Sarah Bloom Raskin, nominated to become first female U.S. deputy Treasury secretary, said the department’s work on housing finance and financial regulation will help underpin the country’s long-term economic prospects.
Puerto Rico debt is having its worst year since 1999 as a shrinking economy strains the island’s finances. For Wall Street banks and law firms, that’s a signal to tout the bonds to investors in distressed debt who don’t typically buy municipal securities.
Mary Miller, the U.S. Treasury Department’s undersecretary for domestic finance, said there is no “deep federal assistance right around the corner” for Puerto Rico and the U.S. government will give “any assistance we can on fiscal management.”
Treasury Secretary Jacob J. Lew warned chief executive officers of top U.S. banks in a private meeting last month that the final Volcker rule ban on proprietary trading would be tougher than Wall Street expects.
BlackRock Inc. and Fidelity Investments will be studied by U.S. regulators who are in the early stages of reviewing whether asset managers pose a potential risk to the financial system, two people with knowledge of the matter said.