News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Moody's Cuts China Rating for First Time Since 1989

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Moody's Investors Service cut China's sovereign credit rating, citing expectations that the country's financial strength will deteriorate in coming years as debt keeps rising and the economy slows.

Fed Minutes to Offer Clues on Debate Over Path of Rate Increases

The Federal Reserve on Wednesday will release minutes of its May 2-3 policy meeting, which could shed light on the central bank's plans for raising interest rates and reducing its $4.5 trillion balance sheet. Here are five things to watch for.

Trump Budget Sees Big Savings From Defunding Consumer Watchdog

he Trump administration's proposed budget aims to save nearly $3 billion over the next five years by revamping the Consumer Financial Protection Bureau-a plan that, if implemented, would eliminate funding for the agency created after the 2008 financial crisis.

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Can Trump Fire Consumer Regulator?

A federal appeals court will consider Wednesday whether the consumer watchdog created after the 2008 financial crisis is constitutional, and whether the president has the authority to fire its director at will.

Blackstone's $100 Billion Bridge-and-Tunnel Man

Blackstone has tapped Sean Klimczak to lead its new infrastructure business, which is aiming to raise $40 billion in a fund focused on building and buying U.S. public works.

Wall Street Attack on SEC's In-House Courts Nears Tipping Point

A federal appeals court on Wednesday will consider whether the Securities and Exchange Commission has vested too much power in its in-house courts, a system that regulators expanded several years ago.

AIG's Credit Rating Affirmed by A.M. Best

American International Group's credit rating was affirmed by A.M. Best, removing a potential roadblock to the firm's ability to boost profits.

Fiduciary Rule Survives Critics for Now

The Labor Department cleared a landmark retirement-savings rule to take effect next month, ending a stretch of uncertainty for brokers and investors after President Donald Trump called for a review of the Obama-era regulation with an eye toward repeal or revision.

Budget, Staff Cuts Ahead for Financial Regulation and Research Agencies

The Office of Financial Research, an agency created by the 2010 Dodd-Frank law, is implementing a "staffing streamlining effort" according to budget documents released by the U.S. Treasury Department.

Blockchain Firm R3 Raises $107 Million

R3 CEV, one of many firms trying to capitalize on the technology behind the digital currency bitcoin, said it had raised $107 million from a group of 40 global banks.

(END) Dow Jones Newswires

May 24, 2017 07:15 ET (11:15 GMT)