#Deese

Eliza Allen2023-02-14T16:52:49-05:00February 14th, 2023|2- Daily Briefing|

What’s Next At The Post-Brainard Fed

Clients have asked us to advise on what may be next for the Fed if Vice Chair Brainard is indeed named as head of the White House NEC, which now seems certain. In our view, there will be no change to FOMC policy given unanimity on this question and the leadership not only of the vice chair, but also of the Fed chairman and FRB-NY president. However, there could be a significant shift in the likelihood of a U.S. CBDC. Ms. Brainard has been the most outspoken advocate of a CBDC (see Client Report CBDC13), but her successor as head of the Fed payment committee is likely to be either Gov. Waller or Bowman, each of whom is a strong CBDC skeptic.

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Eliza Allen2023-01-27T17:09:47-05:00January 27th, 2023|2- Daily Briefing|

IOSCO Report Calls for More Hedge-Fund Liquidity Data, Studies Continue on MMFs/OEFs

IOSCO today released its Investment Funds Statistics Report, consisting almost entirely of data on matters such as leverage, portfolio liquidity, and fund exposures. The paper also mentions recent SEC proposals to amend the investment adviser reporting form and to require more frequent portfolio reporting.

Fed Takes Tough Stand Against Wyoming Crypto Charter

The Federal Reserve today took two policy-making actions cracking down on non-traditional charters. We will shortly provide clients with an alert and then an in-depth analysis of a new Fed policy redefining state-member bank charter powers.

Fed Not Only Quashes Custodia, But Also Constrains Non-Traditional Charter Powers

In addition to rejecting Custodia’s member application (see prior FedFin alert), the Fed today issued a sweeping policy statement scuttling efforts to use uninsured state member banks for activities impermissible for state IDIs and, in most cases, those allowed for national banks.

White House Expands Crypto Legislative Demands

In a new White House crypto “roadmap,” National Economic Council Director Brian Deese largely reiterated actions such as those by the Fed today and ongoing efforts to block AML and sanctions violations in this volatile sector.

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