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David Gura

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Updated November 18, 2021 at 6:32 PM ET

The president's pick to become a top banking regulator doesn't usually attract a lot of interest, but this time is different.

President Biden has nominated Saule Omarova, a law professor at Cornell University, to be the next head of the Office of the Comptroller of the Currency (OCC), which is responsible for regulating the assets held by more than 1,000 banks.

The pandemic has been good for the ultra rich like Elon Musk and Jeff Bezos whose fortunes are tied to the stock market.

Yet many of these billionaires pay little in taxes, and that has sparked a big push by progressives for a "wealth tax."

Recently, Sen. Ron Wyden (D-OR), the chairman of the Senate Finance Committee, introduced a version of that. Wyden calls it a "billionaires tax," targeting the ultra rich as a way to help pay for President Biden's agenda.

It didn't get far. Barely a day after he proposed the plan, it was cut from the bill.

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Tesla shares fell sharply on Monday after CEO Elon Musk surprised his Twitter followers with a strange proposal: He offered to sell 10% of his stock and put the decision up for a poll.

The tweet on Saturday came after a recent proposal by Sen. Ron Wyden, D-Ore., to tax investments every year for the country's billionaires. That would have marked an unprecedented step, given the U.S. only taxes stock investments when they are sold.

Cryptocurrency is at a crossroads.

As its popularity explodes, the Biden administration is laying the groundwork to set rules for an industry that has surged in popularity, but has so far fallen into a regulatory netherworld.

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When Texas enacted a controversial ban on most abortions in September, Salesforce CEO Marc Benioff sent a message to his staff in the state, punctuated with a heart emoji.

"Ohana if you want to move we'll help you exit TX. Your choice," Benioff wrote in a tweet, using the Hawaiian word for family.

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Updated October 8, 2021 at 2:31 PM ET

More than 130 countries on Friday backed a landmark agreement to set a new minimum tax rate for companies around the world.

The agreement, which was brokered by the Organisation for Economic Co-operation and Development (OECD), would set a minimum tax rate of 15% from 2023, and it has the potential to transform the global business landscape by cracking down on tax havens.

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Zoom calls and Slack chats don't cut it for Wall Street anymore.

At a time when many are still working from home, Wall Street dealmakers are not only back at their offices, they are traveling a lot again, to woo clients and to negotiate mergers and sales.

It's not that the work can't be done from home: In fact, investment banks posted record profits during much of the pandemic, when bankers and traders were confined to their homes.

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China is banning cryptocurrency transactions. And as NPR's David Gura reports, it's sending shockwaves through a sector valued at $2 trillion that's been largely free from government interference.

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Updated September 20, 2021 at 5:56 PM ET

Stock markets from Hong Kong to New York were hit by a major sell-off on Monday as a massive Chinese real estate conglomerate called China Evergrande Group faces a potentially devastating debt default.

The Dow Jones Industrial Average slumped 614 points, its worst performance in about two months, after earlier falling more than 900 points. The S&P 500 and Nasdaq also fell sharply, posting their worst daily percentage falls since mid-May.

Wick Simmons, the former CEO of Nasdaq, started working on Wall Street in Lower Manhattan after graduating from business school in 1966. Today, he barely recognizes the neighborhood.

"Wall Street, as I knew it, is gone," Simmons says.

For centuries, Wall Street was the home of the the biggest banks in the world. The attacks on the World Trade Center on 9/11 completely changed that as many executives questioned the wisdom of having an entire industry consolidated in one place.

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Wall Street is the financial capital of the world, but the street itself and the neighborhood around it, they are not what they used to be. After 9/11, a lot of banks and brokerages left lower Manhattan. Here's NPR's David Gura.

You might want to get familiar with this term because you will be hearing it a lot: the bond taper, or more widely known as just the taper.

When markets were in free-fall as the pandemic started to spread last year, the Federal Reserve knew it had to act quick – and big – to avoid a repeat of the 2008 Global Financial Crisis.

Among a slew of measures taken by the Fed, one stood out: The central bank committed to buying a massive amount of bonds and mortgage-backed securities each month.

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For many people, cryptocurrencies like Bitcoin are part of an exciting and lucrative new financial frontier. But for the country's top market watchdog, Gary Gensler, they seem "like the Wild West" – and he's promising a crackdown.

The market for cryptocurrencies has ballooned. It is currently estimated to be worth about $2 trillion, thanks to the exploding popularity of Bitcoin and other virtual money like Dogecoin.

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For years, Wall Street was a top destination for star students like Tashrima Hossain, a class president at Stanford University with ambitions to change the world.

Hossain had interned for nonprofits and was seriously considering going to graduate school. But she figured a detour to Wall Street would teach her useful skills and provide networking opportunities. And the six-figure paycheck wouldn't hurt.

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Updated July 29, 2021 at 9:28 AM ET

The U.S. economy grew at a strong pace in the spring as the country emerged from the darkest days of the coronavirus pandemic. The question now is what happens next, especially as the delta variant continues to spread.

On Thursday morning, the Commerce Department reported gross domestic product grew 6.5% in the period between April and June from a year earlier as the rollout of vaccines spurred a surge in economic activity.

When Jeff Bezos returned to Earth after a trip to the edge of space, there were sighs of relief — and it's likely some of them were from board members of the $1.8 trillion company he started 27 years ago.

For Amazon's founder and executive chairman, the trip on Tuesday aboard a rocket from his venture Blue Origin may have been the realization of a childhood dream.