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Senate Banking Committee

All articles tagged with #senate banking committee

policy49 minutes ago

BoA CEO warns trillions could shift to yield-bearing stablecoins if allowed to pay interest

Bank of America CEO Brian Moynihan warned that a Treasury Department study suggests up to $6 trillion of U.S. bank deposits could migrate into stablecoins if interest-bearing stablecoins aren’t restricted, potentially shrinking banks’ deposit bases and raising wholesale funding costs. The report comes as lawmakers rush to finalize a crypto bill that would ban interest on stablecoins unless tied to activities like staking or liquidity provision, amid lobbying from banks and crypto firms and concerns about financial surveillance.

via The Block|
#bank-of-america#deposits#policy
politics2 months ago

Kennedy Opposes Trump’s FDIC Nominee Over Workplace Culture Concerns

A senior Republican senator, John Kennedy, is withholding support for Trump's FDIC nominee Travis Hill until he addresses workplace misconduct issues at the agency, amid concerns over harassment and discrimination revealed in an external investigation. The opposition could threaten Hill's confirmation, with Kennedy demanding a report within 30 days on how the FDIC is tackling these issues.

via Politico|
#fdic-workplace-culture#politics#senate-banking-committee
politics4 months ago

JPMorgan Faces Calls to Testify Over Epstein Ties and Enabling Crimes

Ten Democratic senators, led by Elizabeth Warren, are urging the Senate Banking Committee to hold hearings with JPMorgan Chase and other banks to investigate their roles in Jeffrey Epstein's sex trafficking, following reports of suspicious transactions and the bank's long-term relationship with Epstein. The senators seek transparency and accountability regarding the banks' oversight and handling of Epstein's accounts.

via The New York Times|
#banking-hearings#financial-institutions#jeffrey-epstein
politics1 year ago

Elizabeth Warren Takes Charge: Banking, Crypto, and Housing in Focus

Senator Elizabeth Warren is set to become the top Democrat on the Senate Banking Committee, positioning her to challenge Republican priorities in Washington. Known for her progressive stance and criticism of Wall Street, Warren's influence will be tested as she navigates internal party dynamics and potential bipartisan collaborations. Her focus includes affordable housing and executive accountability, while her stance on cryptocurrency regulation remains critical. Despite not controlling the committee, Warren's ability to leverage her platform could significantly impact economic policy discussions.

via POLITICO|
#bipartisan-collaboration#cryptocurrency-regulation#elizabeth-warren
financeeconomy1 year ago

"Wall Street Anticipates Fed Chair Powell's Testimony on Interest Rates and Stock Futures"

Federal Reserve Chair Jerome Powell is testifying before the Senate Banking Committee for the second day, reiterating his expectation of interest rate cuts later this year but not specifying when. He emphasized that policy moves will depend on incoming data and faced questions on monetary policy calibration and proposed bank capital rules. This is Powell's last scheduled public appearance before the next Fed meeting on March 19-20.

via CNBC|
#federal-reserve#financeeconomy#interest-rates
politics2 years ago

"Jelly Roll Testifies: Urging Congress to Pass Anti-Fentanyl Legislation"

Rapper and philanthropist Jelly Roll testified before the Senate Banking, Housing, and Urban Affairs Committee, urging Congress to pass legislation targeting the supply and distribution of fentanyl. He emphasized the devastating impact of fentanyl on his fans and called for bipartisan action, despite his own criminal history involving drug-related charges. Jelly Roll's testimony highlighted the need for a united effort to address the fentanyl epidemic and urged lawmakers to prioritize the issue at the kitchen table.

via The Hill|
#congress#fentanyl-epidemic#jelly-roll
politics2 years ago

The Impact of Marijuana Legalization on Ohio: A Comprehensive Analysis

Senate Banking Committee Chairman Sherrod Brown, a Democrat from Ohio, revealed that he voted in favor of a ballot initiative to legalize marijuana in the state. Brown called it a "hard decision" but ultimately believed that legalization and regulation would promote safety for consumers. This comes after years of Brown declining to sponsor or cosponsor legalization legislation, and expressing concerns about earlier marijuana legalization measures. However, he has previously supported preventing federal intervention in state medical cannabis programs and has voiced support for legalizing medical cannabis and preserving states' rights. Recent polls suggest that the majority of Ohio voters may approve the legalization initiative.

