FRANKFORT, Ky. (Jan. 8, 2016) – A bill introduced in the Kentucky House would make it the express duty of the state legislature to prevent implementation of unconstitutional federal gun laws. Passage of the legislation would represent a small first step toward protecting the right to keep and bear arms in the Commonwealth. A coalition…
A number of states will consider bills to reform state asset forfeiture laws during the upcoming legislative session. One special interest group opposing the reform movement shows why so many people call asset forfeiture “policing for profit.” The Oklahoma bill, along with legislation introduced in other states, would require a criminal conviction before law enforcement…
INDIANAPOLIS (Jan. 8, 2016) – A bill has been filed in the Indiana state House that would end mandatory government licensing of marriages in the state, effectively nullifying in practice both major sides of the contentious national debate over government-sanctioned marriage. Introduced by Rep. Jim Lucas, House Bill 1041 (HB1041) would eliminate three requirements currently in place in…
"In a case which could pave the way for a raft of legal action from the private sector, a group of Italian retail investors are claiming damages in excess of €12m from the ECB for an alleged violation of its 'equal' creditor status during the biggest private sector debt restructuring in history in 2012. During the episode, the ECB was able to 'swap' its holdings of Greek government debt for protected bonds with no repayment date. The move ensured the ECB did not suffer losses from the deal to stave off a Greek bankruptcy in March 2012. Private sector creditors, however, were forced into accepting a 53.5pc 'haircut' on their holdings." Continue reading →
"Denmark’s biggest mortgage bank says there’s a 'real risk' Copenhagen is heading into a property bubble. Property prices in Copenhagen have risen 40-60 percent since the middle of 2012, when the central bank first resorted to negative interest rates to defend the krone’s peg to the euro. The benchmark deposit rate has been minus 0.75 percent since February as Denmark’s currency war intensified, and most analysts surveyed by Bloomberg see negative rates lasting at least through 2017. The Danish regulator this month warned Danske Bank against pursuing a growth strategy in Sweden as the housing market there shows signs of imbalances." Continue reading →
"The Fed's new restrictions come from the Dodd-Frank Act of 2010, which brought in a wave of reforms after the financial crisis. Under the new rule, banks that are going bankrupt -- or appear to be going bankrupt -- can no longer receive emergency funds from the Fed under any circumstances. However, it's important to note that the new rule allows the Fed to judge by its own measures whether a firm qualifies for its emergency aid. The idea is the Fed can still lend to banks during times of emergency, but the bank must be able to pay it back. Yet the true health of a bank in turmoil can be very difficult to assess." Continue reading →
"China's central bank is under increasing pressure from policy advisers to let the yuan currency fall quickly and sharply, by as much as 10-15 percent, as its recent gradual softening is thought to be doing more harm than good. The PBOC has spent billions of dollars buying yuan over recent months to defend the exchange rate, but has failed to stabilize market sentiment. The currency has steadily lost another 2.6 percent against the U.S. dollar even after the bank sprung a surprise devaluation of nearly 2 percent in August. China's foreign exchange reserves fell by more than half a trillion dollars last year as the central bank bought yuan to support the exchange rate." Continue reading →
"'This is insane,' Chen Gang, chief investment officer at Shanghai Heqi Tongyi Asset Management Co., said in an interview on Thursday. 'We were forced to liquidate all our holdings this morning,' said Chen, whose firm manages about 300 million yuan ($45.5 million). Many private funds and hedge funds in China have agreements with investors spelling out mandatory liquidation levels if their holdings drop below a certain value. The CSRC capped the size of stakes that major investors are allowed to sell at 1 percent of a company’s shares for three months effective Jan. 9, the regulator said in a statement on Thursday. The restriction replaces an existing six-month ban that is due to expire Friday." Continue reading →
PHOENIX, Ariz. (Jan. 7, 2016) – A bill prefiled in the Arizona House would set the stage for the state to refuse cooperation with any executive orders or Supreme Court opinions “not in pursuance of the Constitution,” nullifying such actions in effect. Rep. Mark Finchem (R-Tucson), along with seven other sponsors and cosponsors, introduced House…
RICHMOND, Va. (Jan. 7, 2016) – A bill prefiled in the Virginia House would prohibit state cooperation or implementation for most of Obamacare, taking a huge step toward nullifying the federal health care program in practice within the state. Del. Brenda Pogge (R-Norge) prefiled House Bill 338 (HB338) on Jan. 5. The legislation would prohibit the state…