Several US regulators, including the Securities and Exchange Commission, are considering dropping unfinished Dodd-Frank Act rules, including restrictions on executive bonuses and oversight of swaps trading, according to a regulatory agenda. "The agenda gives you a sense of where the agency is going to focus its resources, but it is not dispositive about what it ultimately will or will not do," said Willkie Farr & Gallagher's James Burns, a former SEC official.
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A provision of the Emergency Economic Stabilization Act of 2008 allowing hedge funds to defer tax payments on offshore income will sunset in 2018, forcing funds to pay federal, state and local back taxes. The Joint Committee on Taxation estimated in 2008 that the measure would raise $25 billion.
The House Committee on Education and the Workforce voted for a bill that would repeal the Labor Department's fiduciary rule and replace it with a best-interest standard for investment advice. The bill is expected to pass in the House but faces uncertainty in the Senate.
The Securities and Exchange Commission is awarding two whistleblowers a total of $61 million for information regarding JPMorgan Chase's steering of affluent clients to investments most profitable to the bank.
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Joseph Lhota, chairman of the Metropolitan Transportation Authority, has called on New York City to contribute additional funds to solve the transportation system's crisis. Austin Finan, a spokesman for the mayor, rejects the assertion that the city provides inadequate funding.
New Jersey's Newark Liberty International Airport has more airlines offering lower ticket prices than it did a year ago. The Port Authority of New York and New Jersey credits the lower prices to increased competition made possible when the Federal Aviation Administration relaxed slot restrictions.
The Senate Finance Committee has unanimously agreed to advance David Kautter's nomination as assistant secretary for tax policy at the Treasury Department to the full Senate. "David Kautter's experience and knowledge will serve the nation well as we work to unite on comprehensive tax reform," said committee Chairman Orrin Hatch, R-Utah.
Historical models are not adequate gauges of post-crisis economies, Bill Gross of Janus Henderson Investors warned global policymakers. Normalization of short-term interest rates could spell recession for overleveraged economies, which include the US, Gross said.
Rick Rieder, global chief investment officer of fixed income at BlackRock, expects low interest rates to persist, regardless of who succeeds Janet Yellen as head of the Federal Reserve. "Quite frankly, part of why the Fed is executing this reduction of the balance sheet -- you're getting ready for the new Fed chair," he says, noting Fed leadership transitions tend to be smooth.
Evolve Funds Group has filed a preliminary prospectus with Canadian regulators to launch five exchange-traded funds. Among them are ETFs investing in gender diversity, cybersecurity and the next generation of automobiles.
CFA New York Book Club meets monthly and is designed to be an informal group discussion on a multitude of investment-related topics. We will generally have two to three books planned in advance so CFA New York members can pick and choose which ones they are interested in attending. At each meeting, we discuss as a group which books will be on the calendar. Overall, this is a fantastic way to build on our investment knowledge and meet other like-minded members.