Five possible priorities for the next SEC chairmanship
The Biden administration will approach Gary Gensler, a former Goldman Sachs financial regulator and banker, as head of the Securities and Exchange Commission. Several branches report.
The runoff elections to the Senate in Georgia make it easier to opt for a progressive election like Mr Genslerbecause Democrats have a better chance of validating such candidates. Mr. Gensler has been leading reviews of the Fed’s transition team and banking and securities regulators since November.
If approved, Mr. Gensler is expected to rein Wall StreetHe built on his work as head of the Commodity Futures Trading Commission from 2009 to 2014. At the CFTC, he advocated greater transparency in derivatives trading and was a leader in exposing interest rate manipulation by traders, resulting in heavy fines in a number of settlements with banks. “Wall Street interests are not always the same as the public,” he told the Times in 2010.
He has an inside perspective on the financial industry, Given his nearly 20 years with Goldman before joining the public service. This undermines the criticism financiers have voiced of some progressive picks that are supposedly in the running for economic roles in the Biden administration.
This is what the next SEC chief could focus on:
Corporations are required to publicly announce their political donations in a standardized fashion, an issue the Democrats pushed for even before it became the biggest business story of the day.
Rethink the rules for share buybacks, possibly by imposing requirements or more information. The new majority leader of the Senate, Chuck Schumer, is convinced of it.
Ordering company information on variety of boardrooms, possibly applying suggestions such as Nasdaq’s.
Company disclosures for risks of climate change.
Formulating clearer rules for cryptocurrencies and the blockchain is a subject that Mr. Gensler is uniquely qualified for, having held courses on digital money at MIT for the past few years.
What do you think should be the next SEC chair’s priorities? Let us know at email@example.com. Include your name and location and we may publish your response in a future newsletter.
WHAT HAPPENS HERE
The House will vote on the charges against President Trump. After Vice President Mike Pence rejects a call to appeal the 25th amendment, House legislators will be debating an impeachment article this morning and could vote on it late this morning. Some Republicans are backing the move, including Representative Liz Cheney and privately Majority Leader Mitch McConnell, according to people familiar with his thinking.
The Trump administration is changing its vaccination strategy. Officials instructed states to begin vaccinating all Americans age 65 and older, as well as those with certain underlying diseases, in order to speed up vaccination efforts. However, some fear the move could cause confusion. In other coronavirus news, all travelers entering the US are required to demonstrate negative tests.
Democrats are driving additional impetus. As President-elect Joe Biden prepares to unveil a pandemic relief plan on Thursday, Senator Chuck Schumer, who is to become majority leader, said the Senate would prioritize legislation that includes money for vaccine distribution and additional checks Would include $ 1,400 for Americans.
Visa moves away from its takeover bid for Plaid. The payment giant abandoned its $ 5.3 billion offer after the U.S. Department of Justice blocked the deal, arguing that it would hurt competition.
Google funds an advocacy group for “dreamers”. The tech giant’s nonprofit is donating $ 250,000 to United We Dream, which pays the fees for more than 500 undocumented immigrants to apply for work permits under the Child Arrivals Program. The time window for applications can be short. A Texas federal court is currently considering a challenge from nine states keen to end the program.
The latest corporate responses to the Capitol Rebellion
Walmart Suspends indefinitely from contributions to lawmakers who voted against confirming the 2020 election results two days after they announced they would review their political donation guidelines. The move is particularly noteworthy given that its CEO, Doug McMillon, also leads the Business Roundtable, an influential trade group.
The US Chamber of Commerce Condemned President Trump’s instigation of the mob that stormed the Capitol, and said his powerful Political Action Committee would end support for lawmakers backing efforts to discredit the presidential election.
Youtube Mr. Trump’s channel banned for at least a week, citing concerns about “ongoing potential for violence”.
The CEO of My pillowMike Lindell is one of the few company leaders who stand by Mr. Trump publicly: He has continued to promote unsubstantiated claims about election fraud and the perpetrators of the Capitol rampage.
Amazon responded to a lawsuit by the social media platform Parler, which accused the tech giant of antitrust violations in cutting web hosting services. In a lawsuit, Amazon cited over 100 examples of violent content on Parler, including threats against officials and warnings of more chaos related to the January 20 inauguration.
“Wall Street cannot rule the entire economy.”
– Senator Sherrod Brown, Democrat of Ohio, on his agenda as he chairs the Senate Banking Committee. His priorities, he told reporters such as The Times’ Emily Flitter, would include expanding housing and banking services for low-income Americans and combating climate and racial equality.
A big political donor and the end of an era
Sheldon Adelson, the Las Vegas Sands casino mogul and one of the Republican Party’s greatest benefactors, has died at the age of 87. Since the Supreme Court eased the limits of political contributions in its 2010 decision on Citizens United, Mr. Adelson and his wife Miriam have donated approximately $ 480 million to conservative campaigns and causes, gaining significant influence.
Mr. Adelson’s absence is felt acutely by Republican fundraisers. “The company’s backlash and the tragic death of Sheldon Adelson leave a real void in fundraising plans for the 2022 cycle,” said Scott Reed, a Republican strategist, told The Times’ Jeremy Peters and Shane Goldmacher. The Adelsons donated around $ 217 million more than ever in the 2020 cycle, with $ 90 million going to a super-PAC that supported President Trump’s re-election campaign and $ 70 million to the Senate Leadership Fund, which runs the Was devoted to maintaining Republican control of the Senate, and $ 50 million to the main Republican Super PAC.
“I am against very rich people who try or influence elections”. Mr Adelson told Forbes in 2012, “But as long as it can be done, I’ll do it.” He continued:
I have my own philosophy and I am not ashamed of it. I gave the money because there is no other legal way to do it. I don’t want to go through 10 different companies to hide my name. I’m proud of what I do and I don’t want to escape recognition.
READ THE SPEED
Couche-Tard, a Canadian supermarket giant, is in talks to buy French grocer Carrefour, which currently has a market cap of $ 17 billion. (Bloomberg)
E-commerce lender Affirm raised $ 1.2 billion in its initial public offering, valued at around $ 15 billion. (Capital)
Tessera Therapeutics, a startup focused on a new way to manipulate the human genome, has raised $ 230 million from investors including Alaska’s state-owned mutual fund and SoftBank’s second Vision Fund. (TechCrunch)
Politics and politics
The Republican Accountability Project, a group of anti-Trump Republicans, has pledged up to $ 50 million for Republican lawmakers supporting the indictment against President Trump. (NYT)
New York City is currently exploring options to terminate contracts with the Trump Organization, which operates two ice rinks and the carousel in Central Park and an urban golf course in the Bronx. (NYT, WaPo)
Network company SolarWinds announced that it had found evidence that Russian hackers breached its systems at least a month earlier than initially suspected in a major cyber attack on US government and corporate networks. (WSJ)
AT&T is reportedly in talks to borrow $ 14 billion to buy 5G radio spectrum as its competitors also take on debt to track down valuable radio waves. (Bloomberg)
The best of the rest
Meet Lafayette Square Holding, a socially-influenced minority investment firm backed by Morgan Stanley with $ 100 million. (Bloomberg)
OnlyFans, a social media platform that allows users to sell explicit photos of themselves, is booming as people grapple with the economic fallout from the pandemic. (NYT)
“How much Fund or Metal Band?” (Ben Gimpert)
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