Editor's note: The publication of this feature was delayed due to technical issues.
In a 67-31 vote, the U.S. Senate passed legislation
The U.S. House of Representatives is now tasked with legislating its own version of the bill. Its game plan was to create a conference committee between both legislative chambers to reconcile differences between the Senate package and the House's more aggressive Financial CHOICE Act.
In other government
Rep. Dennis Ross, R-Fla., introduced H.R.5266, a bill that would amend the Consumer Financial Protection Act of 2010 to make the CFPB an independent Financial Product Safety Commission. The bill has been referred to the House Financial Services Committee.
Two House Financial Services subcommittees will hold hearings today — "Evaluating [the Committee on Foreign Investment in the U.S.]: Administration Perspectives" at 10 a.m. ET and "After the Breach: the Monetization and Illicit Use of Stolen Data" at 2 p.m. ET.
President Donald Trump's administration is considering Randal Quarles, the Federal Reserve's vice chairman for supervision, for chairman of the Financial Stability Board, "people familiar with the deliberations" told the Financial Times.
In banking
Meanwhile, Wells Fargo paid CEO Tim Sloan a total compensation of $17.6 million in 2017, up from $13 million the previous year, the Associated Press reports. In comparison, a median employee at the bank was paid $60,446 in 2017, resulting in a CEO pay ratio of 291 to 1.
On the M&A
Specialty lender
Bob Froehlich has stepped down as chairman of First Capital Investment Corp. as the latter shifts its strategic focus to investments in healthcare companies. Froehlich had criticized the move, saying that it limits upside and comes with a "tremendous" downside risk if the sector performs poorly.
In credit union
In other parts of the world
Asia-Pacific: HK probes 'reckless' IPO sponsors; ICICI Bank sets price range for unit's float
Europe: BNP Paribas in final talks to buy RBI unit; Munich Re launches €1B buyback
Middle East & Africa: StanChart to launch 1st online bank in Ivory Coast; Moody's downgrades Tunisia
The day ahead
Early morning futures indicators pointed to a mixed opening for the U.S. market.
In Asia, the Hang Seng rose 0.34% to 31,541.10, and the Nikkei 225 rose 0.12% to 21,803.95.
In Europe, around midday, the FTSE 100 rose 0.15% to 7,143.20, and the Euronext 100 rose 0.15% to 1,022.31.
On the macro front
The jobless claims report, the Empire State manufacturing survey, the housing market index, the EIA natural gas report, the Fed balance sheet and the money supply report are due out today.
The Daily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription.
