Ford is removing CEO Mark Fields and replacing him with Jim Hackett, chairman of subsidiary Ford Smart Mobility, sources say. Executive Chairman Bill Ford and other board members reportedly have lost confidence in Fields.
The Financial CHOICE Act, introduced by Rep. Jeb Hensarling, R-Texas, would cut $24 billion from the budget deficit over 10 years, the Congressional Budget Office says. Eliminating the Orderly Liquidation Fund and transferring funding for the Consumer Financial Protection Bureau to Congress are the most critical ways the bill would reduce spending.
Treasury Secretary Steven Mnuchin will present President Donald Trump's 2018 budget proposal to the House Ways and Means Committee on Wednesday. In a separate meeting, the committee will discuss reform aimed at reducing tax rates and spurring job growth.
A survey by the Federal Reserve found that 28% of adults who are still in the workforce have no pension and absolutely no savings set aside for retirement. However, that figure is a slight improvement from 2015, and more Americans reported they were "living comfortably" or "doing okay" as compared to the last time the survey was held.
Rep. Andy Barr, R-Ky., reintroduced the Taking Account of Bureaucrats' Spending Act on Friday, which would make the Consumer Financial Protection Bureau accountable to congressional funding. Tim Pawlenty, president and CEO of the Financial Services Roundtable, supports changes to the agency, saying, "The CFPB plays an important and valuable role on behalf of consumers which could be enhanced by adding a small commission to help ensure key decisions reflect increased consistency, more expertise, and less partisanship over time."
Employers offering 401(k) retirement plans have paid out an estimated total of $400 million in lawsuits since 2006, according to legal filings analyzed by FT Ignites and the Financial Times, resulting in downward pressure on asset management fees.
A recent survey shows a rise in the number of adult children staying with their parents, and an increase in cases of adults returning to the parental home for various financial reasons, which can hamper parents' own retirement plans. The phenomenon has prompted advisors and counselors to urge parents to talk frankly with their offspring, establish clear financial ground rules and insist on their contribution to the household budget.
A poll of 6,000 voters in Indiana, Maine, Michigan, Missouri, Montana, North Dakota, Ohio and West Virginia finds 58% of respondents think a bipartisan commission should lead the Consumer Financial Protection Bureau. "With the 2018 elections coming up, members of Congress in key battleground states may find these results useful," said Richard Hunt, president and CEO of CBA, which co-sponsored the poll.
The Trump administration's decision to weigh in on the Consumer Financial Protection Bureau's constitutionality has reshuffled the order of oral arguments in a case before the US Court of Appeals for the District of Columbia Circuit. The Justice Department will argue after PHH's case presentation but before the CFPB presents.
As the Trump administration pushes for deregulation, CBA and the American Bankers Association have proposed steps to Treasury Secretary Steven Mnuchin to encourage banks to resume issuance of short-term, high-interest loans. The steps include repealing 2013 guidelines that forced banks out of the market and stopping the Consumer Financial Protection Bureau from implementing a payday-lending proposal.
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