U.S. stock futures slumped in after-hours trading Monday after the Treasury Department designated China as a currency manipulator, escalating already-high trade tensions between the two countries.
Dow futures lost 1.5%, while the contracts for the Standard & Poor’s 500 fell 1.5% in Monday after-hours trading. Futures for the Nasdaq 100 sank 1.6%.
President Obama marking the Dodd-Frank Reform Act into law
In 1979 and the mid 1980s the Federal Trade Commission endeavored to control the insurance industry, however the Senate Commerce Committee casted a ballot collectively to restrict the FTC’s endeavors. President Jimmy Carter endeavored to make an “Office of Insurance Analysis” in the Treasury Department, however the thought was surrendered under industry weight.
In the course of recent decades, restored calls for discretionary government guideline of insurance organizations have sounded, including the Gramm-Leach-Bliley Act in 1999, the proposed National Insurance Act in 2006 and the Patient Protection and Affordable Care Act (“Obamacare”) in 2010.
The Treasury’s move comes after the worst sell-off of the year on Monday, triggered by the sharp decline in the yuan and China’s decision to stop new purchases of American agricultural goods.
Traders worried China was retaliating against the newest rounds of tariffs President Trump announced last week. On Thursday, Trump vowed to enact 10% tariffs on $300 billion of Chinese imports.
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On Monday, the Dow Jones Industrial Average tumbled 767 points, or 2.9%, to close at around 25,718, while the Standard & Poor’s 500 index dropped 87 points, or nearly 3%, to end at 2,845.
The tech-heavy Nasdaq composite got hit hardest, losing 278 points, or 3.47%, to finish at 7,726 on Monday.
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In 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act which is touted by some as the most clearing money related guideline update since the Great Depression. The Dodd-Frank Act has noteworthy ramifications for the insurance industry. Altogether, Title V made the Federal Insurance Office (FIO) in the Department of the Treasury. The FIO is approved to screen the majority of the insurance industry and distinguish any holes in the state-based administrative framework. The Dodd-Frank Act additionally sets up the Financial Stability Oversight Council (FSOC), which is accused of observing the money related administrations markets, including the insurance industry, to distinguish potential dangers to the budgetary strength of the United States.