The effort to protect financial markets from cyberthreats has been boosted by collaboration between the industry and government agencies. Experts at the SmartBrief Cybersecurity Forum cited information sharing as the area that has seen the most improvement. Federal legislation also stands to help market participants address privacy and liability concerns related to cybersecurity, the experts said.
Regulators must work harder to help individual investors appreciate the risks presented by new technologies that cybercriminals use to commit fraud, said Securities and Exchange Commission Chairman Jay Clayton. He said he plans to give cybersecurity a high priority in the SEC's enforcement actions.
Congress should empower the Financial Stability Oversight Council to coordinate financial regulators when it comes to cybersecurity and other areas where they overlap, Treasury Secretary Steven Mnuchin told the House Appropriations Committee. The call comes despite efforts by Republican lawmakers to narrow the council's authority.
The Federal Reserve raised its benchmark interest rate to a range between 0.75% and 1%, its second rate hike in three months but only the third increase since the global financial crisis. Fed Chair Janet Yellen said the central bank will take a cautious approach to further rate increases because it isn't as optimistic about the growth ahead for the economy as some business executives and stock market investors.
President Donald Trump has signed a bill to end a three-day shutdown of the government. Senate Democrats voted for an interim measure that funds the government through Feb. 8 after Senate Majority Leader Mitch McConnell, R-Ky., said he would allow a vote on an immigration bill in coming weeks.
The Senate has voted 84-13 to confirm Jerome Powell as chairman of the Federal Reserve. Powell will assume the duty when the term of Chair Janet Yellen ends Feb. 3.
Federal Reserve Chairman Jerome Powell says he expects the central bank to press ahead with interest-rate increases as it works to get inflation up to its 2% target. Gradual increases will support steady economic expansion and a strong labor market "as long as the economy continues broadly on its current path," he says.
The House has passed the final version of the tax bill after procedural issues forced another vote. The measure heads to President Donald Trump, but when he will sign it is unclear.
Funds sponsored by asset managers are going to come under close scrutiny from the Financial Stability Board, said Chairman Mark Carney. The FSB is looking at what funds can do to manage the risk of being hit by runs in times of market stress.
President Donald Trump nominated Jerome Powell, whom former President Barack Obama appointed as Federal Reserve governor in 2012, to be chairman of the central bank. If confirmed, Powell will succeed Chair Janet Yellen, whose term ends in February.
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