Senate Banking: Brown Highlights Workers, Need for Reform
Senate Banking today held an unusual listening session at which Chairman Brown (D-OH) invited workers to discuss the financial system’s impact on their lives. The very short session involved only five workers but emphasized Sen. Brown’s longstanding view that the financial system works only for Wall Street, not workers. Workers generally focused on the need to raise the minimum wage, strengthen labor laws, protect unions, fix overtime rules, ensure benefits for gig workers, and protect workers from private equity firms. Chairman Brown was the only member to speak at the briefing.
Powell to NBFIs: Stop Expecting Fed Rescues
Reiterating that bank capital is robust, Mr. Powell today urged NBFIs not to rely on Fed support under stress. Although he did not go on to discuss the specifics of MMF and fund reform, he reiterated the pending global efforts to regulate NBFIs, noting also that Treasury market infrastructure reform is essential because large issuance of Treasury market obligations necessitate additional market capitalization.