June 14, 2017 nº 1,875 - Vol. 14
"Do not wait to strike till the iron is hot; but make it hot by striking."
William Butler Yeats
Read Migalhas LatinoAmérica in Spanish every Tuesday and Thursday. Visit the website at www.migalhas.com/latinoamerica
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Trump administration unveils plan to defang consumer watchdog
The Trump administration has said it wants to ease oversight of smaller banks and curb the Consumer Financial Protection Bureau's powers. It wants to roll back rules imposed on the financial sector after the 2008 crisis. It comes just days after the House of Representatives approved a sweeping financial reform bill. The changes - some of which require congressional action - were proposed late on Monday by the administration and include: (a) The White House wants the director of the Consumer Financial Protection Bureau to be removable at-will by the president and to make the agency dependent on Congress for funding; (b) Exempting banks with less than $50bn in assets from annual stress tests and tailoring rules to allow other, larger institutions to opt-out
Democratic lawmakers sue Trump, handing the President another legal challenge
More than 190 Democrats in Congress have joined together to sue President Trump on Wednesday in US District Court in Washington, D.C. They say Trump is violating the US Constitution by profiting from business deals involving foreign governments — and doing so without congressional consent. And they want the court to make it stop. Trump has "repeatedly and flagrantly violated" the Constitution's Emoluments Clause, they say. The clause says that "without the Consent of the Congress," the president can't accept benefits "of any kind whatever from any King, Prince, or foreign State. Trump "has never sought the consent of Congress" for the profits from deals in the more than 20 countries where he has business operations. (Click here)
Crumb
1 - Federal appeals court rules against revised 'travel ban' - click here.
2 - UK election result 'may delay Brexit talks' - click here.
3 - Uber loses another top executive - click here.
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Chairman of Chinese firm who tried to forge ties with Jared Kushner is detained
The detention of Wu Xiaohui, the chairman of Anbang Insurance Group, has significant implications for China and the United States.
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Salary history: Wall Street can't ask, and you needn't tell
A new law in New York City will prohibit Wall Street firms, and many other private employers, from asking about a job candidate's history of compensation.
Supreme Court rules on legal definition of debt collectors
The US Supreme Court ruled unanimously in Monday Henson v. Santander Consumer USA, Inc that a company may collect debts that it purchased for its own account without triggering the statutory definition of "debt collector" provided under the Fair Debt Collection Practices Act. The FDCPA defines debt collectors as "any person who regularly collects... debts owed or due... another." Petitioners argued that if Congress intended to exempt debt owners such as Santander it would have used the present partciple "owing." Justice Neil Gorsuch, writing his first opinion for the court, opined that this argument "does not follow as a matter of good grammar, let alone ordinary meaning." Relying on Justice Antonin Scalia, he also disagreed with petitioner's policy arguments stating, "it is not this court's role to rewrite a constitutionally valid statutory text based on speculation about how Congress might have intended to address the ... purchasing defaulted debt." In its ruling, Santander Consumer USA, and toher companies, are free to employ their own tactics to collect on debts bought.
US considers sanctions on North Korea trade allies
The US is considering sanctions on countries that do illegal business with North Korea. The White House will soon decide whether to impose "secondary sanctions" on those nations. The Trump administration has sought to increase pressure on North Korea over its nuclear and missile activities. Pyongyang's recent missile tests - which are banned by the UN - have sparked international alarm.
Jeff Sessions denies secret meeting with Russia envoy
US Attorney General Jeff Sessions has denied during a Congress hearing having undisclosed meetings with Russian officials at a Washington DC hotel. America's top law official also told the Senate Intelligence Committee any suggestion he colluded with the Kremlin was "an appalling and detestable lie". Sessions also repeatedly refused to answer questions about his private conversations with the president. He vowed to defend his honor "against scurrilous and false allegations".
EU targets Poland, Hungary and Czechs for not taking refugees
The EU has begun legal action against Poland, Hungary and the Czech Republic for refusing to accept refugees under a 2015 solidarity plan. Migration Commissioner Dimitris Avramopoulos said the three countries had ignored "repeated calls" from the EU's executive to take their share. Only 20,869 of the 160,000 refugees have so far been relocated in the EU. The three states could be referred to the European Court of Justice and eventually face heavy fines. (Click here)
Hungary approves strict regulations on foreign-funded NGOs
Hungary's parliament has approved a law imposing strict regulations on foreign-funded non-government organizations. The new rules increase reporting requirements for the groups, which risk closure for non-compliance. Critics say the move is a crackdown on independent voices and an attempt to stigmatize the organizations. Prime minister Viktor Orban has accused foreign-funded NGOs, in particular those supported by American billionaire George Soros, of domestic interference. Groups receiving more than $26,000 will have to register as "foreign-supported organization". (Click here)
London could lose EU euro clearing role
The European Union has revealed a draft law to give it the power to move the lucrative euro clearing business out of London and keep it in the EU after Britain leaves the Union in 2019. London currently processes three-quarters of the trade in this financial sector, providing thousands of jobs. But European Commission vice-president Valdis Dombrovskis said Brexit needed "certain adjustments to our rules". The law will decide if London will have the right to host the work post-Brexit. London is currently the world leader for the clearing of all types of currency-denominated derivatives including the euro.
Uber chief to take leave from company
Uber boss Travis Kalanick plans to take time away from the company, and could return in a diminished role. The move comes after a review of management and practices at the firm, which is facing a number of scandals. The review was sparked by a former employee's claims the company ignored her complaints about sexual harassment. Uber's board on Sunday voted in favor of the recommendations from the review. Another board member resigned Wednesday after a sexist remark.
Cellphone roaming charges end in Europe
After a decade of debate, Europe will finally abolish cellphone roaming charges this week, allowing people from Britain to Bulgaria to call, send text messages and surf the web without incurring eye-watering charges when traveling across the 28-nation bloc. The landmark policy shift, which enters into force on Thursday, comes as Europe faces pressure to speed up the overhaul of its wider digital economy to keep pace with the likes of the United States and China. Europe's decade-long struggle to end cellphone roaming charges began before the original iPhone was released. But it involved often bitter lobbying between the region's cellular operators and consumer groups over how much people should pay to use their phones internationally. The changes will affect only people with European cellphone contracts, meaning Americans and others traveling in the region will still face costly charges. The move is part of broader efforts to unite the region digitally. Under proposals that include things like overhauling people's online privacy rights and allowing individuals to watch digital content from national broadcasters while outside their home countries, the creation of a so-called digital single market has become a crucial pillar to Europe’s economic growth. The goal, according to policy makers, is to give Europeans simple and unfettered access to services like movie streaming, online shopping and cloud computing no matter where they live. (Click here)
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