October 23, 2021

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U.S. Financial Supervision Commission closes in connection with a new day holiday – E24

U.S. President Joe Biden on Thursday introduced a new federal holiday in Texas to mark the release of American slaves. The U.S. Financial Oversight Commission is also closing, but stock markets remain open.

Joe Biden has introduced a new day holiday, which could be bad news for players in the financial sector.

Carlos Baria / Reuters

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On Thursday, US President Joe Biden signed into law a new law, June 19 – referred to as the Junetin – a new federal holiday. On June 19, 1865, the last slaves of the United States were declared free. Two months after the official end of the American Civil War, slaves were freed in Calveston, Texas.

It also affects US financial markets, and the US Financial Services Commission, SEC, is reportedly setting aside time on Friday. Bloomberg. Most banks and stock exchanges are still open. Nasdaq announced on Friday that the market would be open, while the New York Stock Exchange would decide whether to close or remain open based on whether other banks and regulators would close.

Since this year falls on a Saturday, it will not affect many businesses this year or next, and the US Federal Reserve says they will be open as usual on Friday, but until next year they will make a decision about this new holiday that will affect them.

Reluctant banks and stock markets

Jim Angel, a professor at Georgetown University, tells Bloomberg that there are good reasons why banks and stock markets are reluctant to take another day off a year:

“People shop more when the markets are open, so Junett loses business in taking a day off,” he says.

– None of the big or small players like the idea of ​​losing a day’s earnings when fixed costs are the same.

The new holiday will be called Junetin National Independence Day.

This day will be the eleventh federal holiday, and Martin Luther King Jr. Day was introduced in 1983 in memory of a civil rights activist killed in 1968. Most states in the United States already celebrate Junett as a public holiday or mark another sight.

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