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Trump’s Deutsche Bank ties just one of several issues for House, Rep. Waters says

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California Democrat Rep. Maxine Waters said an investigation into President Donald Trump‘s personal financial dealings with Deutsche Bank is just one of several issues the House Financial Services Committee has on its plate.

Waters, who is in line to become chair of the committee next year when Democrats take control of the House, told Bloomberg News in an interview Wednesday that the committee was also focused on housing policies and the Consumer Financial Protection Bureau, an agency created by the 2010 Dodd-Frank financial reforms that has been under attack by Republicans ever since.

Congressional Democrats have already been investigating ties between Trump and Germany’s Deutsche Bank, which has been ordered by regulators to shore up internal controls to prevent money laundering. Waters was one of a handful of lawmakers who requested information from the bank last year, including whether loans it made to Trump were guaranteed by the Russian government.

As the new majority on the committee, Waters could use subpoena power to put more force behind such requests. Asked whether she would use that power, Waters said: “That’s simply one piece of the business that we have to do. You know that we have requested information from the Treasury about everything from sanctions to Deutsche Bank, and we know that Deutsche Bank is identified as one of the biggest money laundering banks in the world, perhaps, and that they’re the only ones who were amenable to providing loans to this president. So we want to know some things about that.”

She added, “We have the power to deal with subpoenas, but I want you to know we’re not just focused on that alone.”

She said supporting the CFPB is another task at hand, calling it one of “the most important centerpieces” of the 2010 reforms. Republicans have been trying to dismantle the agency from the start. This summer, Mick Mulvaney, a Trump economic advisor and its acting director, fired the CFPB’s 25-member advisory board, some of whom had been critical of his leadership.

“I’ve got to do everything that I can possibly do to undo some of the harm that Mr. Mulvaney has done,” Waters told Bloomberg. “He is going to come to understand that he cannot just summarily dismiss the advisory committee. That’s not going to work.”

Waters said the committee would also work to insure consumers are protected from fraud and predatory lending.

As for Trump, Waters said he should also steer clear of trying to direct the Federal Reserve‘s policies on interest rates and monetary issues. Trump has been publicly critical of Fed Chair Jerome Powell, whom he nominated to the post. Powell has steadily raised interest rates, something Trump has said he is “not thrilled” with.

“The president should not interfere with the Federal Reserve,” Waters said in the interview. “The president doesn’t understand. He’s not a dictator, and he cannot interfere. As a matter of fact, he could really cause problems in the markets by just rolling out saying things that he should not say because he does not understand the complexity of how they make those decisions.”

“He should leave him alone and let them do their work and not continue to try and make them do what he would have them do.”

Watch the Bloomberg interview here.

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Venezuela’s Nicolas Maduro gives American diplomats 72 hours to leave

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Venezuelan President Nicolas Maduro said on Wednesday he was breaking diplomatic relations with the United States, after the Trump administration recognized opposition leader Juan Guaido as the South American country’s interim president.

Speaking to supporters outside the Miraflores presidential palace in Caracas, socialist leader Maduro said he would give U.S. diplomatic personnel 72 hours to leave Venezuela, which is suffering from a hyperinflationary economic collapse.

Earlier Wednesday, the Trump administration ratcheted up pressure on Maduro on Wednesday, announcing U.S. recognition of Guaido as interim president and signaling potential new sanctions against its vital oil sector.

With street protests against Maduro underway across Venezuela, Trump said the United States recognized Guaido, head of the opposition-controlled Congress, as the country’s leader and called socialist Maduro’s government “illegitimate.”

“I will continue to use the full weight of United States economic and diplomatic power to press for the restoration of Venezuelan democracy,” Trump said in a statement, encouraging other governments in the Western Hemisphere to also recognize Guaido.

The administration had been waiting to issue its announcement after Guaido had been sworn in as the country’s temporary president on Wednesday, people familiar with the matter told Reuters.

Venezuelan opposition sympathizers had been urging Guaido to assume the presidency since Maduro was inaugurated to a second term on Jan. 10 following a widely boycotted election last year that the United States and many other foreign governments described as a fraudulent.

Guaido, a newcomer on the national scene who was elected to head Congress on Jan. 5, had said earlier he was willing to replace Maduro if he had the support of the military, with the aim of then calling for free elections.

U.S. officials in recent days had stated openly that Maduro no longer had a legitimate claim on power.

This story is developing. Please check back for updates.

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UAE favors global cooperation amid China’s rising tech dominance

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The United Arab Emirates (UAE) is not worried about China’s rising dominance in the technology sector, according to the country’s artificial intelligence minister.

It comes at a time of widespread concern over Chinese tech giant Huawei. The world’s largest telecom equipment maker is facing restrictions from several national governments, amid heightened fears its products could be used for spying.

Huawei has always insisted it follows regulations wherever it operates.

“We are a very collaborative country, we have worked with everyone from everywhere on earth,” the UAE’s Omar bin Sultan Al Olama told CNBC’s Hadley Gamble at the Word Economic Forum (WEF) in Davos on Wednesday.

“I believe that every country has something for us to learn from, every country has an angle that we can work with them on. I also believe that there needs to be a continuous global dialogue on how we can leverage technology (and) how we can work together,” he added.

China has openly declared its intent to become a world tech leader over the next decade, investing hundreds of billions of dollars in technologies like AI and autonomous vehicles.

Several western governments have expressed concerned about ties between tech giant Huawei and the Chinese government.

“We need to ensure that the playground globally for every citizen anywhere on earth is a fair playing field,” Al Olama said.

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German minister Spahn says Berlin will invest to overcome economic issues

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Germany will take a new approach to its economic policy amid “struggles” and “headwinds,” the country’s health minister told CNBC Wednesday in Davos.

There are growing concerns about the state of the German economy after some recent disappointing data prompted fears of a recession. Earlier this month, the Federal Statistics Office said that Germany grew 1.5 percent in 2018. In 2017, it grew 2.2 percent. The recent numbers showed the weakest growth rate in five years.

“We are still in a very, very good shape economically,” Jens Spahn, minister of health for Germany told CNBC at the World Economic Forum.

“As always after very good years there might be some struggles, some headwinds ahead. And that is what we see right now,” Spahn, who previously worked in the German finance ministry said.

“Now actually we need to support growth…we want to cut taxes, for example, we want to invest more in infrastructure, into the digitization of the society, broadband, 5G, and the health sector,” he added.

Over the last couple of years, Germany has been criticized for its budget surplus at a time when the rest of Europe was struggling. There were repeated calls, including from the International Monetary Fund (IMF), arguing that Berlin should spend more.

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