Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
US lawmakers are considering a bill to overhaul financial regulation in the US and unravel several post-financial crisis measures. The House Financial Services Committee is holding hearings Tuesday on the Financial CHOICE Act, a more than 589-page bill that introduced by Republican Congressman Jeb Hensarling.
In a break with tradition, Democrats requested time for opening statements. Democrat Maxine Waters opened:
“This is one of the worst bills I’ve seen in my time in Congress,” she said. “The Wrong Choice Act is a vehicle for Donald Trump’s agenda to get rid of financial regulation and help out Wall Street. It’s an invitation to another Great Recession or worse.” You can stay up to date with the latest from the hearing here.
There have been a bunch of big events and interviews in the last 24-hours. Here’s what people are saying:
Trump says he’s thinking about breaking up the big banks Trump may raise the gas tax to help fix America’s crumbling roads Treasury Secretary Mnuchin says it will take 2 years for the US economy to grow as fast as Trump promised Mohamed El-Erian just hit on a huge contradiction in the market KEN GRIFFIN: “My fantasy is to break up the big banks” A hedge fund billionaire says Chicago’s roads are “borderline third world” The CEO of a $1.5 trillion fund giant wants to set the record straight The billionaire founder of a $74 billion fund had a brutal assessment of brick-and-mortar stores The head of the World Bank is pushing a terrifying prediction for jobs in developing countries JAMIE DIMON: “Is that the America we wanted?”
In markets news, the stock market has stopped paying attention to what Trump says. Here’s how investors should look at Trump’s first 100 days, according to PIMCO. The market is baiting copycats of the mystery trader called “50 Cent.” And corporate executives are selling stocks in droves.
The French parent of asset manager AllianceBernstein fired its longtime leader Peter Kraus and overhauled the firm’s board. There has been a big departure from the New York Stock Exchange. And the largest private-equity firm in the world opened a more casual, amenity-filled office for its tech team – take a look inside.
Bitcoinis trading at fresh all-time highs on Tuesday. Given the currency’s covert nature, the average person still may not understand how buying and selling actually works. With that in mind, here’s a guide.
There’s a bunch of news in the healthcare sector:
Pfizer beats Merck’s profit tops estimates Aetna blows past estimates despite pressure in its Obamacare business CVS beats – fills fewer prescription drugs and sells more generics Valeant is thinking about changing its name The chairman of the company behind the EpiPen made $98 million in 2016 Theranos just settled 2 lawsuits with one of its biggest investors
And in autos:
Tesla’s about to face investors at one of the most surreal points in its history Every major carmaker whiffs on auto sales Automakers are getting slammed after reporting weak sales These 14 giant corporations dominate the global auto industry