The Senate Banking Committee today voted to advance the nominations of Kathy Kraninger as director of the Consumer Financial Protection Bureau and Kimberly Reed as president of the U.S. Export-Import Bank.
Browsing: Trade finance
Testifying before the Senate Banking Committee today, Kimberly Reed — the Trump administration’s nominee to serve as president of the U.S. Export-Import Bank — said she would take “responsible steps to get Ex-Im operational so America can compete on a more level playing field.”
Aside from the recent bitcoin mania that is seeing a wave of “initial coin offerings” and goosing the stock value of companies that announce virtual currency plays, the underlying technology — known as blockchain, or distributed ledger technology — has attracted significant interest from financial institutions and investors.
The Engage China coalition — a group of 12 financial trade groups that includes the American Bankers Association and its international finance subsidiary, BAFT — has welcomed the commitment made by Chinese leadership as part of President Trump’s state visit to Asia to open up its financial markets to greater foreign participation.
A new paper released today by BAFT—ABA’s foreign transaction banking subsidiary—called for increased partnerships between public and private entities to help curb the use of trade transactions to move illicit funds through the financial system.
The Engage China coalition of 12 financial trade associations, including ABA and BAFT — ABA’s global transaction banking subsidiary — today called on the Trump administration to continue working to create a level playing field and increase market access for financial services firms seeking to do business in China.
President Trump is “very close” to nominating a Federal Reserve vice chairman for supervision and another governor to fill a designated seat for an individual with community bank expertise, according to Treasury Secretary Steven Mnuchin, who was interviewed with Trump by the Wall Street Journal.
Last week’s bilateral talks with President Donald Trump and Chinese President Xi Jinping saw movement toward financial markets openness sought by the Engage China coalition, including greater market access for U.S. banks and insurers, according to news reports.
Partnering with several other organizations, ABA’s trade finance subsidiary BAFT today joined in releasing a set of new standard definitions for techniques of supply chain finance.