World Bulletin / News Desk
A top Trump administration financial regulator said Wednesday that tough bank capital requirements should be "recalibrated" as part of a regulatory pullback in order to boost economic growth.
J. Christopher Giancarlo, tapped by Trump on Tuesday to serve as chair of the Commodity Futures Trading Commission, also said regulators had gone too far in putting restrictions on financial derivatives after the 2008 financial crisis.
"Today, America's derivatives markets are struggling, in some cases, under the weight of flawed and excessive regulation," Giancarlo said in an address to a futures industry conference in Boca Raton, Florida.
Strict capital requirements on banks after the 2008 financial crisis were emblematic of the heavy-handed approach and needed to be rethought, said the official, who has been a member of the commission since 2014, but will require Senate confirmation to take the agency's top job although he currently serves as acting chair.
Supporters of the requirements say they are necessary to safeguard the financial system and prevent the excesses that led to the crisis, but large banks gripe that the limits have boxed them in and restricted their ability to return cash to shareholders.
Giancarlo said the rules were misguided because they heightened liquidity risk.
The CFTC focuses on derivatives but also has a hand in overall financial regulation through the joint Financial Stability Oversight Council, which also includes the Federal Reserve, Treasury and other regulators.
He also launched what he labeled as "Project KISS," for "keep it simple stupid," an initiative to simplify new rule implementation to be led by CFTC chief of staff Mike Gill, who also will have the title of "Regulatory Reform Officer."
Giancarlo also established a chief market intelligence officer to report directly to the chairman in an effort to set more future-oriented policies.
The IMF warned that "significant policy uncertainties imply larger-than-usual" risks to the US outlook on either side, since spending cuts could lower growth, while tax cuts could provide stimulus and expand the economy.
Now the VNO-NCW is calling for the Dutch parliament to reverse a 2015 decision to introduce a cap of 20 percent of annual pay on the bonuses which can be paid out to top managers in the banking industry.
The state-owned energy trading firm Lietuvos Duju Tiekimas said it signed the deal with the Texas company Cheniere Energy.
Adding to the upward pressure for oil is the crisis in the Middle East, where a Saudi-led blockade of Qatar has fuelled concerns of possible conflict.
Bourses in both Paris and Frankfurt dipped after a report from data monitoring company IHS Markit showed Eurozone private sector business activity slowed sharply in June while staying in expansion mode.
Analysts said that while the downturn in the headline readings was disappointing, the economy continued to put in a strong performance.
Crude prices stabilised after diving more than two percent on Tuesday on increasing fears of a global supply glut, as continued production in the US and elsewhere offsets an OPEC output cut deal.
Move estimated to save company $1B in investment costs
However, most other regional markets struggled after Monday's healthy gains, despite being given a positive lead from Wall Street where the Dow and S&P 500 closed at fresh record highs.
The purchase in one fell swoop gives Amazon, which until now has operated almost entirely on the internet, a big presence in the brick-and-mortar world on Main Street, with more than 450 stores in the US, Canada and Britain.
"The Bank of Russia Board of Directors decided to cut the key rate to 9.00 percent per annum," the bank said in a statement. The cut follows a half-point decrease in late April.
Equity traders have suffered a fraught week as the crisis engulfing Donald Trump picks up pace, technology firms tumbled from recent highs and energy plays were hammered by plunging oil prices.
"In May 2017, passenger car registrations across the EU increased by 7.6 percent to 1.387 million units," ACEA said in a statement.