U.S. Sen. Marco Rubio (R-FL) is working to drum up support in the U.S. Senate for his bill that aims to prohibit American investment in Chinese companies that pose a threat to national security. Sen. Marco Rubio The American Financial Markets Integrity and Security Act, S.570, would prohibit investment vehicles of all types, including mutual […]
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More than $8.7 billion in investments will be deployed through the Emergency Capital Investment Program (ECIP) to increase lending to small and minority-owned businesses and low- and moderate-income consumers in underserved communities.© Shutterstock The ECIP enables the U.S. Department of the Treasury to make direct investments in banks, credit unions, and holding companies designated as […]
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A MetLife and U.S. Chamber of Commerce Small Business Index report has determined that small business owner optimism is on the rise regarding hiring and investment plans.© Shutterstock A pandemic-era high score of 63, with over three in four small business owners expressing optimism about their business future, according to the poll taken Oct. 13-27, […]
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Two U.S. senators have forwarded correspondence to a trio of government agencies, advocating for more resources for minority-owned financial institutions.© Shutterstock Sens. Sherrod Brown (D-OH), chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and Raphael Warnock (D-GA) sent letters to the Federal Deposit Insurance Corporation (FDIC), Federal Reserve and Office of […]
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The Financial Industry Regulatory Authority (FINRA) reached settlements with six member investment firms to pay restitution to customers over unit investment trust (UIT) early rollovers. © Shutterstock All of the firms failed to reasonably supervise early rollovers of UITs, which caused customers to incur potentially excessive sales charges. Through the settlements, FINRA obtained more than […]
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The U.S. Government Accountability Office (GAO) released a report outlining the need for better information sharing and collaboration to combat trade-based money laundering (TBML).© Shutterstock TBML is the system criminal organizations use to hijack international trade markets to launder money through rule-of-law countries. The practice involves transferring funds through thousands of shell companies using fake […]
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A pair of lawmakers have introduced a measure they said creates a new grant program for nonprofits, business districts and Main Street organizations via the Economic Development Administration (EDA).© Shutterstock Sens. Roger Wicker, (R-MS) and Alex Padilla (D-CA) introduced the Revitalizing Small and Local Businesses Act, which would authorize $250 million over the next five […]
A group of Republican senators are urging the U.S. Department of Labor (DOL) to withdraw a recent proposal that allows asset managers to promote environmental, social, and governance (ESG) objectives in retirement plans.© Shutterstock “[T]he proposal effectively mandates consideration of climate change and ESG factors in all investment and proxy voting decisions. In addition, the […]
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The Treasury Department has detailed the most recent numbers for Emergency Rental Assistance (ERA) program disbursements, noting state and local governments helped over 521,000 renters and landlords in October.© Shutterstock The total number of ERA program payments is now over 2.5 million. The Treasury Department projecting approximately $25 to $30 billion of combined ERA 1 […]
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Republican leaders in the Minnesota House of Representatives are urging Gov. Tim Walz to provide relief for businesses from upcoming unemployment insurance payroll tax increases. © Shutterstock Due to the unprecedented surge in unemployment claims due to the COVID-19 pandemic, the Unemployment Insurance Trust Fund (UITF) ran out in July 2020. As a result, the […]