Pulse: Finance, Banking, and Regulation
I agree with a Twitter commentator today who said that US-China trade relations was giving him whiplash after President Trump’s volte-face on ZTE. For context, I recommend two new books with a longer view on the changes taking place in China. The first, “The End of an Era” by Carl Minzer is truly a must-read for any China watcher. Devin Stewart at the Carnegie Council conducted a wonderful interview with Prof Minzer, which I’ve included below.
Expect state government agencies and legislators to move most quickly on providing regulatory clarity on FinTech regulation in the United States. U.S. federal regulatory agencies have initiated enforcement actions against some of the most egregious cryptocurrency investment practices and are watching the industry closely.
What a week it was! Equity markets and cryptocurrencies, both of which appeared to defy the laws of gravity, and the US dollar took a dive. However, the story of synchronized global growth does not seem to have changed. Have we finally escaped the long dark shadow cast in 2008? Renowned Japanese economy expert Takatoshi Ito thinks that things are changing at the Bank of Japan, the institution that invented and led the world in quantitative easing. This could be a signal of things to come in a new global monetary policy environment.
This week's report focuses on some of my long-time favorite sources of banking and FinTech news and insight. I follow the industry through reports from media organizations and industry experts I respect and trust. I started thinking about my sources and methods after reading Ron Shevlin's post "FinTech influencer lists have jumped the shark."
Chicago FinTech executives and developers celebrate, examine, and help create the future of money and finance through a series of events April 24 – 30. As the week approaches, Chicago takes the fifth spot in a new list of global financial technology hubs, based on FinTech innovation research by Deloitte.
Donald Trump vowed as candidate and newly elected president to “do a number” on Dodd Frank, the sweeping 2010 financial services and consumer regulatory reforms and Dodd Frank’s sidekick, the Volcker Rule. While directives by presidential fiat to Trump’s Treasury Secretary, Steven Mnuchin, and regulators to take initial steps, the congressional action needed to overturn Dodd Frank is far less certain.