog - Financial Daily Dose 12.1.2021

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Fed Chair Powell used the Omicron variant’s emergence as impetus to more aggressively target the now-persistently stubborn inflation, telling the Senate Banking Committee during testimony on Tuesday that the central bank...more

White & Case LLP

Regulatory Hot Topics: Highlights

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It has been a period rife with notable shifts on the global stage; a new administration in the US, the end of the Brexit transition period and the reaching of key milestones in the discontinuation of LIBOR, to name but a few....more

Mayer Brown Free Writings + Perspectives

US Financial Regulators Release Much-Anticipated Report on Stablecoins

On November 1, 2021, the President’s Working Group on Financial Markets (PWG) released its much-anticipated Report on Stablecoins (Report). The Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of...more

Latham & Watkins LLP

PWG Issues Clarion Call for US Legislation on Stablecoins

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The report addresses the market risks and regulatory challenges presented by stablecoins and urges Congress to act quickly. On November 1, 2021, the President’s Working Group on Financial Markets (PWG) in conjunction...more

Robins Kaplan LLP

Financial Daily Dose 10.14.2021 | Top Story: CPI Jumps More than 5%, Raising Fears of Stubborn Inflation

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In unsurprising news to regular Daily Dose readers, consumer prices jumped 5.4% in September as compared to a year before, with “food, rent and furniture costs surging as a limited supply of housing and a shortage of goods...more

Robins Kaplan LLP

Financial Daily Dose 10.8.2021 | Top Story: Tesla Makes Good on Threat to Move HQ from Cali to Texas

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Jobs Report Friday! Here’s what analysts are looking for in the numbers, with the Delta variant’s impact on the recovery still looming large - MarketWatch and NYTimes and WSJ and Bloomberg Elon Musk & Co. are decamping from...more

Robins Kaplan LLP

Financial Daily Dose 10.11.2021 | Top Story: Apple Appeals Epic Games Verdict, Seeks Stay of Enforcement

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Apple has officially appealed the September verdict in its years-long battle with Epic Games that was set to “require the tech giant to tweak its strict App Store rules and force it to allow app developers of ways to pay for...more

Robins Kaplan LLP

Financial Daily Dose 9.16.2021 | Top Story: White House Discusses Vax Mandates With Business Leaders

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President Biden sat down with a range of executives from Microsoft to Columbia Sportswear to discuss the administration’s recently announced vaccine mandates...more

Robins Kaplan LLP

Financial Daily Dose 9.10.2021 | Top Story: OCC Hammers Wells Fargo with $250M Fine Over Noncompliance

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We thought that more regulatory action was in the offing for Wells Fargo, and the OCC definitely delivered, hitting Wells on Thursday with an additional $250 million fine for “unsatisfactory remedial progress” in addressing...more

Robins Kaplan LLP

Financial Daily Dose 9.2.2021 | Top Story: NY Judge Provisionally Approves Purdue Pharma Dissolution, Sackler Liability Shield

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A New York federal bankruptcy judge provisionally approved an opioid settlement plan on Wednesday that will dissolve Purdue Pharma and require members of the Sackler family (which owns Purdue) to “turn over billions of their...more

Foley & Lardner LLP

Experts Convene for Center for Automotive Research Management Briefing Seminars Panel on Financial and Capital Markets

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The Center for Automotive Research (CAR) reconvened its popular Management Briefing Seminars in Traverse City last week, with its usual mix of technical, financial and market topics delivered in person this year. It was good...more

Robins Kaplan LLP

Financial Daily Dose 8.5.2021 | Top Story: Robinhood Stock Surges a Week After Its Dismal Debut

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Robinhood, the trading app that helped facilitate the pandemic-era rise of meme stock craziness, has gone meme-level itself this week, with its shares rising more than 65% at one point on Wednesday before Nasdaq briefly...more

Robins Kaplan LLP

Financial Daily Dose 7.12.2021 | Top Story: G-20 Leaders Agree on Outline for International Corporate-tax Overhaul

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G-20 leaders meeting in Venice over the weekend took another major step forward in overhauling the international tax system, “backing a proposal that would crack down on tax havens and impose new levies on large, profitable...more

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