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Credit card giants face swipe fee backlash
Visa and Mastercard are facing scrutiny over their swipe fees, which critics argue inflate costs for businesses and consumers. During a Senate Judiciary Committee hearing this week, lawmakers discussed the Credit Card Competition Act, aimed at providing retailers with alternative payment network options. Sen. Roger Marshall (R-KS) stated: “When those go up, consumers ultimately pay…
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FASB proposes new grant accounting rules
The FASB has proposed a new accounting standards update to provide guidance on how business entities should account for government grants. Currently, U.S. GAAP lacks specific rules, leading many businesses to rely on IAS 20 by analogy. The proposed update aims to reduce variability in accounting practices by incorporating IAS 20 with targeted improvements. Jackson…
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Super Micro Computer names BDO as auditor, files Nasdaq compliance plan
Super Micro Computer has named BDO USA as its auditor, and has also submitted a plan to Nasdaq requesting additional time to regain compliance with the listing rules. The move came a day after Hindenburg Research disclosed a short position and alleged “accounting manipulation”. In the compliance plan, the AI server maker said it will…
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Coinbase CLO urges Trump to oust SEC chair
Paul Grewal, chief legal officer at Coinbase, has called for Donald Trump to sack Gary Gensler, chairman of the Securities and Exchange Commission (SEC). He argues that Mr Gensler “has led a regulation-by-enforcement campaign against the industry that has been destructive of investor protections and destructive of innovation in ways that we think need to…
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Chicago City Council votes down tax hike
In a decisive move, the City Council unanimously voted 50-0 to reject Mayor Brandon Johnson’s proposed $300m property tax increase, signaling a shift in political power. Ald. Marty Quinn remarked, “This is a defeat of epic proportions,” highlighting the growing independence of the Council. The vote came amid negotiations to find alternative revenue sources, including…
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U.S. October budget deficit expands to $257bn
The U.S. budget deficit widened further during October, the first month of fiscal 2025, due in large part to higher spending on health and defense. The Treasury Department said that the deficit rose 287% to $257bn. Federal receipts for October were down 19% to $327bn compared with October 2023, while outlays were up 24%, or…
