#Cook – Page 2 – Federal Financial Analytics

14 03, 2022

DAILY031422

Eliza Allen2023-04-03T15:04:42-04:00March 14th, 2022|2- Daily Briefing|

IOSCO Adds Carbon-Market Review to Work Plan

IOSCO today released a comprehensive sustainability work plan, moving beyond the investor-focused disclosures it previously espoused set for action next week by the SEC. Going forward, global securities regulators have now prioritized reducing greenwashing and encouraging reliable ESG-impact assessment. IOSCO will thus review both the pending IFRS climate- and general-sustainability disclosure requirements and final standards.

Raskin Faces Still Higher Confirmation Odds

Sen. Manchin (D-WV)’s statement today that he will not support Sarah Bloom Raskin makes her path to confirmation difficult, if not impossible. For her appointment as Fed Supervisory Vice Chair to advance, at least one Republican would need to break ranks on the Senate floor even if Ranking Member Toomey (R-PA) is unable to hold his blockade.

Daily031422.pdf…

16 02, 2022

DAILY021622

Eliza Allen2023-04-04T15:53:29-04:00February 16th, 2022|2- Daily Briefing|

FSB Fears Crypto, Contemplates Response
The FSB today issued an in-depth report on systemic crypto risk, concluding that this could so quickly become a real threat that it could warrant preemptive intervention. Even so, the report provides no recommendations on how best to proceed, with global regulators confining themselves to a detailed presentation on vulnerabilities and resulting risk.

CFPB Opens Regulatory Portal to All Petitioners
Taking what it says are steps to democratize its rulemaking, the CFPB today established a process via which consumers may directly petition it to commence a rulemaking, also releasing a guide explaining the submission process.

FedFin Assessment: What’s Next for the Fed
As requested, this alert updates clients on the implications of yesterday’s GOP boycott of the confirmation votes in the Senate Banking Committee for President Biden’s FRB-leadership slate. As anticipated (see Client Report FEDERALRESERVE66), Sarah Bloom Raskin’s nomination as supervisory vice chair is proving to be particularly problematic, leading Democrats to try to attach Chairman Powell’s far more popular confirmation to the rest of the slate in hopes of forcing it through.

Daily021622.pdf…

3 02, 2022

FEDERALRESERVE69

Arezou Rafikian2023-04-05T14:06:42-04:00February 3rd, 2022|5- Client Report|

FedFin Assessment: Raskin Confirmation Possible, But a Squeaker

As this report details, all three Fed nominees before the Senate Banking Committee today emphasized the vital importance of Fed independence and their anti-inflation zeal to quell GOP opposition and cement it among moderate Democrats.

FEDERALRESERVE69.pdf…

3 02, 2022

FedFin Assessment: Raskin Confirmation Possible, But a Squeaker

Arezou Rafikian2023-04-05T14:06:56-04:00February 3rd, 2022|The Vault|

As this report details, all three Fed nominees before the Senate Banking Committee today emphasized the vital importance of Fed independence and their anti-inflation zeal to quell GOP opposition and cement it among moderate Democrats. Professor Philip Jefferson sailed through and will be confirmed — perhaps quickly — by a relatively -wide bipartisan margin. We expect Professor Lisa Cook also to prevail, with Democrats likely joined by a
couple of moderate Republicans convinced that attacks on her expertise art unseemly with regard to a Black woman given how rarely similar concerns are voiced about white nominees with no macroeconomic-policy expertise.

The full report is available to retainer clients. To find out how you can sign up for the service, click here.…

1 02, 2022

AI013122

Eliza Allen2023-04-05T14:17:39-04:00February 1st, 2022|3- This Week|

TROUBLE AHEAD

Although we anticipated a significant confirmation fight for Sarah Bloom Raskin (see Client Report FEDERALRESERVE66), it’s getting uglier not only for her but also one of the lower-profile Fed nominees, Lisa Cook. Indeed, all three face a new challenge from Ranking Member Toomey (R-PA): the legality of their appointments. We doubt this hearing will take on the particularly nasty tone of that for OCC-nominee Omarova (see Client Report REFORM210) and it’s likely to be even more partisan. Still, as we’ll assess following the hearing, each nominee will surely earn their job at this session if they win confirmation.

AI013122.pdf…

28 01, 2022

Daily012822

Eliza Allen2023-04-11T15:59:03-04:00January 28th, 2022|2- Daily Briefing|

Toomey Raises New Objections to Fed Slate
Adding to his objections to Fed nominees other than Mr. Powell, Senate Banking Ranking Member Toomey (R-PA) today cited missing paperwork.

Board Advances Longstanding DIHC/Insurance Construct
The Federal Reserve today proposed new supervisory guidance for DIHCs principally engaged in insurance activities, also detailing a new supervisory rating system.

Daily012822.pdf…

18 01, 2022

Daily011822

Arezou Rafikian2023-04-24T13:38:11-04:00January 18th, 2022|2- Daily Briefing|

FinCEN Takes Cautious Steps to AML Innovation
In remarks just released today, Acting FinCEN Director Him Das largely revisited recent FinCEN actions in response to Congressional requirements.

Brown Lays Out Fed Confirmation Plan
Senate Banking Chairman Brown (D-OH) today told press that he will accelerate hearings on Fed-nominees Bloom Raskin, Cook, and Jefferson as well as seek floor time in early February. He did not make it clear if he hopes to package all these nominations with Mr. Powell’s in hopes that this will provide additional votes, but Senate procedure requires votes on each nomination even if all are taken up together.

DOJ/FTC Propose Structural Antitrust Rewrite
Although the Department of Justice already has opened the door for public comment on bank mergers (see FSM Report MERGER10), it and the Federal Trade Commission today sought comment on the entire U.S. antitrust construct.

Daily011822.pdf…

14 01, 2022

Al011422

Arezou Rafikian2023-04-24T15:20:35-04:00January 14th, 2022|3- This Week|

Filling Out the Fed

Last week was an eventful week for the Federal Reserve, not only due to critical appointments and confirmations, but also because the latest round of inflation data has made the central bank’s forecasting skills seem still less prescient and its power to determine the macro economy even more precarious. As we noted in our reports (see below), Senate Republicans appear ready to let Mr. Powell off the hook, doubtless because they view him as the least objectionable option from their perspective than anyone else President Biden might nominate. Instead, they have targeted Lael Brainard’s vice-chair nomination as the one on which they’ll take an anti-inflation stand. For good measure, Republicans are also and more quietly signaling to the Fed that, if they’re unhappy with either monetary or regulatory policy, they will stop just talking about Fed independence and start taking it away.

Al011422.pdf…