Key Democrat Takes On Fed Rate Hikes
Ahead of today’s FOMC meeting, Joint Economic Committee Chair Heinrich (D-NV) yesterday sent a letter to Fed Chair Powell cautioning against additional policy tightening.
Second HFSC Markup Targets Stablecoins, Regulatory Restrictions, ESG
Thursday’s HFSC has now added another day to its mark-up calendar this week, moving the stablecoin and ESG bills to Thursday doubtless in order to avoid an endurance contest before the August recess and still meet Chairman McHenry’s (R-NC) commitments.
Senate GOP Tries to Block Capital Rewrite
Just days before the banking agencies take up new capital rules, Senate Banking Ranking Member Scott (R-SC) and ten other committee Republicans sent a letter to Chairman Powell demanding greater transparency and prior consultation.
Waters Presses FHFA for FHLB Reform
Following FHFA listening sessions and in anticipation of a final report this September on the FHLB system, HFSC Ranking Member Waters (D-CA) late yesterday sent a letter to FHFA Director Thompson laying out a series of recommendations to significantly reform the system.
Ag Committees Slam SEC Custody Proposal
In a letter to SEC Chairman Gensler released today, Senate Agriculture Committee Ranking Member Boozman (R-AR) and Chairwoman Stabenow (D-MI) along with House Ag. Committee Chairman Thompson (R-PA) and Ranking Member Scott (D-GA) raised strong objections to what they called serious flaws in the SEC’s proposed custody rule (see FSM Report CUSTODY5).
Warren, Scott Renew Fed-Ethics Campaign
Continuing their bipartisan campaign against the Fed, Sens. Warren (D-MA) and Scott (R-FL) yesterday sent a letter to Fed IG Bialek highlighting potential conflicts of interest possible due his salary, which he said earlier this year is derived from the average divisional director yearly pay plus their bonus.
FSB Maintains NBFI Focus
The FSB’s Secretary General, John Schindler, today outlined the global regulator’s NBFI action plan.
Key Treasury Aid Presses Tough Regional-Bank Regs
Although Treasury has no direct role in bank regulation, remarks today from Assistant Secretary Graham Steele make clear how closely aligned the department is with Fed thinking.