The Securities and Exchange Commission plans to award a record $61 million to whistle-blowers who helped make the case that advisers at JPMorgan Chase & Co. failed to disclose conflicts of interests in the sales of products to wealthy clients.
Joseph Otting, President Donald Trump’s nominee to lead the Office of the Comptroller of the Currency, is scheduled to testify before the Senate Banking Committee next week for his confirmation hearing. Randal Quarles, Trump’s pick to serve as the Federal Reserve’s vice chair for supervision, is also slated to testify at the July 27 hearing.
The White House said President Donald Trump plans to nominate Hester Maria Peirce, a former Senate aide who’s now director of the Financial Markets Working Group at George Mason University’s Mercatus Center, as a member of the Securities and Exchange Commission. Former President Barack Obama nominated Peirce, but she was not confirmed by the Senate.
The Office of the U.S. Trade Representative released its policy objectives for the renegotiation of the North American Free Trade Agreement with Canada and Mexico. The Trump administration’s top goal is to reduce the U.S. trade deficit by improving market access for American-made products in both countries, according to the document.
Wells Fargo & Co. plans to “get a little bit smaller” in the wake of its cross-selling scandal, said Chief Financial Officer John Shrewsberry. Business units that could be on the chopping block, he said, include “smaller things” valued in the hundreds of millions of dollars.
The White House said President Donald Trump intends to nominate former Treasury Department official and private equity investor Randal Quarles as the Federal Reserve’s bank supervisor. If confirmed by the Senate, Quarles would fill one of three vacant seats on the Fed’s board, as vice chairman for supervision.
Federal Reserve Chair Janet Yellen told the Senate Banking Committee that the Wells Fargo scandal that created millions of phony bank and credit card accounts was “egregious and unacceptable.” She said an investigation is underway and that the Fed is prepared to use its authority for punitive action, if necessary.
President Donald Trump’s nominee to lead the Federal Deposit Insurance Corp., Jim Clinger, asked the White House to withdraw his name from consideration. Clinger, a veteran House aide who was nominated last month, said his responsibilities to certain family obligations are “incompatible with the demands of leading an important federal agency like the FDIC.”
Sen. Tom Cotton (R-Ark.) said he aims to help overturn a new Consumer Financial Protection Bureau rule that prohibits banks and credit card companies from writing arbitration clauses in ways that prevent consumers from joining class-action lawsuits. Cotton said he has initiated the legislative process that could repeal the rule through the Congressional Review Act.
The White House said President Donald Trump intends to nominate former Treasury Department official and private equity investor Randal Quarles as the Federal Reserve’s bank supervisor. If confirmed by the Senate, Quarles would fill one of three vacant seats on the Fed’s board as vice chairman for supervision.