How the U.S. Is Moving Closer to Delisting Chinese Firms
Some big-name Chinese stocks including Alibaba Group Holding Ltd. and Baidu Inc. are facing the prospect of getting booted from the New York Stock Exchange and Nasdaq if they refuse to let U.S. regulators see their financial audits. The U.S. Securities and Exchange Commission has started the process, compelled by a 2020 law, and although it has years to play out, investors have started to pay attention. As has China, which has moved to potentially clear a big hurdle that had stymied U.S. regulatwashingtonpost.com
Biden's pick for SEC flags trading app gimmicks for scrutiny
He was asked about the roiling stock-trading drama involving GameStop shares that has spurred clamor for tighter regulation of Wall Street. The GameStop episode prompted lawmakers to raise concern about the business model of Robinhood, the online trading platform that hosted a wave of trading in GameStop. If confirmed to the SEC post, Gensler said, he would work to strengthen transparency and accountability in the markets. Biden’s selection of Gensler to lead the SEC signals a goal of turning the Wall Street watchdog agency toward an activist role after a deregulatory stretch during the Trump administration. The GameStop episode has bolstered political momentum toward tighter regulation of the securities markets, though Republican lawmakers and regulators generally will oppose new rules.
Biden marks nation's Covid grief before inauguration pomp
President-elect Joe Biden and his wife Jill Biden look out at lights during a COVID-19 memorial, with lights placed around the Lincoln Memorial Reflecting Pool, Tuesday, Jan. 19, 2021, in Washington. “To heal we must remember," the incoming president told the nation at a sunset ceremony at the Lincoln Memorial. “Between sundown and dusk, let us shine the lights into the darkness ... and remember all who we lost,” Biden said. Biden at his Delaware farewell, held at the National Guard/Reserve Center named after his late son Beau Biden, paid tribute to his home state. ___This story has been corrected to show that flags on the National Mall represent people who couldn't come, not COVID deaths.
Biden, Harris take break from inaugural prep to mark MLK day
Flags are placed on the National Mall, looking towards the Washington Monument, and the Lincoln Memorial, ahead of the inauguration of President-elect Joe Biden and Vice President-elect Kamala Harris, Monday, Jan. 18, 2021, in Washington. As Biden and Harris took breaks from their inaugural preparations to honor the civil rights hero Monday, outgoing President Donald Trump remained out of public view at the White House for the sixth straight day. Biden transition officials, including incoming Homeland Security adviser Liz Sherwood-Randall and the deputy attorney general nominee, Lisa Monaco, held a videoconference with acting heads and career staff from national security agencies to discuss the security situation surrounding Inauguration Day. Even before the Jan. 6 insurrection at the Capitol, inauguration festivities were expected to be muted due to the virus. Mayor Muriel Bowser urged residents to stay away from the city on Inauguration Day.
Biden picks Chopra, Gensler for financial oversight roles
President-elect Joe Biden is set to nominate Rohit Chopra as the director of the Consumer Financial Protection Bureau, tapping a progressive ally of Sen. Elizabeth Warren to helm the agency whose creation she championed. Gensler, a former Goldman Sachs banker, tightened oversight of the complex financial transactions that helped cause the Great Recession. Consumer and investor advocate groups praised the selections of Gensler and Chopra. Mulvaney had been a vocal critic of the consumer agency and made deep changes to it, softening regulations on payday loans, for example, and pulling back on enforcement efforts. As one of two Democratic commissioners on the five-member Federal Trade Commission, Chopra has been an outspoken critic of practices by big companies, especially tech giant Facebook.