Highlight of the Week
Biden Administration Backs Down on Tracking Bank Accounts
-Democrats announced Tuesday that the IRS will not collect additional data on every bank account that sees more than $600 in annual transactions after the program received widespread criticism.
-Instead, they are proposing raising the threshold to accounts with more than $10,000 in annual transactions (not reported through paychecks).
Presidential Nominee Sees Resistance in Senate
-President Joe Biden’s pick to run one of Washington’s most important banking industry regulators is struggling for confirmation in the Senate. He has nominated Saule Omarova to lead the Office of the Comptroller of the Currency.
-Omarova, a Cornell law professor, has long advocated for more strict rules over the banking sector, including moving consumer banking away from private institutions.
HSBC and 18 Other Banks Can Now Sell Investment Products in Hong Kong
-The Hong Kong Monetary Authority has approved 19 lenders under the Wealth Management Connect Scheme to sell investment products in Guangdong, Hong Kong, and Macao.
-The change comes as China continues to reform the mainland’s capital markets and raise their accessibility to international investors.
Braves Lead Dodgers 2-1 in NCLS.
-The Braves led 5-2 during the 8th inning of game 3 until Cody Bellinger launched a 3-run HR. The Dodgers scored one more and avoided a 3-game deficit.
-While the Braves still lead 2-1, games 4 and 5 will also be played in Los Angeles.