Freshman Rep. Alexandra Ocasio-Cortez, D-N.Y., is poised to join the powerful House Financial Services Committee, The Hill reports. Ocasio-Cortez, a rising star in the Democratic Party who identifies as a democratic socialist, shunned corporate campaign donations during her run for office and has criticized Democrats for supporting deregulation. "Banks have lobbied big-[money] Democrats to champion deregulation and make it look 'bipartisan,'" she tweeted in June 2017 after the House passed a sweeping set of banking rollbacks aimed at spurring economic growth. "This is corruption. Plain and simple . . . This is why I am running for Congress. Because we cannot stand idly as big banks gut every last protection working families have left." Progressive advocates have pushed for Democratic leaders to appoint more progressive members to high-profile House committees, per Politico. "Having members who refuse to take corporate PAC money on a committee that has historically pandered for … [Read more...] about Report: Ocasio-Cortez to Join House Financial Services Comm.
Tory Newmyer, The Washington Post Published 5:47 am PST, Friday, December 14, 2018 WASHINGTON - The House Financial Services Committee, sitting at the nexus of Wall Street money and Washington power, is typically a magnet for incoming freshmen lawmakers looking to vault into perches overseeing a multitrillion-dollar industry. Not this year. In a twist, the biggest Democratic class since Watergate is mostly steering clear of seeking seats on what has been considered a gilded panel, top Democrats and industry sources say. The development owes primarily to a couple of factors. More than half the Democratic members of the incoming class - 36 of 63 soon-to-be lawmakers - campaigned on pledges to refuse corporate PAC money. That has diminished the allure of the Financial Services Committee as a post offering the opportunity to fundraise from the banking, insurance, and real-estate sectors. "It's like what Dillinger said about why he robs banks," financial services lobbyist … [Read more...] about The Finance 202: Incoming Democratic freshmen avoid once-coveted House Financial Services panel
LONDON (Reuters) - Britain's competition watchdog has opened an investigation into "suspected anti-competitive arrangements" in the financial services sector. "The case is at an early stage and no assumption should be made at this point that competition law has been infringed," the Competition and Markets Authority (CMA) said in a statement on Friday. The CMA declined to give further detail on the investigation that is looking at conduct in relation to certain types of financial products. The CMA declined to say if the investigation is focussing on a particular institution or market segment. The CMA and the Financial Conduct Authority (FCA) both have powers to enforce competition rules in the financial sector, but it was agreed between them that the CMA, Britain's most powerful competition watchdog, should be responsible for the investigation. "We will provide input as required," an FCA spokesman said. (Reporting by Huw Jones; Editing by Adrian Croft) … [Read more...] about UK competition watchdog opens investigation into financial services
Nov 16, 4:43 AM EST Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Business By Ranjitha Shastry 11/16/18 AT 4:43 AM Japan's financial regulator, the Financial Services Agency, announced plans to regulate cryptocurrency wallet services. In its ninth cryptocurrency study group meeting on Monday, one of the main topics on the agenda was to put forward regulatory measures for cryptocurrency wallet services and proposals on how to implement them. The likely regulatory measures that were discussed at the meeting included the maintenance of internal control systems, management of cryptocurrencies belonging to the service providers and customers, audits of financial statements, publication of policies in the event of stolen funds in a hack, and maintaining funds to repay customers.At the meeting, it was discussed the regulations for wallet services would be at par with the international standards for preventing money laundering and … [Read more...] about Cryptocurrency Regulation: Japan’s Financial Services Agency Framing Rules For Wallet Services
Jakarta (ANTARA News) - The Financial Services Authority (OJK) promotes collaboration between financial service institutions and financial technology (fintech) companies to create synergies in advancing the national economy. Deputy Chairman of the OJK Board of Commissioners Nurhaida stated that positive collaboration between financial services and fintech industries is expected to empower Small and Medium Enterprises through more flexible and easier access to capital that can speed up economic growth, create new jobs, and realize poverty alleviation. "We have seen banks and finance companies collaborate with fintech companies to channel financing to productive sectors. This is a positive form of collaboration, yet this needs to be done carefully by prioritizing aspects of risk management and protection for consumers," Nurhaida noted here, Tuesday. Nurhaida added that the authority supports the development of digital technology applied in banking, capital markets, and non-bank … [Read more...] about OJK promotes collaboration between financial service institutions, Fintech