US President Donald Trump on Friday appointed White House Office of Management and BudgetDirector Mick Mulvaney to head a financial watchdog that the administration has sought to overhaul as part of its deregulation push.
Mulvaney, who described the US Consumer Financial Protection Bureau as a “sick, sad joke” in a 2014 interview, is to serve as acting director until a permanent head is nominated and confirmed, the White House said in a statement.
Former bureau director Richard Cordray, who had long been in the banking industry’s crosshairs, last week announced he would step down by the end of the month, several months early.
The Trump administration’s decision to appoint Mulvaney sparked some confusion over interim leadership, as Cordray had already named Leandra English — who was already part of the agency — as his de facto successor by naming her deputy director.
That move came hours before Trump tapped Mulvaney as the regulator’s temporary leader.
Since the start of his presidency, Trump has decried financial rules and regulations, put in place through the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act to combat the excesses that led to the 2008 financial crisis.
The US Department of the Treasury under Trump has produced three reports calling for a whittling down of rules imposed on mid-size banks, a scaling back of stress tests and a restructuring of the bureau.
US Republicans have long deemed the bureau, founded in 2011 under the administration of then-US president Barack Obama, too far outside political control.
Last month, the US Senate voted to terminate a rule created by the agency that would have allowed class-action suits against banks or credit card companies.
The rule would have addressed fine-print clauses that bank and credit card consumers must agree to, which bar them from seeking redress through litigation.
The vote was criticized by many US Democrats as a sop to Wall Street.
Polytronics Technology Corp (聚鼎科技) yesterday announced that it is buying Henkel AG’s thermal clad dielectric material (TCLAD) business division for US$26 million as the Taiwanese firm aims to improve its technology, product portfolio and revenue performance. Polytronics, headquartered in the Hsinchu Science Park (新竹科學園區), is a supplier of protection components and heat dissipation materials. The firm entered the metallic heat-dissipation substrate market in 2007 and developed a unique solventless production process. Its board of directors approved signing an agreement with Henkel to acquire the German chemical firm’s TCLAD division in the US. The purchase includes all assets and business interests, including equipment,
SIZE MATTERS: Medium-sized hotels that do not have the support of parent groups are more vulnerable and are forced to take action, a REPro Knight Frank researcher said About 50 hotels across Taiwan are seeking to exit the market as they succumb to the bleak business outlook amid international travel restrictions imposed to combat the COVID-19 pandemic. Yomi Hotel (優美飯店) on Minsheng E Road, Sec 1, in Taipei is seeking to transfer ownership with an asking price of NT$950 million (US$32.15 million) and a pledge for a lease contract that guarantees a 3 percent return. The budget hotel, with room rates that start from NT$1,400 per night, maintains normal operations, but has been struggling since March, when the government placed restrictions on inbound and outbound travel. Occupancy rates for hotels in
With the US dollar expected to weaken in the next 12 months due to near-zero interest rates, investors should consider purchasing US corporate bonds, Standard Chartered Bank Taiwan Ltd (渣打台灣銀行) said on Thursday. The bank said that the US Federal Reserve since last month has been buying bonds issued by US companies to curb default rates. The US dollar is forecast to be weaker against the pound, the euro and the yen, as well as the Canadian dollar, the Swedish krona and the Swiss franc, as the greenback lacks high investment returns after the Fed in March slashed the benchmark interest rate
A Bollywood actor’s face tattooed on his arm, Sandeep Bacche’s devotion shocks few in India where stars enjoy semi-divine status, but even there the hallowed silver screen might be losing its shine to streaming services and pandemic fears. “Whenever things get better and theaters begin operations, I will watch three movies a day for sure just as a way to celebrate,” said the Mumbai rickshaw driver, who is recovering from the virus himself. However, others might not join the party. With cinemas shut for months due to a COVID-19 lockdown, and little prospect they will reopen soon, frustrated Bollywood producers have turned to