ECB: Central Banking is Distributional, but ECB’s for the Greater Good
The European Central Bank yesterday released a lengthy bulletin assessing the extent to which monetary policy has an impact on economic inequality.

Toomey Increases Criticism of SEC Climate, ESG Actions
Continuing his criticism of regulatory climate agendas (see Client Report GREEN7), Senate Banking Ranking Member Toomey (R-PA) today sent a letter to SEC Acting Chair Lee asking for more information on the SEC’s new ESG task force. He again urged the Acting Chair to resist using enforcement as a “backdoor” to impose new ESG or climate regulation.

Climate-Risk Standards for Insurers Take Shape
Again leading the way on key Democratic financial standards, the New York Department of Financial Services (NYDFS) today proposed guidance for insurers on integrating climate-risk into their governance, risk management, and business strategies.

Big Banks Catch Capital Break
Doubtless reflecting Secretary Yellen’s comment yesterday (see Client Report REFORM204) that she no longer opposes big-bank capital distributions, the FRB today unanimously lifted temporary restrictions on dividends and share repurchases, announcing that these will generally end at the end of the second quarter.