By MARY WILLIAMS WALSH
Four Republicans and three Democrats will serve on the seven-member board, which has four Puerto Rican members.
|Steven Mnuchin eyes the deal of a lifetime. Donald Trump’s top fundraiser might have a shot at Treasury secretary, but his Wall Street pedigree makes him the type Mr. Trump fans love to hate. – Bloomberg|
|Birth of the index mutual fund. Forty years ago today, the index mutual fund was born when Vanguard Group’s First Index Investment Trust (now Vanguard 500 Index Fund) opened for business with $11.3 million in assets. – The Wall Street Journal|
|“Let’s make them poorer and we’ll get rich.” Financial companies have figured out how to turn a controversial global legal system to their own very profitable advantage. – Buzzfeed|
|S.E.C. proposes hyperlinks amendment. The decision is designed to make it easier for investors to access information. – S.E.C.|
|Car sales growth is most likely past its peak. New car sales have been softening in recent months, and the sales report due on Thursday is likely to confirm that the industry slipped into reverse in August. The auto researcher Edmunds.com predicts that sales of new cars and light trucks will fall 2.5 percent in August, to 1.53 million vehicles. That comes after growth of just 0.7 percent in July. The recent trend of weaker auto sales suggests that the industry reached its peak in 2015, when sales hit a record 17.4 million. A decline this year would end a streak of six consecutive years of growth. – Neal E. Boudette|
|Latest manufacturing index reading. On Thursday, the Institute for Supply Management will report the latest reading of its manufacturing index. Economists expect a slight decrease to 52 from 52.6 in July. Factories and the industrial sector have not been a bright spot lately for the economy, although there are signs that manufacturing activity is finally rebounding a bit. A healthy reading from the institute of 52 or more would confirm that; a lower level would suggest the sector was still soft. – Nelson D. Schwartz|