The ever-growing administrative state has become a fourth branch of government. Unelected, unaccountable, and tenured bureaucrats pass most of the rules that govern Americans’ lives—thousands of new ones every year. To help this bloated administrative state, Congress has created internal courts that have taken over most law enforcement cases from the judiciary. These administrative law … Read more
Deutsche Bank, which is based in Frankfurt, has until the middle of next year to implement money laundering controls ordered by a German regulator. Photo: Alex Kraus/Bloomberg News Germany’s top financial watchdog threatened to fine Deutsche Bank AG if it does not implement anti-money laundering controls by a deadline, suggesting the watchdog is not satisfied … Read more
Wall Street’s top watchdog warns that a market selloff and fears of a recession could prompt more companies to cook their books, putting pressure on accountants to catch them. “The current economic environment is subject to significant uncertainties and, historically, often leads to increased risk of fraud,” Paul Munter, acting chief accounting officer at the … Read more
Simplex, a high-speed trading firm in Chicago, has pulled out of the lucrative business of handling individual investors’ options orders after receiving a warning from a Wall Street regulator about a potentially abusive trading strategy. The Financial Industry Regulatory Authority notified Simplex that the strategy — which traders call “signaling” — appeared to violate market … Read more
The Commodity Futures Trading Commission has moved to shut down PredictIt, an online marketplace for futures contracts on the outcome of political events, effective February 15, 2023. This is a blow to investors in these contracts, such as those on the 2024 presidential election, which are left uncertain as to how their positions will be … Read more
The U.S. auditor’s watchdog is getting tougher on rule-breaking auditors after years of criticism for their alleged light touch. But there are limits to how much it can change. The shift is being led by the new chair of the Public Company Accounting Oversight Board, Erica Williams, who said: “When people cheat, make sure there … Read more
Google is hurting in India this week. It probably won’t be the last time. October is shaping up to be a terrible month for the US search giant after India’s antitrust regulator imposed two separate fines totaling more than $250 million. It is just the latest sign that New Delhi is highly skeptical of US … Read more
The Federal Energy Regulatory Commission has come to the aid of the Biden administration to prevent the construction of critical energy infrastructure. President Biden is now poised to impose a Democratic supermajority on this historically bipartisan commission, with the likely consequence that Americans and our European allies will face catastrophic energy shortages this winter and … Read more
WASHINGTON — An appeals court’s ruling that the U.S. Consumer Financial Protection Bureau is unconstitutionally funded could undermine the agency’s work over its nearly 12-year existence, legal experts said, including rules that ensure the smooth functioning of the $13 trillion mortgage market. The decision, made by a three-judge panel of the Fifth U.S. Circuit Court … Read more
