SEC user-fee bill to be proposed again | White hearing highlights SEC challenges | Fed changes policy-statement scheduling
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March 14, 2013
NYSSA SmartBrief
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Top Story
JPMorgan execs will face Senate committee
This week, the Senate Permanent Subcommittee on Investigations will commence hearings on JPMorgan Chase's derivatives losses stemming from the "London whale." The committee, and its chairman, Sen. Carl Levin, D-Mich., have a reputation for long-lasting, in-depth reports on financial issues. "We don't have a legislative authority directly, but our investigations are aimed at trying to produce the background and the material for legislation," Levin said. Current and former JPMorgan executives, as well as three regulators, are set to testify. However, CEO Jamie Dimon was not asked to appear. Politico (Washington, D.C.) (3/13), MarketWatch (3/13), The New York Times (tiered subscription model)/DealBook blog (3/13)
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Industry Update
SEC user-fee bill to be proposed again
Rep. Maxine Waters, D-Calif., says she will introduce a bill within days that would give the Securities and Exchange Commission authority to impose user fees to cover the cost of examining investment advisers. The measure is identical to one Waters introduced last year; it failed to make it to a vote in the House Financial Services Committee before the congressional session ended in December. InvestmentNews (free registration) (3/13)
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White hearing highlights SEC challenges
Mary Jo White's testimony before the Senate banking committee focused on challenges she might face if she becomes head of the Securities and Exchange Commission. White has addressed issues of stricter enforcement, high-frequency trading and resolving her possible conflicts of interest. "The American public will be my client, and I will work as zealously as is possible on behalf of them," she said. The New York Times (tiered subscription model)/DealBook blog (3/13)
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New York Focus
Banks broaden, toughen clawback policies
Citigroup is among the latest of the major banks to change their clawback policies in response to urgings by New York City Comptroller John Liu. So far, six big banks have heeded the call by Liu, who oversees the city's pension funds. The Wall Street Journal (3/13)
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NYC candidate Lhota has had early fundraising success
Questions about whether first-time Republican candidate Joseph Lhota can make a strong bid to become New York City's mayor are fading, based upon his early fundraising. He has brought in $730,000 in campaign contributions in two months. The New York Times (tiered subscription model) (3/13)
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Career Development
6 mistakes that can sour a strategic plan
Successful strategic planning isn't waylaid by tactical and operational issues, writes Mel Lester, who cites a McKinsey survey that found more than half of executives were unhappy with how their company undertook strategy planning. Common mistakes that can derail the process include a lack of fresh ideas, too many action items and a failure to assemble teams optimally, he writes. E-Quip blog (3/9)
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On The Economy
U.S. retail sales had a strong February
Largely unaffected by higher payroll taxes and gasoline prices, retail spending in the U.S. rose 1.1% in February, double the growth that most economists expected. Consumers spent more money at service stations, auto dealers, building materials outlets, general merchandise stores and non-store retail businesses including Internet marketers, the Commerce Department said. Bloomberg (3/13), Business Insider (3/13)
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Financial Products
Short-term currency fund is set to debut in April
The Daniel Stewart Mercury Forex Currency Fund, scheduled to launch next month, will seek to generate gains from intraday and short-term currency trading in the U.S. dollar, the Japanese yen, the Canadian dollar, the British pound, the euro, the Australian dollar and the New Zealand dollar. (U.K.) (3/13)
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Fidelity offers commission-free trading of more iShares ETFs
Fidelity Investments and BlackRock expanded their partnership to increase the number of iShares exchange-traded funds Fidelity customers can trade commission-free from 30 to 65. BlackRock pays marketing fees to Fidelity for the commission-free transactions. Reuters (3/13), InvestmentNews (free registration) (3/13), Barron's (free content)/Focus on Funds blog (3/13)
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Success is a lousy teacher. It seduces smart people into thinking they can't lose."
-- Bill Gates,
American businessman
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