All articles tagged with #financial reform
Pope Leo XIV is beginning to reverse some of Pope Francis' financial reforms, including canceling a law that centralized Vatican bank management and making new appointments to improve transparency and credibility in Vatican finances, amidst ongoing trials and reforms.
People’s Bank of China Governor Pan Gongsheng envisions a future global monetary system with multiple competing currencies, reducing reliance on the US dollar, and promoting the internationalization of the yuan through financial reforms and market opening measures, amidst waning confidence in the dollar and discussions on a multi-polar currency system.
China plans to merge three major asset management companies - China Cinda Asset Management, China Orient Asset Management, and China Great Wall Asset Management - into the sovereign wealth fund China Investment Corp (CIC) as part of a financial reform plan. This move aligns with the government's commitment to separate its roles as regulator and shareholder of state-owned financial institutions, aiming to curb risk in the nation's financial industry amid economic challenges. The Ministry of Finance, the largest shareholder of the three AMCs, is driving this consolidation, while another troubled asset manager, China Huarong, was excluded from the merger.
A bipartisan bill proposed by Senators Sherrod Brown and Tim Scott would allow regulators to claw back bank executives’ compensation from the two years before a failure and impose stiff fines on them. The bill would authorize the FDIC to recoup proceeds from stock sales as well as bonuses that executives receive in the 24 months leading up to a failure. The bill’s prospects in the Republican-controlled House remain uncertain.