With Reddit’s interest in sending some stocks soaring showing no sign of slowing down, the trading app Robinhood started restricting some transactions Thursday morning. Reddit wasn’t happy — and neither are some lawmakers. From a report:The incident apparently struck an unusual bipartisan chord, with Texas Republican Ted Cruz throwing his weight behind progressive Democrats who called out the company. Rep. Rashida…
Tag: House Financial Services Committee
US Lawmakers Consider Ban On Big Tech Companies Launching Cryptocurrencies
PolygamousRanchKid quotes Reuters: A proposal to prevent big technology companies from functioning as financial institutions or issuing digital currencies has been circulated for discussion by the Democratic majority that leads the House Financial Services Committee, according to a copy of the draft legislation seen by Reuters. In a sign of widening scrutiny after Facebook Inc’s (FB.O) proposed Libra digital coin aroused…
When Facebook’s Libra Team Came To Congress
“Staffers challenge Facebook’s happy talk about its digital currency in a briefing,” reports the American Prospect, introducing a new article in a series written anonymously by Congressional staffers, this time a House Democratic aide “who attended a briefing last Thursday with executives who are developing Libra…” “Such briefings are commonplace to convince staffers who write legislation (and by association the members…
Bank of America to Raise Minimum Wage to $20 an Hour
A day before he was to testify before Congress, Bank of America’s chief executive, Brian Moynihan, said the lowest-paid workers would earn $17 an hour starting in May and $20 in two years. Source: https://www.nytimes.com/2019/04/09/business/bank-of-america-minimum-wage.html?partner=rss&emc=rss