The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
Stocks are bouncing higher but could be trapped in a range longer term, until there's a resolution of the trade wars.Market Insiderread more
Powell will have the opportunity if not to walk back the "midcycle" assessment then to at least provide some further explanation about what it means.Economyread more
The report comes as Trump in recent days has lashed out over media reports about growing recession fears.Politicsread more
The Business Roundtable, led by Jamie Dimon, gives a new definition of the "purpose of a corporation."Marketsread more
Tilman Fertitta told CNBC on Monday that he is doing things in a "very conservative way" amid fears of a recession.Marketsread more
Saudi Aramco sent a request for proposal to several banks, people familiar with the matter told CNBC on Monday.Marketsread more
Twitter and Facebook have suspended accounts believed to be tied to a state-backed disinformation campaign originating from inside China.Technologyread more
Leaked documents from Google give fresh ammo to conservative lawmakers who have already accused Google and other tech companies of political bias.Technologyread more
J.P. Morgan estimates the average annual tariff cost per household will be $1,000 with the new round of Trump's tariffs.Marketsread more
Stasior left Apple earlier this year. Prior to his time in charge of Siri, he was a top executive at Amazon.Technologyread more
President Donald Trump signed three directives Friday aimed at unwinding regulations put into place after the financial crisis.
The moves target two key areas — "living wills" that banks must formulate to show how they would be broken up if they are in danger of failure, and the designation of what institutions will come get more intense federal scrutiny under the financial reforms.
Trump called the regulations, under the Dodd-Frank legislation, "damaging ... that failed to hold Wall Street firms accountable."
During a ceremony at the Treasury building, he also signed a measure that authorized a look into "reducing the tax burden" of Americans.
"This is such a privilege for me to sign" he said. "This is really the beginning of a whole new way of life that this country hasn't seen in really many, many years."
The banking orders "signal that the Administration will continue a push to remove key regulations that were implemented as part of the Dodd-Frank Act," analysts at FBR said in a note to clients.
One part will deal with the Orderly Liquidation Authority, which aims to reduce the burden of too-big-to-fail banks that endangered the financial system during the crisis. Large institutions posed widespread risk because of their interconnected nature, and the Dodd-Frank reforms sought to establish procedures for how to pull those banks apart in the case of another crisis.
However, some nonbanks also came under the measure's umbrella. MetLife last year successfully sued to have itself removed from the list of so-called systemically important financial institutions, but American International Group and Prudential remain on the list.
AIG was a central figure in the crisis, requiring a taxpayer bailout after insurance it issued against mortgage defaults exploded and posed serious risk to the business.
"We believe in clear and effective regulation, but not regulation for its own sake," Treasury Secretary Steven Mnuchin said. "Where we can do so we will lift the burden of excessive regulation to make sure that banks can lend, small businesses can borrow and Americans' work can thrive."
Trump likely will order regulators to review the process used to designate SIFIs, with the result being that nonbanks will be removed from the list.
On the living will issue, Trump will instruct the Treasury Department to review the provisions that require companies either to pass muster or face having to shed businesses or raise capital.
Ultimately, the OLA provisions could be repealed and replaced with a new system.
"Systemically important banks would benefit from this change: It would decrease their compliance costs in preparing their living wills, reduce the likelihood of higher capital requirements, and prevent regulators from shutting down certain business lines," FBR said.
Trump has said that he believes Dodd-Frank is unfair, and he's targeted it for significant changes.
Mnuchin will get 180 days to report back to Trump on changes to the bank designation and living will provisions. Parts of the bankruptcy code could be used as an alternative to the living wills.
"These expected memos show a continued commitment to undo many of the changes
implemented by Dodd-Frank , and we expect ... other federal financial regulators to accelerate this process, " FBR said.