21 02, 2022


2023-04-04T15:44:10-04:00February 21st, 2022|3- This Week|

Chicken Games

It’s no longer news that Senate Banking’s Republicans last week boycotted confirmation votes for the Administration’s full slate of Federal Reserve nominees along with that for FHFA Acting Director Thompson.  Although the tactics are striking, Republican objections aren’t — we forecast these well before the voting (see Client Report FEDERALRESERVE66) and see nothing thereafter to change our prediction that — while certainly possible — it would prove difficult for the White House to advance Ms. Raskin’s appointment as Vice Chair for Supervision.  Our updates last week also predicted that each side would dig in its heels not just on Ms. Raskin, but also on whether Democrats would split the slate so all but her appointment could advance.  What’s next?


16 02, 2022


2023-04-04T15:53:29-04:00February 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.


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