Good afternoon. Thank you for hosting this discussion today. I’m pleased that we were able to reschedule this event, which was originally scheduled for April and at MIT, and that we now have the opportunity to engage in this important conversation. I am even more pleased to be joined today by my esteemed friends at the SEC, Chairman Jay Clayton and Director of the Division of Trading and Markets, Brett Redfearn.

The connection between the Antitrust Division and the SEC goes back many decades, at least as far as former Assistant Attorney General for the Antitrust Division Robert Jackson. One of my legal heroes, Jackson served as Special Counsel to the SEC before he joined the Department of Justice and then went on to a distinguished Supreme Court career.

Justice Jackson said something about the need for small government that makes me think of Jay. Jackson said that “I want to confine government activity to its narrowest limits because good administrators are so rare.”1 Chairman Clayton has proven himself that rare exception.   more...
Boise, Idaho – Under the direction of Governor Brad Little and State Treasurer Julie Ellsworth, the State of Idaho will not borrow money in the bond market to meet anticipated cash flow requirements for the current fiscal year.

This is the first year since 1982 that the Idaho State Treasurer will not issue a State of Idaho Tax Anticipation Note (TAN) to meet the anticipated cash flow requirements due to the time lag between when state revenue is received and when state expenses are incurred.

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South Korea-based company Jier Shin Korea Co. Ltd., and its president, Sang Joo Lee, have agreed to pay $2 million to the United States for civil antitrust and False Claims Act violations for their involvement in a bid-rigging conspiracy that targeted contracts to supply fuel to U.S. military bases in South Korea.

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WASHINGTON – U.S. Treasury Secretary Steven T. Mnuchin issued the following statement on the establishment of a Commercial Paper Funding Facility (CPFF) by the Federal Reserve Board:

“I have just sent Chairman Jerome Powell a letter confirming that I approve the establishment of the CPFF to provide liquidity to the financial system pursuant to Section 13(3) of the Federal Reserve Act and the Board’s Regulation A. The economic disruption and uncertainty created by COVID-19 has created challenges for the commercial paper market, constraining access to short-term credit for American businesses.   more...
Secretary Steven T. Mnuchin joined Chris Wallace on Fox News Sunday to discuss the state of the U.S. economy and negotiations with Congress on a legislative package to combat the coronavirus outbreak.

On the State of the Economy: "If the medical professionals are correct and we are doing all the things, I expect we are going to have a big rebound later in the year. So this isn't like the financial crisis, as I've said, this will have an end to it as we confront the virus."
On a Legislative Deal to Support Businesses: "We need to get economic relief to the people that are impacted by this and as I've described this, we're in the second inning. The first inning was the $8 billion. The second inning, we passed bipartisan legislation to make sure that workers that need to be home, and small and medium-size businesses will get paid."
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WASHINGTON, D.C. —The Consumer Financial Protection Bureau (Bureau) has filed a lawsuit in federal district court in the Northern District of Illinois against Fifth Third Bank, National Association (Fifth Third). The Bureau alleges that for several years Fifth Third, without consumers’ knowledge or consent: opened deposit and credit-card accounts in consumers’ names; transferred funds from consumers’ existing accounts to new, improperly opened accounts; enrolled consumers in unauthorized online-banking services; and activated unauthorized lines of credit on consumers’ accounts. The Bureau alleges that Fifth Third violated the Consumer Financial Protection Act’s prohibition against unfair and abusive acts or practices as well as the Truth in Lending Act and the Truth in Savings Act and their implementing regulations.

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