US Sen. Tim Scott and other lawmakers are calling on the Labor Department to issue guidance on the applicability of the Employee Retirement Income Security Act to the auto-portability of retirement savings. They said in a letter to Labor Secretary R. Alexander Acosta that the Employee Benefit Research Institute found a clearinghouse automatically rolling over plan balances to new employers' plans could produce an extra $2 trillion of retirement savings by the time workers reached age 65. PlanAdviser online (19 Jul.)
A Confederation of British Industry survey finds almost 40% of financial-services industry participants think Brexit has hampered their investment plans. But a no-deal scenario could prompt "a fall in business confidence, leading to a slowdown in investment," according to a study by think tank The UK in a Changing Europe. Finance Magnates (20 Jul.)
The People's Bank of China injected 510 billion yuan into the financial system this week, the most in six months. The bank will continue to actively manage liquidity as it works to deleverage the economy, market observers say. Bloomberg (20 Jul.)
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