French, U.S. finance chiefs agree to push cross-border tax reform

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PARIS/WASHINGTON (Reuters) – French Finance Minister Bruno Le Maire and his new U.S. counterpart Janet Yellen agreed to seek an international agreement on new rules for taxing multinational businesses, the U.S. Treasury and French finance ministry said after the two spoke on Thursday.

Paris and Washington clashed during the Trump administration over France’s tax on digital service companies and over reluctance from Yellen’s predecessor Steven Mnuchin to move forward on talks to overhaul the rules for taxing cross-border commerce.

“The Secretary committed to re-engage actively in the ongoing OECD discussions on international taxation to forge a timely international accord,” the

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Germany’s Top Finance Watchdogs Resign Over Wirecard Scandal

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(Bloomberg) — Germany’s top financial regulator is stepping down after repeated scandals surrounding the collapse of payments company Wirecard AG highlighted the watchdog’s failure to prevent the country’s biggest corporate scandal in years.

BaFin President Felix Hufeld announced his departure in a joint statement with German Finance Minister Olaf Scholz on Friday. “We are combining the planned organizational reform at BaFin with a management restart,” Scholz said. Elisabeth Roegele, the second-highest official at the watchdog, also resigned.

Wirecard’s crash from rising star to national disgrace turned the spotlight on why BaFin and other authorities failed to detect the fraud

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Lawmakers of both parties want a reckoning for the finance industry after investors were locked out of trading GameStop

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Ilhan Omar, Pat Toomey, Elizabeth Warren, Ted Cruz posing for the camera: Rep. Ilhan Omar (D) and Sens. Elizabeth Warren (D), Pat Toomey (R), and Ted Cruz (R), have all weighed in on the GameStop trading debacle. Reuters/Insider


© Reuters/Insider
Rep. Ilhan Omar (D) and Sens. Elizabeth Warren (D), Pat Toomey (R), and Ted Cruz (R), have all weighed in on the GameStop trading debacle. Reuters/Insider

  • Both the GOP and Democrats are calling for oversight following the Gamestop trading debacle.
  • Senate and House committees plan hearings on Robinhood’s block Thursday on trading the stock.
  • From Trump supporter Marsha Blackburn, to “Squad” member Ilhan Omar, many have spoken out.
  • Visit Business Insider’s homepage for more stories.

Lawmakers of both parties are clamoring for scrutiny of the finance industry following Robinhood’s decision to freeze ordinary traders out of a

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Italy’s Renzi May Seek New Finance Minister to Back Conte

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(Bloomberg) — Former Italian Premier Matteo Renzi is pushing for Finance Minister Roberto Gualtieri to be replaced as part of an attempt to forge a new coalition government led by Prime Minister Giuseppe Conte, according to people familiar with the talks.

Renzi brought down the Conte-led government by pulling out of the coalition earlier this month. The move ultimately forced Conte to resign because he didn’t have a majority in the Senate. But Conte is trying to convince President Sergio Mattarella, the head of state responsible for the next steps, that he can pull together a new administration.

Conte

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Could CDFIs Be One Way To Finance Economic Justice?

Benz Seo

Profit-driven investing has often fueled extractive capitalism, damaging the environment and harming marginalized communities. Impact investing is so named because it has infused positive social and environmental impact alongside financial returns. To advance economic justice, the investment community as a whole, including venture capital and major banks, must change the way it invests, which currently leaves out people of color in huge margins. Federally certified Community Development Financial Institutions (CDFIs) can help investors direct

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Elizabeth Warren to join Senate Finance Committee, responsible for tax legislation

Benz Seo

(Bloomberg) — Senator Elizabeth Warren will join the Senate Finance Committee, an A-list Senate panel that oversees tax, trade and health care legislation, she announced on Tuesday.

The appointment will give Warren more ability to exercise influence over tax increases — a key priority for President

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