Cyprus’s parliament rejected an unprecedented levy on bank deposits, dealing a blow to European plans to force savers to shoulder part of the country’s bailout in a standoff that risks renewed tumult in the euro area.
Michael Piwowar, the chief Republican economist for the U.S. Senate Banking Committee, is being vetted for an appointment to the Securities and Exchange Commission when a slot opens later this year, according to four people briefed on the matter.
When Mary Schapiro steps down as chairman of the U.S. Securities and Exchange Commission this week, she’ll leave behind a commission composed of two Democrats and two Republicans -- an even split that could drag an already sluggish agency to a standstill.
A majority of U.S. Securities and Exchange Commission members are seeking a study of money-market regulations after Chairman Mary Schapiro’s bid to advance new rules failed last month, a person familiar with the matter said.
A second effort to overhaul rules governing the $2.6 trillion money-fund industry will be offered by the U.S. Securities and Exchange Commission before the end of March, said SEC Commissioner Daniel M. Gallagher.