Whatever happened to what is known as the “Fiduciary Rule,” propagated by the U.S. Department of Labor? To recap: The Labor Department in 2017 was pretty much set to move ahead with the so-called “Fiduciary Rule,” on April 10. But the Trump team halted the rule’s implementation via an executive order, arguing that it needed… Read More >>
Fed Board Shuffle Creates Openings for Trump Team
The Board of Governors of the Federal Reserve System is undergoing a transition that is giving the Trump administration chances to appoint officials more favorable to its policies regarding bank regulation. The shuffle began when, citing personal reasons, Stanley Fischer, a member of the Fed Board of Governors and a vice chairman for the board,… Read More >>
Trump’s Treasury Moves to Repeal & Replace Dodd-Frank
The U.S. Department of the Treasury released a report late last week that is being called a blueprint for all the federal agencies that oversee Wall Street firms, and it points to ways to “streamline and reform the U.S. regulatory system for the capital markets,” according to Treasury officials. The report follows President Trump’s Executive… Read More >>
OCC Wants Input for Volcker Rule Revamp
The U.S. Department of the Treasury’s Office of the Comptroller of the Currency (OCC) is seeking public input on revisions to the implementation of the Volcker Rule, as section 619 of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 is commonly known. Those revisions are generally in the service of the Trump… Read More >>
Trump Team Acts to Fill CFTC Vacancy
The White House has nominated a New Jersey Democrat to fill a commissioner vacancy on the five-person CFTC, which has been operating with only two members for some time. The nomination requires U.S. Senate confirmation. The nominee, Russ Behnam, is senior counsel to Michigan Democrat Debbie Stabenow, ranking member on the Senate Agriculture Committee, according… Read More >>
Are FCMs Going to Survive?
(Editor’s note: Are futures commission merchants (FCMs) headed for extinction? It’s a fair question as the number of them, 64 as of this past March, has dropped by more than 50 percent over the past 15 years — a key point made in a special report authored by Hester Peirce, director of the financial markets… Read More >>
Senate Committee Approves Giancarlo’s CFTC Chairman Nomination
Nominated by the Trump Team, J. Christopher Giancarlo will likely move up to become chairman of the CFTC after a vote of strong approval by a key Senate committee. The committee vote was 16 to approve his nomination and five against, a spokesperson for the committee tells FTF News. But, while there may be a… Read More >>
Sharon Bowen to Step Down Early from CFTC
Calling it “a bittersweet decision,” CFTC Commissioner Sharon Y. Bowen, one of only two members of what’s supposed to be a five-member body, announced last week that she will be leaving her post before her term is up as a way to hasten the process for filling commission vacancies. “My hope is thus that by… Read More >>
Whistleblowers May Survive Trump’s Regulatory Overhaul
While the Trump Team is clearly trying to change the dynamics of key regulators such as the SEC and CFTC, one popular and successful service — support for whistleblowers — may be staying pretty much the same. In fact, it appears the CFTC may be strengthening its support of its whistleblowers program, which is a… Read More >>
Congress to Mull Contentious Financial CHOICE Bill
The Republican-run House Financial Services Committee is putting forth the Financial CHOICE Act, the GOP’s sweeping alternative to the Dodd-Frank Act, which would take financial services reform in a direction more in line with the Trump administration’s goals. As the bill makes its way through Congress, some of the initial aspects of the bill, dubbed… Read More >>
