1 03, 2024


2024-03-01T17:10:56-05:00March 1st, 2024|2- Daily Briefing|

Fed Emergency Powers Back on Senate Docket

Just before the Senate passed the stopgap bill to avert a shutdown, Sen. Paul (R-KY) forced a vote on an amendment to prevent the Fed from buying debt from states and municipalities.

DOJ Goes After “Gate-Keepers”

In remarks late yesterday, Assistant AG Jonathan Kanter highlighted the impact of new DOJ/FTC guidelines (see FSM Report MERGER13) and enforcement efforts with regard to “gate-keepers” – i.e., “monopoly chokepoints” so powerful that they control entry and pricing in a key sector in which they also often compete.

Fed Seems a Bit Warier of Banking-System Stress

The Fed monetary-policy report submitted today ahead of Chair Powell’s testimony next week includes a financial-stability analysis largely derived from the FRB’s most recent financial-stability report (see Client Report SYSTEMIC97) and the update provided earlier this week by a key FRB-NY official.

White House Steps in to Comfort NYCB Worries

At close of business, NYCB shares had sunk to levels not seen since 1997 following the release of still more bad news on Thursday.


11 01, 2024


2024-01-12T11:40:23-05:00January 11th, 2024|2- Daily Briefing|

Paul Picks Up GAO Fed-Audit Support

Sen. Rand Paul (R-KY) has again honored his father’s legacy, reintroducing legislation mandating a full GAO audit of the FRB that was the hallmark of Ron Paul’s tenure as a long-time Member of the House and occasional libertarian candidate for president.

OIG Gives FHFA Passing Grade on Community Support System Improvements

Saying nothing about FHFA’s plans for Home Loan Bank community support, the FHFA OIG yesterday issued a report concluding that the agency has effectively addressed issues with its oversight of FHLB community support requirements by implementing an automated system for Community-Support Statement submission.

Partisan HUD Hearing Discusses FHA-Policy Options

Today’s HFSC hearing with HUD Secretary Fudge was the partisan event we anticipated, with Chairman McHenry (R-NC) criticizing Ms. Fudge for unresponsiveness to committee requests and obstacles in the income verification process for disabled veteran housing in his district.


10 01, 2022


2023-04-25T14:19:06-04:00January 10th, 2022|5- Client Report|

FedFin Assessment: Powell, Brainard Confirmations Confront Challenges

Many of you have asked us to forecast key policy implications ahead of two high-powered hearings this week considering President Biden’s top Fed nominees.  We will as usual provide clients with in-depth analyses after the Senate Banking Committee ponders Chairman Powell’s nomination for a second term on Tuesday and Gov. Brainard’s to become vice chair on Thursday.  Now, we explain why we think Mr. Powell’s confirmation chances – while still good – are not the slam-dunk many media sources suggest and why Gov. Brainard also faces a challenging outlook.  We will not consider the odds that an appointment in the next few days of Sarah Bloom Raskin as vice chair for supervision will alter the political calculus except to say that the last time the White House tried this Sen. Warren (D-MA) didn’t budge.  We don’t expect she will this time.  This report does not consider other pending nominations to join the Board of Governors because none of them are likely to affect policy debate except when it comes to demands for greater Fed diversity.




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