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Banks get two more years to divest private equity, hedge funds under Volcker rule
trueBanks will have two more years to divest themselves of private equity and hedge funds to comply with a Dodd-Frank Wall Street Reform and Consumer Protection Act provision known as the Volcker rule.
FSOC designates MetLife as 'systemically important'
trueMetLife Inc. was designated a non-bank systemically important financial institution by the Financial Stability Oversight Council on Thursday.
Fed will be 'patient' in raising rates
trueFederal Open Market Committee members announced Wednesday they “can be patient in beginning to normalize the stance of monetary policy,” said a statement at the end of a two-day meeting.
Labor secretary names 5 to ERISA Advisory Council
trueSecretary of Labor Thomas Perez named five new members to the Department of Labor ERISA Advisory Council.
Senate follows House in passing bill allowing relief for multiemployer plans
trueStruggling multiemployer pension funds will be able to reduce retiree benefits under legislation that received final Senate approval Saturday as part of a congressional spending package already approved by the House.
Sen. Patty Murray to become ranking HELP Committee member
trueSen. Patty Murray, D-Wash., will become ranking member of the Senate Health, Education, Labor and Pensions Committee when the 114th Congress convenes in January.
House passes multiemployer pension reform
trueThe House approved late Thursday a package of reforms available to struggling multiemployer pension funds, as part of a congressional spending deal that the Senate must vote on by Saturday.
More safeguards coming for money managers in 2015, SEC chairwoman says
trueThe SEC will spend 2015 taking a closer look at risks in the money management industry, Chairwoman Mary Jo White said Thursday at an investor conference in New York.
Proposed Congress spending bill allows some multiemployer plans to cut retiree benefits
trueControversial reforms for multiemployer pension funds will be part of a congressional spending deal set for a final vote Thursday.
DOL asked to back off brokerage rules
trueDefined contribution industry representatives are resuming efforts to convince Labor Department officials that more extensive regulation of self-directed brokerage accounts is unnecessary and burdensome.
Managers shifting to new reality of fixed income
trueThe fixed-income trading desks of larger money managers are setting prices of trades instead of discovering them while applying the electronic trading skills of their equity brethren to adapt to the changing nature of the secondary bond markets at a time of lower liquidity.
Immediate multiemployer reforms urged
trueThe increasing risk that some multiemployer pension funds will be insolvent is putting pressure on lawmakers to enact some sweeping reforms in the final days of the 113th Congress before their scheduled adjournment Dec. 11.
Firms prepare for money market changes
trueManagers such as BlackRock Inc., Vanguard Group Inc., J.P. Morgan Asset Management, Goldman Sachs Asset Management and RBC Global Asset Management Inc. are retooling their cash management businesses in advance of changing regulations on net asset value for institutional prime money market funds.
PBGC wants bond managers to run billions of dollars in several strategies
truePBGC is searching for active fixed-income managers, said an RFP posted on the Federal Business Opportunities website.
House approves 529 plan model for savings accounts for disabled people
trueLegislation creating tax-free savings accounts for people with disabilities was approved by the House on Wednesday.