Finance

Biden to Tap Former Hill Aide for Top Treasury Post Overseeing Financial Rules

WASHINGTON—President Biden plans to nominate Graham Steele as assistant Treasury secretary for financial institutions, a move that would put a long-time congressional staffer with ties to progressives at the center of efforts to refocus financial rules on issues such as climate change and racial equity.

Mr. Steele, a former Democratic chief counsel on the Senate Banking Committee and aide to Sen. Sherrod Brown (D., Ohio), would oversee the Biden administration’s plans to tighten regulations on Wall Street firms. That could include heightened scrutiny of cryptocurrencies; open-end mutual funds and hedge funds and their roles in market turbulence last year; and

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Today’s obits: Kevin Sinclair graduated from Bishop Ludden, worked as finance consultant

Kevin M. Sinclair, 40, died Tuesday, July 13, 2021.

Born and raised in Syracuse, he attended St. Patrick’s Elementary School and graduated from Bishop Ludden Jr./Sr. High School in 1999, according to his obituary.

He received a degree in finance from State University of New York at Binghamton where he was a member of the Chi Phi fraternity. He had lived in New York City and San Francisco for extended periods.

Sinclair worked in finance as a consultant for HarperCollins Publishers, Bank of America and most recently Wells Fargo.

He enjoyed traveling and had visited various countries including Vietnam, Japan

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Democrats’ Budget Would Finance Sweeping Clean-Energy Plan

The $3.5 trillion budget plan from congressional Democrats would finance a far-reaching transition to cleaner power, but it is expected to face opposition from parts of the energy industry and their industrial customers over provisions likely to raise their costs.

The plan calls for paying money to utilities that make a fast transition to cleaner fuels—and levying financial penalties for those that move slowly, one of several largely untested programs in the package. Others include tariffs on imports based on their production’s greenhouse-gas emissions, and creating first-of-their-kind fines on oil-and-gas producers for leaking greenhouse gases into the atmosphere from their … Read More

Square’s Decentralized Finance Plan Could Go Mainstream, One Analyst Says

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Jack Dorsey, co-founder & CEO of Square, at a Bitcoin convention on June 04, 2021, in Miami.


Joe Raedle/Getty Images)

Jack Dorsey’s tweet late Thursday announcing a new business unit at

Square

dedicated to developing a decentralized finance platform set off a flurry of reactions from crypto junkies and mainstream consumers alike. Many wonder what this means for Square’s (ticker: SQ) business going forward. One analyst regards move as having potential for expanding decentralized finance to the general public.

While Dorsey’s tweet was vague regarding financial details, BTIG analyst Mark Palmer wrote in a note that he’s optimistic

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Indonesia to balance economy with pandemic support: Finance minister

Indonesia needs to “protect the people” and spend more to support them during the pandemic — and it’s not likely to impair the economic recovery, the country’s finance minister, Sri Mulyani Indrawati, claimed on Tuesday.

The so-called social safety net for Indonesians has been increased by 20% while health-care expenditure has been upped by nearly 19%, Sri Mulyani told CNBC’s “Squawk Box Asia” on Monday. Indonesia’s social safety net policies extend government support to the poor and those impacted by economic crisis.

“This is definitely shifting on our focus on the budget to protect the people,” she said. “Certainly, we

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How decentralized finance will transform business financial services

  • Decentralized finance (DeFi) is emerging as a tool for smaller businesses in developing markets, particularly for remittances and small loans;
  • The transaction banking industry is beginning to see DeFi’s potential to overhaul the inflexibility of present processes;
  • Uptake of DeFi in transaction banking could open up new capital opportunities for larger companies and increase liquidity for SMEs.

Decentralized finance had a resurgence last summer. Cryptocurrencies like bitcoin and ether are now becoming more widely accepted for payments and USD Coin (USDC) has made significant progress towards being an asset that will maintain its value without future depreciation.

At the same

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Covid leaves students with a bitter financial legacy

In March last year, Kerys Henry was taking a break from her studies on a stint abroad in Denmark.

The English literature student at the University of Manchester had saved money from three part-time jobs alongside her studies, and thought she was in a relatively secure financial position.

Then the pandemic began, and travel restrictions trapped Henry in Copenhagen. Her father, who works as a bathroom fitter for elderly people, lost work. When she eventually returned to Manchester, her finances drained, the lifeguarding and fundraising jobs that had kept her afloat had evaporated.

“I was so stressed. I was just

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EU further delays sustainable finance rules for asset managers

European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium May 5, 2021. REUTERS/Yves Herman

LONDON, July 9 (Reuters) – The European Union has been forced to delay the second phase of landmark rules that require asset managers to show how they take environmental and other issues into account by a further six months to July 2022, an EU letter seen by Reuters said.

The delay comes as the volume of cash going into products that tout their ESG attractions has been accelerating, raising concerns among regulators about “greenwashing” or over-egged climate-friendly credentials.

The Sustainable Finance Disclosure Regulation

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It May Be Unsexy, But This One Asset Class Is Critical to Any Financial Plan

If the past year and a half has taught us anything, it’s that having a good financial foundation is critical. While cash is such an important aspect of our everyday lives, many have become complacent about it, often overlooking it entirely as an asset class. Even if your priority is to grow your wealth, you need to build on a foundation of financial security. Cash is that foundation, offering you the comfort of knowing you can cover your monthly bills and unforeseen expenses.

With current interest rates so low, you may not even be thinking about your cash, but having

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Biden to call for greater bank merger scrutiny, customer control of financial data

President BidenJoe BidenAlabama military base orders troops to show vaccination proof amid increased COVID-19 cases Arizona’s Maricopa County approves M for new vote-counting machines On The Money: Democrats reach deal on .5T target | Biden rallies Democrats: ‘We’re going to get this done’ MORE on Friday will ask bank regulators to adopt tighter standards for approving mergers and allow customers to download their financial transaction data from banks.

Biden is set to sign a sweeping executive order intended to boost competition within the U.S. economy, the White House announced Friday. The order includes two provisions intended to slow consolidation

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