Senate votes to soften bank law
WASHINGTON — The Senate passed bipartisan legislation Wednesday designed to ease bank rules that were enacted to prevent a relapse of the 2008 financial crisis that caused millions of Americans to lose their jobs and homes.
The Senate voted 67-31 for a bill from Republican Sen. Mike Crapo of Idaho that would dial back portions of the law known as Dodd-Frank.
The legislation would increase the threshold at which banks are considered so big and plugged into the financial grid that if one were to fail it would cause major havoc. Those banks are subject to stricter capital and planning requirements. Lawmakers are intent on loosening the restraints on them in hopes that it will boost lending and the economy.
President Donald Trump signaled that he’ll sign the bill.
Dismantling DoddFrank was one of his campaign pledges.
Republicans unanimously supported the bill, while Democrats splintered into two camps. One included several senators from rural states who worked out the compromise with Crapo.
The other, led by Sens. Elizabeth Warren of Massachusetts and Sherrod Brown of Ohio, said the bill catered too much to the banks that contributed to the financial crisis and would increase the likelihood of future taxpayer bailouts.
Former Equifax executive charged over his trading
ATLANTA — A former Equifax executive faces federal insider trading charges after prosecutors say he sold his company securities before the public announcement of a massive data breach.
Federal prosecutors said Wednesday that a federal grand jury on Tuesday indicted Jun Ying, former chief information officer of Equifax's U.S. Information Solutions.
They say he sold his shares in August.
Equifax stock plunged after the company disclosed the breach in September.
YouTube tries to crack down on conspiracy videos
YouTube says it is cracking down on conspiracy videos, though it's scant on the details.
YouTube CEO Susan Wojcicki said at a conference this week that the company will work with the online encyclopedia Wikipedia to try to debunk conspiracy theories. The company says it's doing other things as well, but it isn't saying what.
Lyft joins forces on autonomous vehicle project
DETROIT — Ridehailing company Lyft is joining with large Canadian auto parts supplier Magna to develop selfdriving vehicles, sharing expenses on a multiyear project that could vault them onto the leader board in autonomous technology.
The companies announced the partnership Wednesday and said that Magna would invest $200 million in Lyft.
Lawsuits accuse automakers of faulty air bags
DETROIT — General Motors, Fiat Chrysler, Volkswagen and Mercedes all knew of problems with dangerous exploding Takata air bag inflators years before issuing recalls, according to three class actions filed Wednesday with the federal court in Miami.
The lawsuits cite company documents obtained through previous legal actions against other automakers over faulty Takata inflators. The plaintiffs allege that automakers were informed of inflator defects during tests but delayed taking action. Allegations against GM are among the most serious. Takata documents showed that GM employees expressed concerns about inflators rupturing as early as 2003.
Ex-NFL player joins Houston office of law firm
Peckar & Abramson, a New York-based construction law firm, added commercial litigator Christopher Ruhman to its Houston office. He was previously with Hirsch & Westheimer in Houston.
Ruhman represents general contractors, property owners and developers in negotiating sales, financing agreements and joint venture arrangements on new construction and renovation of commercial properties, offices and apartments.
Before attending law school, Ruhman was drafted into the National Football League by the San Francisco 49ers. He later played with the Cleveland Browns and Denver Broncos.
Peckar & Abramson has 11 offices and 112 lawyers, including 10 in the Houston office.
In other news …
Under pressure from U.S. regulators, Ford is recalling nearly 1.4 million midsize cars in North America because the steering wheels can detach from the steering column and drivers could lose control. The recall covers certain Ford Fusion and Lincoln MKZ cars from the 2014 through 2018 model years.
Google is joining Facebook in banning advertising for bitcoin and other cryptocurrencies.
Well Fargo’s board of directors gave CEO Tim Sloan a $4.6 million raise last year, despite the bank continuing to face the fallout of its sales-practices scandal and a multitude of other issues. Sloan made $17.6 million last year, up from $13 million in 2016.