How much will the Fed shrink its balance sheet? | Banks face too many capital ratios, Fed official says | US officials look to fix derivatives rules
September 19, 2017
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How much will the Fed shrink its balance sheet?
How much will the Fed shrink its balance sheet?
Yellen (Mark Wilson/Getty Images)
Federal Reserve Chair Janet Yellen is widely expected to announce this week the start of passive unwinding of the central bank's $4.5 trillion portfolio, but how much the balance sheet will shrink remains unknown. The Fed's liabilities have increased, so the balance sheet must remain larger than the 2008 level, which was less than $900 billion.
The Wall Street Journal (tiered subscription model) (9/18) 
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Banks face too many capital ratios, Fed official says
Regulators seem to agree banks face too many capital ratios but have difficulty agreeing on which to keep to simplify the capital regime, says David Lynch, deputy associate director of supervision and regulation at the Federal Reserve. "I think some things that might be considered are combining some of the measures into a single one," he said.
Risk (subscription required) (9/18) 
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US officials look to fix derivatives rules
Post-crisis rules on swaps trading, clearinghouses and international coordination should be changed only where necessary, say Commodity Futures Trading Commission Chairman J. Christopher Giancarlo, Craig Phillips of the Treasury Department and Vice President Mike Pence's economist, Mark Calabria. A Treasury report to be released next month details the Trump administration's stance on recalibrating trading rules.
The Wall Street Journal (tiered subscription model) (9/18) 
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National News
White House rejects study showing refugees aid economy
The Trump administration has rejected findings of a study by the Department of Health and Human Services that refugees have contributed $63 billion more to government revenue than they have cost the US during the past 10 years. The study was completed toward the end of July but has not been made public.
The New York Times (free-article access for SmartBrief readers) (9/18) 
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Financial and Tax Update
Groups want 24-month delay of fiduciary rule
The financial industry is urging the Labor Department to extend postponement of full enforcement of the fiduciary rule from 18 months to 24 months. Organizations including the National Association of Insurance and Financial Advisors and the Securities Industry and Financial Markets Association said in comments to the department that 18 months isn't enough to properly review and then comply with the rule.
Financial Advisor online (9/18) 
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Employment Focus
La. senator seen as swing vote on arbitration rule
Sen. John Kennedy, R-La., says he is undecided on legislation to block the Consumer Financial Protection Bureau's arbitration rule. Television ads aimed at Kennedy are airing in Louisiana, and bank lobbyists have met with the senator in Washington, D.C.
The Advocate (Baton Rouge, La.) (9/17) 
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Minneapolis-based employers must offer sick leave, appeals court rules
Minneapolis-based employers must offer sick leave to employees, a Minnesota appeals court ruled Monday. The ruling was part of a wider case in which the Minnesota Chamber of Commerce is arguing that state law pre-empts a city ordinance that requires one hour of paid sick leave for every 30 hours worked, up to 48 hours a year.
Star Tribune (Minneapolis-St. Paul, Minn.) (tiered subscription model)/The Associated Press (9/18) 
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Supreme Court and Federal Court Watch
Justice Dept. cannot share VW papers, judge says
A protective order bans the Department of Justice from sharing with a German law firm millions of pages of Volkswagen documents linked to the company's diesel emissions scandal, a federal magistrate judge says. The world's largest auto manufacturer has been sued for roughly $10.3 billion in 1,600 securities suits in Germany.
Reuters (9/18) 
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Professional and Business Development
Working long hours won't ensure better results
It can be easy to fall for the idea that working more hours will make you more productive, but most professionals find that long hours result in rapidly diminishing returns, writes Geoffrey James. Taking time to engage in creative activities that you enjoy instead will actually improve your work performance, according to a recent study.
Inc. online (9/16) 
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Why you should periodically unplug from office chatter
Professionals must be careful not to spend too much of their time dealing with office chatter, whether it takes the form of email, instant messages or other communication. Instead, schedule short segments of your day to catch up on communication with teammates and unplug during other times to focus on work, writes Stacey Lastoe.
The Muse (9/17) 
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PLI News
Commodity Exchange Act Basics for Lawyers
Being conversant in and familiar with the Commodity Exchange Act and the regulatory framework for futures, commodity options, swaps, and retail foreign exchange is extremely important to lawyers. Attend the Oct. 10 One-Hour Briefing, Commodity Exchange Act Basics for Lawyers. Topics include: the jurisdiction of the Commodity Futures Trading Commission (CFTC); who are the registrants and what authority does the CFTC have over them? And what role do the SEC and other regulators have?
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Practice-Oriented Research: Securities Investigations: Internal, Civil and Criminal
PLI PLUS provides access to all PLI Press publications, including the recently updated Securities Investigations: Internal, Civil, and Criminal (2nd Edition). This Treatise guides attorneys in: conducting internal investigations; cooperating with the SEC and DOJ during investigations in ways that protect clients' interests; implementing effective compliance measures; designing compliance programs that avoid common compliance deficiencies and help stave off lengthy SEC examinations; supporting clients during their investigation testimony; and handling a grand jury investigation.
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