Progressive Dems Keep Pressure on Powell
Ahead of today’s FOMC meeting, progressive Democrats again sent a letter to Chair Powell calling for an interest-rate reduction timeline on grounds that higher-for-longer adversely affects the public good. Signed by Sens. Warren (D-MA), Sanders (I-VT), and nineteen House Democrats, the letter calls the Fed’s monetary policy “excessively contractionary,” stressing its negative impacts on the housing market and financial stability.
HFSC GOP Takes on GSE Title-Insurance Pilot
Laying pipe before HFSC’s housing hearing tomorrow, Subcommittee Chairs Davidson (R-OH) and Huizenga (R-MI) along with Rep. Garbarino (R-NY) sent a letter to FHFA Director Thompson Friday sharply criticizing her for undue politicization given the President’s recent call for title-insurance reform. Th
HFSC GOP Takes on GSE Title-Insurance Pilot
Joining attacks against the Basel end-game rules, Republican CFTC Commissioner Mersinger today criticized the proposal for its impact on derivatives markets. It would, she said, disincentivize banks from offering client-clearing services to derivatives end-users, exacerbate the downward trend in the number of entities offering client clearing services, challenge the portability of customer positions, and increase systemic risk.
KC Fed Study: Vulnerable Crypto Users at Financial Risk
Buttressing calls for cryptoasset standards, the Kansas City Fed today published an article finding that crypto transactors are less financially literate and more risk tolerant compared to nonowners, stressing the importance of improved education regarding cryptoasset risks. C
HFSC GOP Goes after Climate-Risk Standards
HFSC’s majority staff memo on Thursday’s hearing indicates that the panel of top federal bank supervisors will face renewed grilling. As before, Republicans fear that opaque meetings with global officials lead unelected banking-agency staff to adhere to standards that are not in the best interests of the United States.