Posts filtered by tags: Senate Banking Committee[x]


 

Wyoming bitcoin evangelist Sen. Lummis wants to block Powell and Brainard's nominations to the Fed over their 'political approach' to crypto

Sen. Cynthia Lummis.Tom Williams / Getty Images Sen. Cynthia Lummis said the nominations of Jerome Powell and Lael Brainard to the Fed stand in the way of crypto adoption.  The Republican from Wyoming has told others to block the nominations, Decrypt reported. She said Powell missed the perfect opportunity to "promote responsible financial innovation." Cynthia Lummis, the Republican senator from Wyoming, said the nominations of Jerome Powell and Lael Brainard to the Federal Reserve stand in t...
Tags: Congress, Trends, Markets, Bloomberg, Bitcoin, Wyoming, Crypto, Ohio, Federal Reserve, Biden, Fed, Kraken, Avanti, Powell, Sherrod Brown, Jerome Powell


US stocks rebound as investors navigate Omicron threat and hawkish Fed comments

Brendan McDermid/Reuters US stocks rose Wednesday after a rout in the previous session snatched about 2% from the S&P 500.  Stocks found support from ADP data showing US companies added 534,000 jobs to the economy in November.  Federal Reserve Chairman Jerome Powell is back on Capitol Hill on Wednesday.  US stocks pushed higher Wednesday as data showed growth in hiring by US companies last month, after a rout in the previous session swiped nearly 2% off the S&P 500 index. Wall Street's th...
Tags: Apple, Disney, US, Trends, Markets, Opec, Stocks, Capitol Hill, University of Oxford, Jack Dorsey, S&P 500, Dow Jones Industrial Average, ADP, Fed, Thomas, Powell


Top Republican senator trolls Democrats on inflation by getting existential: 'Everything is transitory. Life is transitory.'

GOP Sen. Pat Toomey of Pennsylvania.AP Photo/J. Scott Applewhite Sen. Pat Toomey grilled Fed Chair Powell's view that inflation is transitory in a Tuesday hearing. "I know you believe this is transitory. But everything is transitory. Life is transitory," he said. The GOP blames Democrats' spending and criticizes the "transitory" outlook. Things got existential during a Senate Banking Committee hearing on Tuesday.The debate over US inflation continues to rage as the economy rebounds. T...
Tags: US, Trends, Pennsylvania, Gop, Treasury, Janet Yellen, Federal Reserve, Biden, Yellen, Fed, Powell, Toomey, Jerome Powell, Pat Toomey, Senate Banking Committee, Raphael Bostic


Jerome Powell: The Fed may wind down its stimulus sooner than expected

The Federal Reserve might end its pandemic-era stimulus sooner than expected, Chairman Jerome Powell told the Senate Banking Committee on Tuesday.
Tags: Cnn, Federal Reserve, Fed, Jerome Powell, Senate Banking Committee


The Omicron variant could throw the booming economic recovery off the rails, Fed Chair Powell says

Federal Reserve Chair Jerome Powell adjusts his tie as he arrives to testify before a Senate Banking, Housing and Urban Affairs Committee hearing on “The Semiannual Monetary Policy Report to the Congress” on Capitol Hill in Washington, U.S., July 15, 2021.Kevin Lamarque/Reuters The Omicron variant brings new risks to the economic recovery, Fed Chair Jerome Powell said Tuesday. Little is known about the strain, but it's already fueled market selloffs and travel restrictions. Even if it'...
Tags: Congress, Washington, White House, US, Trends, Joe Biden, Delta, Capitol Hill, Financial Times, Fed, Reuters, Bloomberg News, Powell, Kevin Lamarque, Federal Reserve Chair, Jerome Powell


Centrist Dems Sink Biden's Nominee for Top Bank Regulator

Five Democratic senators have told the White House they won't support Saule Omarova to head the Office of the Comptroller of the Currency, effectively killing her nomination for the powerful bank-regulator position. Axios: The defiant opposition from a broad coalition of senators reflects the real policy concerns they had with Omarova, a Cornell University law professor who's attracted controversy for her academic writings about hemming in big banks. Their opposition also hints at a willingness ...
Tags: White House, Tech, Biden, Cornell University, Senate Banking Committee, Sen Sherrod Brown D Ohio, Office of the Comptroller, Kyrsten Sinema D Ariz, Saule Omarova, Omarova, Nominee for Top Bank Regulator, Sens Jon Tester D Mont Mark Warner D Va, Sens John Hickenlooper D Colo, Mark Kelly D Ariz Read


The Senate Banking Committee wants answers from stablecoin issuers on how their business works

Senate Banking Committee Chair Sherrod Brown.Erin Scott/Reuters The Senate Banking Committee wants information from stablecoin issuers about how their cryptocurrencies work.  Committee Chair Sherrod Brown sent letters to Circle and Tether as well as crypto exchanges like Coinbase.  Circle's CEO said it will respond to the request to "ensure consumers are appropriately protected." The Senate committee overseeing banks and coinage is asking stablecoin issuers for information about how they...
Tags: Congress, Senate, US, Trends, Markets, Crypto, Biden, Coinbase, Circle, Brown, Sherrod Brown, Sen Sherrod Brown, Senate Banking Committee, Carla Mozee, Paxos, Jeremy Allaire


Warren accuses GOP senator of 'Red Scare tactics' after he suggests Biden nominee is a communist because of where she was born

Sen. Elizabeth Warren (D-MA) speaks during a Senate Armed Services Committee hearing on September 28, 2021.Patrick Semansky-Pool/Getty Images Warren blasted Kennedy after he suggested Biden's nominee for comptroller of the currency, Saule Omarova, is a communist. Omarova was born in Kazakhstan during the Soviet era, but came to the US in 1991 and is a citizen. "Sexism, racism, pages straight out of Joe McCarthy's 1950s Red Scare tactics," Warren said in response to Kennedy. Democratic...
Tags: Politics, Washington, Senate, Elizabeth Warren, US, Trends, Joe Biden, Pennsylvania, Gop, Communism, Warren, Npr, Kazakhstan, Louisiana, Biden, Donald Trump


"The White House strongly supports this historic nomination"/"Since this historic and eminently qualified nominee...."

