EU lawmakers back ‘prohibitive’ capital rules for cryptoassets – One America News Network
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By Huw Jones
LONDON (Reuters) – European Union lawmakers backed a draft law on Tuesday to implement the final leg of post-financial global bank capital rules, adding “prohibitive” requirements to cover risks from cryptoassets.
The European Parliament’s economic affairs committee approved a draft law to implement Basel III capital rules from January 2025, though backing several temporary divergences to give banks more time to adapt.
The United States, Britain and other countries are taking similar steps, but the committee used the draft law to introduce new elements, including requiring banks to hold enough capital to cover holdings of cryptoassets in full.
“Banks will be required to hold a euro of their own capital for every euro they hold in crypto,” said Markus Ferber, a centre-right German member of the committee.
The move, an interim measure pending further EU legislation, is in line with recommendations from global banking regulators.
“Such prohibitive capital requirements will help prevent instability in the crypto world from spilling over into the financial system,” Ferber said.
The Association for Financial Markets in Europe (AFME), an industry body, said the draft law contains no definition of crypto assets and could end up being applied to tokenised securities as well.
EU states have already approved their version of the draft law, and lawmakers will now negotiate a final text with member states, with further tweaks expected.
Foreign banks operating through branches in the EU will be watching the talks closely.
EU states have taken a more accommodative approach to when foreign banks serving customers in the bloc should open a branch, or convert a branch into a more heavily capitalised subsidiary, with EU lawmakers on Tuesday taking a harder line.
The EU is keen to build up “strategic autonomy” in capital markets as it faces a competing financial centre on its doorstep after Brexit.
AFME said it will be important to avoid “significant adverse impact” of tightening EU access to international markets and cross-border services.
(Reporting by Huw Jones; Editing by Jan Harvey)
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By: Ny Post
Tennessee pro-life center funding – One America News Network
OAN Roy Francis
9:14 AM PT – Wednesday, February 8, 2023
Governor Bill Lee of Tennessee has proposed establishing a $100 million grant program for pro-life crisis center in his state.
Bill Lee (R-Tenn.) unveiled his plan, stating that his state has a “moral obligation” to support families. Under this plan, Tennessee would transform into “one of the top spending states” on organizations that support pregnant women who are in need of help and resources to keep their babies, rather than making the choice of abortion.
“Pro-life is much more than defending the lives of the unborn,” Lee said. “This is not a matter of politics. This is about human dignity.”
Another part of the plan is to expand “paid parental leave for state employees and widening the Medicaid eligibility for pregnant women and parents.”
“If approved,” the governor explained. “Tennessee will be the first Medicaid program in the nation to implement this kind of support. That’s pro-life. That’s pro-family,”
The governor’s administration also will demand that the federal government pay the cost of diapers for Medicaid recipients for a period of up to two years.
The governor, who is on the advisory board for a crisis pregnancy center, said that his other priorities include teacher pay raise, upgrading the state’s transportation system, and cleaning up toxic waste at industrial sites.
“We can have a healthy debate about the policy specifics, but we can also agree that America is rooted in a commitment to human dignity,” Lee said later on. “There was a significant shift in this country last year when it comes to protecting the lives of the unborn. We now all have an opportunity and a moral obligation to support strong Tennessee families.”
This plan was unveiled during Lee’s annual State of the State address which was held in front of the Republican-led legislature.
The governor touts his state as “a guiding light for opportunity, security & freedom” and laid out his agenda going forward, which was met with protests from the Democrats in the state of Tennessee.
Columbia student from Syria loses nieces, sister-in-law in earthquake
A 28-year-old Syrian student at Columbia University lost his two young nieces and their mom in the devastating earthquake that has claimed at least 11,000 lives in his country and neighboring Turkey.
Hussein Akoush, a student at the Ivy League school in Manhattan since 2021, told The Daily Beast that he was sent into a “panic” when a friend texted him about “massive destruction” in his hometown of Al-Atarib in northwestern Aleppo.
“I saw the magnitude of the earthquake was 7.8. At this point, I realized it was huge,” he told the outlet.
“I had to check in on my family in Syria. So I sent messages to all my sisters and my brother, but none of them received my messages,” said Akoush, who moved to Turkey in 2016 and then to the Big Apple in 2021 to study neuroscience.
He finally heard from his uncle, who said, “‘Don’t worry, we’re fine, your mother and your sister are well,” Akoush told The Daily Beast.
“‘Your brother’s building collapsed but we managed to take him out of the ruins. But we know nothing about his wife and two daughters,’” he said his uncle told him.
Eventually, he learned that his nieces — 6-year-old Sedra and 5-year-old Maria — and their mom Fatima perished in the disaster.
“With a heavy heart and profound grief, I announce the passing away of my two nieces and their mother in last night’s earthquake,” Akoush said on Twitter.
“So, my brother lost his wife and his two daughters,” he told The Daily Beast, adding that his brother has undergone surgery for a broken arm.
“It was a terrible night… I was not able to sleep,” he said.
In a GoFundMe page from 2020, Akoush wrote that “before the Syrian revolution began, I was a hardworking student. I used to be top of my class but I was obliged to drop out of the School of Dentistry at Aleppo University in 2012 for fear of arrest by the Syrian Government due its violent response to the peaceful protests on campus.
“During the war, I dedicated myself to peaceful activism against the brutal dictatorship of Bashar Al Assad, as I watched friends and family members and innocent civilians being ruthlessly killed,” he continued.
Akoush said he learned English, decided to move to Turkey and became a freelance journalist after facing “a litany of death threats and constant bombardment.”
“Fortunately, I was awarded a partial scholarship from Columbia to cover half of the tuition but it is still not enough and that is why I am hoping you will make a donation to help pay for my first year of tuition,” he wrote.
Akoush received $51,426 in donations, surpassing his goal of $50,000.
By: Ny Post
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