Concerned about the potential for a digital-era bank run, the Treasury Department is working on an oversight framework for the fast-growing sector.
In March 2020, the Federal Reserve had to step in to save the mutual funds, which seem safe until there’s a crisis. Regulation may be coming.
The progressive Democrat’s proposals for taxing the rich will take center stage as talks on paying for an infrastructure bill ramp up.
From financial regulation to minority lending, Biden’s pick is poised to change course sharply from the policies of Secretary Steven Mnuchin.
The Dodd-Frank financial law succeeded at making banks safer, but empowered shadowy corners of finance that nearly wrecked the system in March.