Summers withdraws from Fed consideration, Representatives introduce bill to extend FDA authority, and more…
- Larry Summers withdrew his name from consideration to be a Federal Reserve (Fed) chair.
- Representatives introduced a bill that would give the U.S. Food and Drug Administration (FDA) the authority to regulate compounding facilities in response to a meningitis outbreak.
- The Securities and Exchange Commission (SEC) requested technological reforms in the wake of stock exchange software malfunctions in August.
- The Environmental Protection Agency (EPA) administrator and U.S. Department of Energy secretary testified on climate change.
- JPMorgan Chase “acknowledge[d] violat[ing] federal security laws,” and agencies fined the company $920 million.
- The Commodities Futures Trading Commission (CFTC) tentatively approved additional swap execution facilities as part of the implementation of the Dodd-Frank Act.
- The White House requested the Federal Communications Commission (FCC) to lift the agency’s recent ban on unlocking legally-acquired mobile phones.
- A U.S. Government Accountability Office (GAO) report stated that “[r]ailroads are on track to miss a positive train control deadline.”
- The California legislature passed legislation that would aggressively regulate fracking in the state.
- A bitcoin trade group requested that the Federal Election Commission (FEC) permit virtual currency as campaign contributions.
- European legislators approved a law to put the largest banks under the European Central Bank’s direct scrutiny.
