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8 03, 2022

DAILY030822

2023-04-04T12:19:56-04:00March 8th, 2022|2- Daily Briefing|

Congress Prepares Gold-Related Sanctions vs. Russia

Sens. Cornyn (R-TX), Hassan (D-NH), and bipartisan colleagues have added to the Congressional proposals to sanction Russia with S. 3771, legislation to impose secondary sanctions related to American entities that knowingly engage in gold sales or transport involving the Russian central bank.

Mandatory-Arb Bill Gets Low-Priority, Partisan Reception

As we anticipated, today’s Senate Banking hearing on mandatory arbitration in financial products was partisan and provided little in the way of an actionable agenda.  The hearing was also poorly attended due to higher-priority concerns, with Chairman Brown (D-OH) and Democrats supporting the legislation they recently introduced to ban mandatory arbitration and class-action waivers.

Energy Financing Now Under Sanctions Gun

As anticipated, President Biden’s executive order today barring oil and related energy imports also extends the sanctions regime to financing, approving, guaranteeing or facilitating sanctioned imports and any energy-related investments.

FedFin Advisory: Commodity Risk Would Renew Political Challenge

A key question we hear from large-bank investors is the extent to which the Ukraine crisis may lead to significant commodity-related losses at the largest U.S. banks due not only to their own exposures, but also to Archegos-like risk positions in these often opaque markets.

Daily030822.pdf

4 02, 2022

Daily020422

2023-04-05T13:58:56-04:00February 4th, 2022|2- Daily Briefing|

FSOC Reviews Ongoing NBFI Workstreams
In what appeared to be a meeting largely intended to comply with statutory demands for quarterly sessions, the FSOC met today to consider U.S. work on the 2021 global NBFI agenda (see Client Report NBFI).  A key concern then was MMF illiquidity, an issue now addressed in a pending SEC proposal (see FSM Report MMF19); Chairman Powell and Acting Comptroller Hsu thanked the Commission for this work.

Bipartisan Bill Opens Custody Services to Small Banks
Sens. Tim Scott (R-SC) and Maggie Hassan (D-NH) have introduced S. 3562 to allow well-capitalized community banks, minority depositories, and CDFIs to accept custodial deposits without these being considered brokered under applicable FDIC rules (see FSM Report DEPOSITINSURANCE111).

Toomey Targets Chinese CBDC to Speed U.S. Crypto
Suggesting that the autocratic nature of the digital yuan should spur private-sector U.S. crypto development, Senate Banking Ranking Member Toomey (R-PA) today requested that both the Treasury and State Departments closely monitor and report on developments as China seeks an international rollout in tandem with the Olympics.

Daily022422.pdf

17 11, 2021

Daily111721

2023-05-26T10:39:14-04:00November 17th, 2021|2- Daily Briefing|

Williams Emphasizes Treasury-Market Failures
FRB-NY President John Williams today reinforced the principles laid out in the recent Inter-Agency Working Group on Treasury Market Surveillance report (see Client Report TMARKET2) – i.e., the “imperative of resilience.”

OFR: U.S. Financial Stability at Mid-Range, Too Soon to Judge Climate Risk
OFR today released its 2021 annual report, concluding that overall risks to U.S. financial stability remain in the medium range. Notably, the report generally downplays risks resulting from climate change, arguing these are difficult to quantify and thus deferring conclusion until more data are available.

Waller Breaks with PWG on Limiting Stablecoins to Banks
Although FRB Chair Powell has not yet decided on the need for CBDC, Fed Gov. Waller today opposed it on grounds that private innovation suffices to ensure U.S. payments innovation. This sets up a conflict should Mr. Powell’s endorse CBDC after pending discussion the draft or if Gov. Brainard takes over the chair.

JEC Reviews Crypto Construct
At today’s Joint Economic Committee hearing on cryptoassets, Chairman Beyer (D-VA) urged Congress to update the crypto regulatory framework to better protect consumers, prevent insider trading, and ensure economic stability in part by preventing runs on cryptoassets.

Daily111721.pdf

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