·The Treasury urges agencies to weaken Dodd-Frank constraints
·Report on financial regulations is panned by Democrats
The Trump administration laid out its highly anticipated plan for overhauling
bank rules, calling on the government to ease, though not eliminate, many of
the strictures that were imposed on Wall Street after the financial crisis.
The changes, outlined in a report released Monday evening by the Treasury
Department, urge federal agencies to re-write scores of regulations that
bankers have frequently complained about in the seven years since the passage
of the Dodd-Frank Act. They include adjusting the annual stress tests that
assess whether lenders can endure economic downturns, loosening some
trading rules and paring back the powers of the watchdog that polices
The Treasury said its plan was designed to spur lending and job growth by
making regulation “more efficient” and less burdensome. Unlike the bill
passed last week by House Republicans, the report consistently calls for most
Obama-era rules to be dialed back, not scrapped.
by Robert Schmidt and Elizabeth Dexheimer
June 13, 2017, 4:51 AM GMT+3
·Authorities would be able to force clearing business to move
·Commission targets close oversight of important clearing firms
The European Union is pushing ahead with plans to assert control over the
clearing of euro-denominated derivatives, a politically charged step that could
force firms to move from London to the EU after Brexit.
The European Commission will propose on Tuesday that firms deemed
systemically important to the EU financial system could be required to accept
direct oversight by the bloc’s authorities, or be forced to move their euroclearing
operations to a location inside the EU, according to a person with
knowledge of the matter.
by Alexander Weber
June 13, 2017, 12:08 AM GMT+3 June 13, 2017, 1:12 PM GMT+3
·For the first time, CEO elaborates on Apple’s car plans
·The company’s automotive program has experienced turmoil
After years toiling away in secret on its car project, Apple Inc. Chief Executive
Officer Tim Cook has for the first time laid out exactly what the company is up
to in the automotive market: It’s concentrating on self-driving technology.
“We’re focusing on autonomous systems,” Cook said in an interview on
Bloomberg Television on June 5. “It’s a core technology that we view as very
“We sort of see it as the mother of all AI projects,” Cook said in his most
detailed comments to date on Apple’s plans in the car space. “It’s probably one
of the most difficult A.I. projects actually to work on.”
by Alex Webb and Emily Chang
June 13, 2017, 1:00 PM GMT+3
·Record job openings, slower hiring put focus on skills gap
·Wage growth at or near post-recession highs in some sectors
America’s labor market is at cruising altitude. President Donald Trump wants to give
it even more elevation.
Unemployment reached a 16-year low of 4.3 percent in May and payrolls have
increased by more than 15 million since the end of the last recession in June 2009. A
record number of job openings shows companies remain on the hunt for workers and
dismissals are near their lowest since the 1970s.
by Vince Golle
June 13, 2017, 2:00 PM GMT+3