#Heinrich – Federal Financial Analytics

DAILY072523

Eliza Allen2023-07-25T17:18:26-04:00July 25th, 2023|2- Daily Briefing|

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…

DAILY031423

Eliza Allen2023-03-14T16:55:33-04:00March 14th, 2023|2- Daily Briefing|

JEC Chairman Heaps SVB Blame on Trump-Era Rollbacks

Echoing Democratic statements made earlier in the day, JEC Chairman-Designate Heinrich (D-NM) released a statement late yesterday blaming the Trump Administration’s 2018 regulatory “rollbacks” for SVB’s failure, noting that the committee warned in 2018 that the rollbacks would result in SVB being subject to “nearly none” of Dodd-Frank’s enhanced regulations.

Warren Lambasts Powell on SVB Inquiry

Expanding her attack against FRB Chairman Powell, Sen. Warren (D-MA) today demanded that he recuse himself from the SVB investigation announced just yesterday. She states that Mr. Powell’s actions allowed “big banks” like SVB to “load up” on risky assets, saying that Vice Chairman Barr needs complete independence.

Treasury Official Announces Coming DeFi Risk Report

In remarks yesterday, Assistant Secretary for Treasury’s Office of Terrorist Financing and Financial Crimes Elizabeth Rosenberg announced that her team will shortly be releasing a risk assessment on DeFi. She notes interest in any legitimate DeFi use cases, also saying that DeFi may nonetheless facilitate illicit finance.

FDIC Warns Bridge-Bank Counterparties

Reflecting the unusual nature of the two bridge banks the FDIC has established for SVB and Signature, the agency was compelled today to issue a warning that financial institutions are required to comply with their obligations to these FDIC-owned institutions to the extent previously required of the failed banks.

Daily031423.pdf…