News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

House Backs GOP Tax-Overhaul Bill

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The House of Representatives passed a bill that would usher in the most far-reaching overhaul of the U.S. tax system in 31 years, backing a plan that would lower the corporate tax rate to its lowest point since 1939 and cut individual taxes for most households in 2018.

Bond Investors' Suit Claims Dealers Colluded on Treasurys Prices

Some of the largest bond trading firms on Wall Street boosted profits by colluding to set prices at auctions of government debt, according to an amended complaint to a lawsuit filed by a group of investors.

Fed's Kaplan 'Actively Considering' Support for Rate Increase

Federal Reserve Bank of Dallas President Robert Kaplan said Thursday he is "actively considering" supporting an increase in short-term interest rates at coming U.S. central bank policy meetings.

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Yellen to Testify Before Joint Economic Committee Nov. 29

Federal Reserve Chairwoman Janet Yellen will testify to the Joint Economic Committee on Nov. 29, in what likely will be her last congressional hearing before her term as chairwoman ends.

Merrill Lynch's 2018 Pay Plan Spurs Some Dissent in Broker Ranks

Merrill Lynch's pay plan for 2018 is stirring opposition among some veteran brokers, underscoring tensions in an industry that faces growing competitive pressure and an aging workforce.

Trump Is Expected to Name OMB Director Interim Head of Consumer Regulator

White House budget director Mick Mulvaney is expected to be tapped by the White House to serve as acting director of the Consumer Financial Protection Bureau when the agency's current head, Richard Cordray, resigns from his post later in November.

Senate Approves Joseph Otting for Top Banking Role

The Senate approved Joseph Otting as the comptroller of the currency, filling one of the remaining positions on the Trump administration's financial team.

Fed's Brainard: Consumers Need Control of Their Financial Data

Consumers need to be in control of their financial data, Federal Reserve governor Lael Brainard said, wading into a continuing debate about rules governing the use of personal data in new financial products.

Ken Phelan to Become Acting Director at OFR

Ken Phelan, who was appointed chief risk officer of the Treasury Department in 2014, has been tapped to serve as acting director at the Office of Financial Research, sources said.

BOE Will Act When 'Concrete' Details on Brexit Are Known, Officials Say

The Bank of England's senior officials pledged to act quickly to control inflation and support the economy once there is "concrete" information about the kind of deal the U.K. is going to strike as it leaves the EU.

(END) Dow Jones Newswires

November 17, 2017 00:15 ET (05:15 GMT)