President Donald Trump has signed the bipartisan Economic Growth, Regulatory Relief, and Consumer Protection Act, which eases supervision of banks with less than $250 billion in assets and adjusts other rules in the Dodd-Frank Act. "This is all about the Dodd-Frank disaster, and they've fixed it or at least gone a long way toward fixing it," Trump said during the signing ceremony.
Republican lawmakers, the US auto industry and business groups have criticized President Donald Trump's threat to impose tariffs as high as 25% on imported vehicles. Many warn the action would bring the world closer to a trade war that would do the US more harm than good.
Eurozone economic growth is on track, European Central Bank Chief Economist Peter Praet says, "but I see clouds". Expansion could slow because of international trends, particularly strengthening of the euro against the US dollar, he says.
Bankers and regulators must aggressively prepare for the end of the London Interbank Offered Rate in 2021, Bank of England Governor Mark Carney and Federal Reserve Bank of New York President William Dudley say. "Time is of the essence, and we must manage it well," Dudley says.
Chinese smartphone-maker Xiaomi will meet with institutional investors in June, a source says, as it prepares for a $10 billion initial public offering in July in Hong Kong. Xiaomi reportedly wants to convince investors the company is worth at least $70 billion.
Nearly 21% of Lloyds Banking Group shareholders have voted against the 2017 executive-pay report, citing disconnect between senior managers' pay and performance. The move reflects a growing trend of shareholders voicing disquiet, with more than 20 listed companies experiencing objections to management compensation.
Memorial Day marks the beginning of what AAA calls the "100 Deadliest Days" on US roads, as data show more deadly crashes happen in warmer months. PCI's Bob Passmore said education is crucial to help curtail distracted driving, and "continued support for the implementation and enforcement of distracted driving laws, which discourage texting while driving and ban handheld cellphone use, also is critical to prevent tragedies."
Sen. Chuck Schumer, D-N.Y., said he will work toward a long-term extension of the National Flood Insurance Program, with potential changes including "stricter controls" on insurers' attorneys and tougher regulatory scrutiny of carriers involved in the NFIP. Schumer is pushing for a reauthorization prior to the NFIP's July 31 expiration.
This year's hurricane season has a 70% probability of generating 10 to 16 named storms that have winds of 39 mph or faster, according to the National Oceanic and Atmospheric Administration's Climate Prediction Center. Higher sea levels are contributing to greater severity in storm surge, and warmer oceans causes storms to intensify, experts say.
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