via Marijuana Moment|
#cannabis-reform#marijuana-legalization#ohio
finance2 years ago

"Senate Banking Committee to Grill Eight Big U.S. Bank CEOs in December"

The CEOs of eight major U.S. banks, including JPMorgan Chase, Bank of America, and Goldman Sachs, will face questioning at a Senate Banking Committee hearing on December 6. The committee, led by Chairman Sherrod Brown, aims to hold the banks accountable for their record profits and the impact on American consumers. The hearing follows increased oversight efforts by the committee, particularly regarding failed banks such as Silicon Valley Bank, Signature Bank, and First Republic. The high-profile hearing could have political implications for Brown, who is running for reelection in Ohio.

via CNBC|
#accountability#ceos#finance
politics2 years ago

Senate Committee Set to Vote on Marijuana Banking Bill in September

The Senate Banking Committee is expected to vote on the bipartisan marijuana banking bill, known as the Secure and Fair Enforcement (SAFE) Banking Act, during the last week of September. The tentative date for the committee vote is September 27, pending official announcement. The bill may undergo amendments related to broad banking regulations, Small Business Administration (SBA) access, and stock uplisting for the cannabis industry. Senate Majority Leader Chuck Schumer has expressed support for the bill and has pushed for the inclusion of incentives for state-level cannabis expungements. The SAFE Banking Act currently has 42 cosponsors, including eight Republicans and three independents.

via Marijuana Moment|
#bipartisan-legislation#cannabis-industry#marijuana-banking-bill
finance2 years ago

Debate Resurfaces: CFPB's Authority to Tackle Excessive Fees Revisited

Senators on the Senate Banking Committee debated whether the Consumer Financial Protection Bureau (CFPB) has the authority to regulate "junk fees" that impact millions of consumers. Republicans criticized the CFPB for overstepping its jurisdiction by enforcing the Biden administration's crackdown on these charges, while Democrats defended the agency's role in protecting consumers from burdensome costs. The CFPB has recently fined Bank of America $150 million for charging multiple overdraft fees, and has proposed capping credit card late fees. Democrats argued that targeting junk fees aligns with the CFPB's core duties, while Republicans have been seeking to limit the agency's powers.

via CNBC|
#biden-administration#cfpb#consumer-protection
politics2 years ago

Biden's Federal Reserve and FCC nominees clear key Senate committees

President Joe Biden's three nominees to the Federal Reserve Board of Governors have been approved by the Senate Banking Committee, setting the stage for a full Senate vote later this year. The nominees include Philip Jefferson for vice chair, Lisa Cook for a full 14-year term, and Adriana Kugler for her first term. If confirmed, Kugler would be the first Hispanic American on the board, Cook would be the first Black woman confirmed for a full term, and Jefferson would be the second Black person to hold the vice chair position. The committee's decision comes as the Federal Reserve grapples with the timing and extent of interest rate hikes to address high inflation.

via CNBC|
#diversity#federal-reserve#interest-rates
politics2 years ago

Sinema defends ties to Wall Street with proposed bill targeting failed bank leaders.

Arizona Senator Kyrsten Sinema, who has been criticized for her ties to Wall Street, has taken credit for helping broker legislation that would target executives of failed banks. Sinema cited the bill approved this week by the Senate Banking, Housing and Urban Affairs Committee as an example of the bipartisan dealmaking she says is often lacking from Congress. The measure responds to the collapse this year of Silicon Valley Bank, the second-largest bank failure in U.S. history, followed by the demise of Signature Bank and First Republic Bank. Sinema said she pushed to include a provision requiring the Federal Reserve to report on efforts to improve bank oversight.

via AOL|
#bank-oversight#bipartisan-dealmaking#kyrsten-sinema