Updates
The latest news and advocacy information for industrial bankers.
Capital rules, merger analysis, stablecoins, and climate risk top Barr’s concerns
Michael S. Barr, Vice Chair of the Federal Reserve Board, gave his first major policy speech this week at the Brookings Institution and laid out his priorities for “making the financial system safer and fairer.”
House, Senate pass Inflation Reduction Act
We often say that Congress has two speeds: molasses-slow and lightning-fast. The Senate voted on Sunday along party lines, 51-50, to approve the Inflation Reduction Act, a reconciliation package that includes major changes to federal laws governing health care spending, energy security, climate change, and the taxation of corporations and the wealthiest Americans.
Senate prepares to vote on Inflation Reduction Act
It’s the first Friday in August, and the Senate is still in session. They will reconvene tomorrow to start voting on the Democrats’ reconciliation bill, also known as the Inflation Reduction Act. No Republicans are expected to vote for this bill, but Democrats are united after Senator Kyrsten Sinema (D-AZ) struck a deal with Senate Majority Leader Chuck Schumer (D-NY) to preserve the so-called carried interest loophole.
Buttigieg reports on infrastructure funding, promises implementation of “One Federal Decision” mandate
Secretary of Transportation Pete Buttigieg spent about six hours with the House Transportation & Infrastructure Committee on Tuesday, giving a progress report on implementation of the Infrastructure Investment and Jobs Act (IIJA, or the bipartisan infrastructure bill).
The truth is out there
As big as the universe is, wouldn’t the answers to everything have to be out there somewhere? We took breaks from this week’s overloaded legislative schedule to look at the first images from NASA’s James Webb Space Telescope.
House panels focus on the housing crisis
The House Financial Services Committee and its Subcommittee on Oversight & Investigations held two hearings this week to discuss the critical nationwide shortage of affordable housing.
Fed will focus on reining in inflation, Powell says
Appearing before the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services this week, Federal Reserve Board Chair Jerome Powell refused to be drawn into any discussions of fiscal policy, emphasizing the Fed’s focus on bringing inflation back to its target level of 2%.
House Energy & Commerce seeks feedback on data privacy compromise
Representatives of the tech industry, consumer groups, small businesses, and other stakeholders testified before the House Energy & Commerce Subcommittee on Consumer Protection and Commerce this week about draft legislation that would create a comprehensive data privacy framework to give consumers control of their personal data.
Lummis, Gillibrand offer bipartisan framework for crypto regulation
Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced legislation this week that would create a comprehensive framework for registration, regulation, and supervision of digital assets. S. 4365, the Responsible Financial Innovation Act, would clarify the tax treatment of these assets.
Fed is focused on CBDC implications for community banks
Federal Reserve Board Vice Chair Lael Brainard appeared before the House Financial Services Committee yesterday to talk about the Fed’s work on a central bank digital currency (CBDC).
White House announces Housing Action Plan
This week President Joe Biden announced a five-year plan to increase the supply of housing nationwide and make housing more affordable for both renters and homebuyers.
FSOC annual report focuses on climate risk
Secretary of the Treasury Janet Yellen appeared before the Senate Banking Committee and the House Financial Services Committee this week to deliver the Annual Report of the Financial Stability Oversight Council (FSOC), which was finalized at the end of 2021, before the Russian invasion of Ukraine.
Federal banking agencies propose new Community Reinvestment Act rules
The Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board, and Office of the Comptroller of the Currency (OCC) jointly released a much-anticipated proposal for changes to the implementation of the Community Reinvestment Act (CRA) yesterday.
CFPB announces intent to examine nonbank financial companies as Chopra faces grilling
The Honorable Rohit Chopra, Director of the Consumer Financial Protection Bureau, was busy this week. On Monday, the CFPB announced that it would invoke “a largely unused” provision of the Dodd-Frank Act to examine nonbanks that the Bureau “has reasonable cause to determine pose risks to consumers.”
Yellen promises further beneficial ownership regulations later this year
Secretary of the Treasury Janet Yellen appeared before the House Financial Services Committee on Wednesday to testify about the state of the international financial system.
Biden budget emphasizes deficit reduction, climate and supply chain resilience
“Budgets are statements of values,” said President Joe Biden in unveiling his first budget proposal on Monday. The President’s budget for FY 2023 would reduce the federal deficit by approximately $1 trillion over the next 10 years….
PAVE Task Force recommends appraisal changes
The Interagency Task Force on Property Appraisal and Valuation Equity (PAVE), a 13-agency initiative to fight bias in home appraisals, published a 21-point Action Plan this week.
Senate Banking advances Fed, FHFA nominees after Raskin withdraws
Sarah Bloom Raskin, President Biden’s nominee to be Vice Chair of the Federal Reserve Board for Supervision, asked the President to withdraw her nomination on Tuesday after it became clear that confirmation would be impossible.
Our thoughts and prayers are with the people of Ukraine.
In Washington, D.C., the business of government continues, and it was an exceptionally busy week.
Fed will proceed with rate increase despite global uncertainty, says Powell
Federal Reserve Board Chairman pro tempore (because he hasn’t been confirmed yet) Jerome Powell appeared before the House Financial Services Committee and the Senate Banking Committee this week to deliver the Fed’s semiannual Monetary Policy Report. The economy is remarkably strong, Powell said, and everything would be great if not for that pesky inflation.