The United States and Angola are launching a bilateral Commercial and Investment Partnership as part of President Biden’s trip to the country as part of an effort to provide an alternative to China. The partnership "seeks to enable meaningful engagement between business and governments as well as with other businesses to advance its goals."
Webull, a popular electronic stock trading platform has substantial ties to Chinese entities which "raise concerns about Webull’s independence, the security of U.S. investor data, and its ability to comply with U.S. financial regulations," according to Reps. John Moolenaar (R-MI) and Raja Krishnamoorthi (D-IL).
Senators Tom Cotton (R-AR) and Rick Scott (R-FL) have introduced legislation which blocks the recently finalized Treasury Department rule on 45X production tax credits from being implemented. The legislation was introduced in the House by Reps. John Moolenaar (R- MI) and Jared Golden (D-Maine). The 45X credit subsidizes the production of five types of goods: solar energy components, wind energy components, battery components, inverters, and critical minerals. The 45X credit is projected to cost taxpayers $72.7 billion between FY2023 and FY2027.
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced Thursday that the goods and services deficit was $73.8 billion in October, down $10.0 billion from $83.8 billion in September, revised. October exports were $265.7 billion, $4.3 billion less than September exports. October imports were $339.6 billion, $14.3 billion less than September imports.
Brent Wible, Chief Counselor in the Office of the Assistant Attorney General delivered the keynote to the The American Conference Institute’s International Conference On The Foreign Corrupt Practices Act in Washington, DC December 5th.
The House passed legislation December 3rd creating a new structure within the US government to prosecute international trade crimes. The bill directs the Justice Department to stand up a new office, in order to enhance US capabilities for detecting, investigating and prosecuting trade fraud, duty evasion, transshipment and other trade-related crimes.
The Consumer Financial Protection Bureau (CFPB) has proposed a rule to rein in data brokers that sell Americans' sensitive personal and financial information. The December 3rd proposal would make clear that when data brokers sell certain sensitive consumer information they are "consumer reporting agencies" under the Fair Credit Reporting Act (FCRA), requiring them to comply with accuracy requirements, provide consumers access to their information, and maintain safeguards against misuse. “By selling our most sensitive personal data without our knowledge or consent, data brokers can profit by enabling scamming, stalking, and spying,” said CFPB Director Rohit Chopra. “The CFPB’s proposed rule will curtail these practices that threaten our personal safety and undermine America’s national security.” Companies that sell data about income or financial tier, credit history, credit score, or debt payments would be considered consumer reporting agencies required to comply with the FCRA, regardless of how the information is used.
The 16th annual Halifax International Security Forum (HFX), held from November 22 to 24, 2024, in Halifax, Nova Scotia, convened global leaders to address pressing security challenges. Referred to by Canadian media as "The Davos of international security," the Forum's agenda encompassed topics such as Russia’s aggression in Ukraine, the influence of China, Iran, and North Korea (collectively referred to as “CRINKs”), Arctic security, and the impact of artificial intelligence on defense.
House China Hawks wrote to Treasury Secretary Janet Yellen following the prison sentencing of 45 pro-freedom activists in Hong Kong last week. Citing deteriorating human rights and financial transactions between Hong Kong, Russia, and North Korea, the lawmakers seek a briefing from Treasury Department officials on potential actions the U.S. will take.
The head of the Export-Import Bank of the United States (EXIM) President signed two memoranda of understanding with the governments of Barbados and Saint Kitts and Nevis, securing a total of "up to $800 million in potential financing to support financing in cybersecurity, renewable energy, and critical areas for the region’s long-term growth and sustainability," according to a Bank announcement The announced sum represents a thirty-five fold increase from the amount of business EXIM has done with the two countries over the past 35 years. No specific projects have been identified.
For a president seeking to impose swift and decisive change to geoeconomic policy, few hammers outweigh the The International Emergency Economic Powers Act (IEEPA), which provides the President broad authority to regulate a variety of economic transactions following a declaration of national emergency. With advisers advocating using the act to gut the federal workforce, sweeping tariffs, and even to selectively default on the federal debt, expect the IEEPA to play an outsized role in Trump 2.0.
Nicole M. Argentieri, Principal Deputy Assistant Attorney General of the Criminal Division, highlights the Justice Department’s commitment to transparency in addressing white-collar crime. In a recent memo she describes an effort to ensure companies understand DOJ expectations, facilitating robust compliance programs that detect and deter misconduct.
A bipartisan group of senators has introduced legislation requiring the U.S. government to assess potential financial threats posed by China. The China Financial Threat Mitigation Act mandates a detailed analysis of risks from the Chinese Communist Party (CCP) that could significantly impact the U.S. economy. Although similar legislation passed the House last year, the Senate has not yet acted on it. The China Financial Threat Mitigation …
A group of House Ways and Means Committee Democrats unveiled the Prevent Tariff Abuse Act yesterday, seeking to restrict presidential authority to impose tariffs under the guise of national security. The legislation, spearheaded by Democratic Reps. Suzan DelBene (WA-1) and Don Beyer (VA), aims to require Congressional approval before the president can use the International Emergency Economic Powers Act (IEEPA) to levy tariffs.
In addition to loyalty to the president-elect, the president's cabinet nominees appear all to agree with his thinking on geoeconomics and the role of brinksmanship. During the 119th Congress, the Trump administration will be unencumbered by judicial or congressional restraint, and the new team’s stated intent is to make full use of that accommodation.
Thursday the U.S. House of Representatives overcame Democratic resistance and passed legislation that strips U.S.-based organizations of their tax-exempt status if they are found by the White House to be "materially supporting terrorist organizations." The Stop Terror-Financing and Tax Penalties on American Hostages Act (H.R. 9495) passed 219-184, with 15 Democrats breaking ranks in favor.. While stripping tax subsidies from Jihadists has robust congressional support, opponents cite apprehensions about the bill’s implications for civil liberties, due process, and the potential for executive overreach.
The Regulations and Procedures Technical Advisory Committee (RPTAC) will meet on December 10, 2024, 9 a.m.-4 p.m., Eastern Daylight Time, in the Herbert C. Hoover Building The Committee advises …
Deep in the 782 Page annual doorstop prepared by the commission are sections of interest on export controls and the regulation of outbound investment.
Assistant Secretary for Investment Security Paul Rosen addressed the Third Annual Committee on Foreign Investment in the United States (CFIUS) Conference on November 18 at the Treasury Department. In his remarks, Rosen outlined significant progress in compliance, enforcement, and efficiency within CFIUS processes, while emphasizing the committee’s critical role in safeguarding U.S. national security. "We have also been paying particular attention to the role of limited partners in investment funds," he noted." In the same way that financial institutions are obligated to “know your customer,” I often tell businesses seeking funding they should know their investor – because CFIUS certainly will"
The U.S.-China Economic and Security Review Commission (USCC) has officially submitted its 2024 Annual Report to Congress,. The report, unanimously approved by the Commission’s 12 members, although Dr. Cleveland inserted an addendum witholding her support for two of the reccomendations.