Banking & Finance

Chris Collins Suspends Campaign Just Days After Criminal Indictment
New York Republican faces charges related to insider trading

Rep. Chris Collins, R-N.Y., has suspended his re-election campaign after his arrest and indictment earlier this week on charges related to securities fraud. (Tom Williams/CQ Roll Call file photo)

New York Republican Rep. Chris Collins, who was arrested and indicted on charges related to securities fraud earlier this week, has suspended his re-election campaign.

“Democrats are laser focused on taking back the House, electing Nancy Pelosi Speaker and then launching impeachment proceedings against President Trump,” Collins said in a statement Saturday. “They would like nothing more than to elect an ‘Impeach Trump’ Democrat in this District, which is something that neither our country or my party can afford.”

3 Takeaways From Day 8 of the Paul Manafort Trial
Who lied on a bank loan application? Was it Manafort, Gates or both?

A protester on July 31 outside the United States District Court in Alexandria, Va., where Paul Manafort is standing trial. (Sarah Silbiger/CQ Roll Call)

Day Eight of the Paul Manafort trial brought special counsel Robert S. Mueller III’s prosecution team closer to the finish line of its case against the former Trump campaign chairman.

Prosecutors zeroed in on the loan fraud charges against Manafort, who faces 18 total counts of tax evasion and bank fraud and a maximum 305-year prison sentence if the Eastern Virginia jury finds him guilty.

Collins Paints Himself as Medical Patron, Won’t Drop Re-Election Bid
Defiant New York Republican says he’s not going anywhere as he fights insider trading charges

Rep. Chris Collins, R-N.Y., shown here on June 20, called a Wednesday evening press conference about his indictment and then delayed it several times. (Bill Clark/CQ Roll Call file photo)

Rep. Chris Collins announced Wednesday night he will stay in office and remain in his race for re-election, calling criminal insider trading charges filed against him earlier in the day “meritless.”

The New York Republican highlighted his long affiliation with Australian biotechnology company Innate Immunotherapeutics, saying he was the biggest investor and lost most of the money he invested when it failed a clinical drug trial to treat multiple sclerosis.

3 Takeaways from Day 7 of the Manafort Trial
Damaging evidence is piling up, while prosecutors annoy the judge

People line up outside the Albert V. Bryan U.S. Courthouse to see the trial of former Trump campaign chairman Paul Manafort on Wednesday in Alexandria, Virginia. Manafort has been charged with bank and tax fraud (Photo by Chip Somodevilla/Getty Images)

Day seven of the Paul Manafort trial took a technical turn Wednesday, an indication that prosecutors could be wrapping up their case against the former Trump campaign chairman.

Rick Gates, Manafort’s longtime deputy and the prosecution’s star witness, walked out of the courtroom late Wednesday morning after more than 10 hours of testimony that spanned three days.

3 Eye-Popping Details in the Chris Collins Case Documents
Bad news at the White House, in-law joint indictments and prior knowledge

The events leading to Rep. Chris Collins, R-N.Y., arrest are eye-catching. (Bill Clark/CQ Roll Call)

New York Republican Rep. Chris Collins was arrested Wednesday on charges including insider trading and lying to authorities. The indictment documents and related complaint from the Securities and Exchange Commission illuminate a wild chain of events that led to the arrest.

Here are three of the most eye-popping details from the documents:

Fate of Wall Street Watchdog Devolves Into a Squabble Over Acronyms
To many, the Consumer Financial Protection Bureau is the CFPB. Conservatives say that doesn’t even exist

Progressives are already upset with CFPB Acting Director Mick Mulvaney. Now they have something else to be angry about: semantics. (Tom Williams/CQ Roll Call file photo)

Only in Washington would an argument erupt over a federal agency’s acronym.

To progressives, the agency is the Consumer Financial Protection Bureau, or the CFPB, which took on Wall Street and won compensation for more than 27 million consumers during its startup years under former Director Richard Cordray.

3 Takeaways from Day 6 of the Manafort Trial
Credibility of longtime deputy could be critical to prosecution

Day 6 of Paul Manafort’s tax evasion and bank fraud trial featured testimony from longtime Manafort deputy Rick Gates. (Photo by Zach Gibson/Getty Images)

Day Six of the Paul Manafort trial is in the books.

It’s a day that featured testimony from just one witness, Rick Gates, Manafort’s longtime deputy, who finished his direct questioning from prosecutors and underwent a grueling cross-examination from lead defense attorney Kevin Downing.

3 Takeaways From Day 5 of the Manafort Trial
Manafort’s former deputy, Rick Gates, takes the stand

Rick Gates, here in November 2017, took to the stand Monday in the tax evasion and bank fraud trial of his former business associated Paul Manafort. (Bill Clark/CQ Roll Call file photo)

The second week of the tax evasion and bank fraud trial of Paul Manafort kicked off Monday.

The day featured the defense’s cross-examination of Cindy Laporta, the onetime Trump campaign chairman’s former accountant and tax preparer; testimony from a Treasury Department employee who researched whether Manafort had filed reports of foreign bank and financial accounts, or FBARs; and Manafort’s former deputy, Rick Gates.

Wyden to Delay Treasury Nominee Amid Tax and Oversight Fights
Oregon Democrat wants information on Trump lawyer Cohen and Russian operatives

Sen. Ron Wyden, D-Ore., is holding up the nomination of Justin Muzinich to be deputy Treasury secretary. (Tom Williams/CQ Roll Call file photo)

Sen. Ron Wyden said Wednesday he will place a hold on President Donald Trump’s nominee for a top Treasury Department post because Democrats have been stymied by the department in their oversight efforts.

The Oregon Democrat, ranking member on Senate Finance, said at a committee meeting that he’ll hold up the nomination of Justin Muzinich, tapped for deputy Treasury secretary, but he will support Michael Desmond’s nomination for chief counsel at the IRS and assistant general counsel at Treasury.

Maria Butina in Mind, Democratic Senators Want Treasury Documents About Russian Ties to NRA
Finance Committee members renew request in aftermath of arrest

Sen. Ron Wyden is seeking documents from the Treasury about potential connections between the NRA and Russia. (Bill Clark/CQ Roll Call file photo)

Sen. Ron Wyden is again pushing the Treasury Department to hand over documents about Russians possibly funneling money to the National Rifle Association.

It’s a renewal of a request the Oregon Democrat first sent to Treasury Secretary Steven Mnuchin at the beginning of February. And now, joined by fellow Democratic Sens. Sheldon Whitehouse of Rhode Island and Robert Menendez of New Jersey, the query is expanding.