Oh, how I loathe this overuse of "historic"!The quotes are from a spokesperson for the White House and a spokesperson from Senate Banking Committee Chairman Sherrod Brown, from "Police report reveals striking details about Biden nom Saule Omarova's 'retail theft' arrest/Omarova admitted to stealing $214 worth of items from T.J. Maxx in the police report" (Fox News).I don't know what's supposed to be striking about the details. That the items were 4 pairs of shoes, 2 bottles of cologne, 2 belts a...
Tags: Law, White House, Wisconsin, Fox News, Npr, Kazakhstan, Biden, Soviet Union, Sherrod Brown, J Maxx, Moscow State University, Senate Banking Committee, Cornell Law School, Ann Althouse, Saule Omarova, Omarova


Congress has until December 15 to avoid the catastrophe of the US refusing to pay its bills, Janet Yellen says

Treasury Secretary Janet Yellen attends the House Financial Services Committee hearing in Washington on September 30, 2021.Al Drago/Pool/Reuters Congress has until December 15 to raise the limit on how much the government can borrow, Tres. Sec. Janet Yellen said Tuesday. That's slightly later than the original December 3 deadline, but still gives lawmakers less than a month to find a solution. Democrats and Republicans are at odds over lifting the ceiling. Failure to do so risks an econom...
Tags: Congress, Washington, Senate, US, Trends, Gop, Social Security, Treasury, Mitch McConnell, Janet Yellen, Republican, Donald Trump, The Washington Post, Trump, Yellen, Sen Bernie Sanders


Top Democrat unloads on Lindsey Graham's argument that the Biden child tax credit will boost illegal immigration to the US: 'I just have never heard such a stupid thing'

Sen. Sherrod Brown of Ohio and Lindsey Graham of South Carolina. Kevin Dietsch/Getty Images A top Senate Dem slammed Lindsay Graham's argument that the Biden child tax credit will boost illegal immigration to the US. "I just have never heard such a stupid thing," Sen. Sherrod Brown told Insider. Republicans are stepping up their attacks on a benefit that Democrats are touting as an anti-poverty measure. Sen. Sherrod Brown of Ohio, chair of the Senate Banking Committee, unloaded on Sen....
Tags: Politics, Republicans, Congress, Senate, US, America, Trends, Economy, Policy, Democrats, Gop, House, Mitch McConnell, Ohio, Graham, Biden


Putin says Biden was right to withdraw US troops from Afghanistan

Russian President Vladimir Putin greets President Joe Biden during the US-Russia Summit 2021 at the La Grange Villa on June 16, 2021, in Geneva, Switzerland.. Mikhail Svetlov/Getty Images Putin on Thursday said Biden made the right call by pulling US troops from Afghanistan. The withdrawal of US troops coincided with the Taliban regaining control of the country. Putin also called on the US to unfreeze billions of dollars the Afghan central bank holds in reserves. Russian President Vladim...
Tags: Politics, Isis, News, Putin, Vladimir Putin, Washington, Russia, Brown University, US, International, Trends, Joe Biden, Afghanistan, Taliban, Crimea, Treasury


Deputy US Treasury secretary says Taliban will not have access to Afghan central bank reserves, which are mostly in the US

Chip Somodevilla/ Getty Images The US Treasury is holding firm on its freeze of Afghan central bank reserves, according to Reuters. Since August, the Taliban have tried to access close to $9.5 billion in assets located abroad. Deputy US Treasury Secretary Wally Adeyemo said that sanctions and humanitarian aid would continue. Wally Adeyemo, the Deputy US Treasury Secretary, said on Tuesday that there is no situation where the Taliban would have access to Afghan central bank reserves, which...
Tags: Politics, US, Trends, Afghanistan, Taliban, US Treasury, Reuters, Haqqani, Senate Banking Committee, Adeyemo, Wally Adeyemo, Military & Defense, Azmi Haroun, Speed desk


Director Chopra Shakes Up CFPB Leadership with New Appointments

Barely a day after Rohit Chopra took office as director of the Consumer Financial Protection Bureau (CFPB), the agency announced a leadership shakeup. The agency said that the four senior roles will be filled by a Biden campaign alum, two former Obama-era CFPB officials and a long-time Bureau official with fair lending expertise. Zixta Martinez will serve as the CFPB’s deputy director, and will oversee the operations division. Martinez helped set up the CFPB when it was founded in 2011, an...
Tags: Obama, Finance, White House, Pennsylvania, Meyer, Biden, Federal Trade Commission, Ftc, Trump, Bureau, Frank, Martinez, Chopra, CFPB, Department of Housing and Urban Development HUD, Consumer Financial Protection Bureau CFPB


Incoming CFPB Director Invites Hope, Fear from Mortgage Businesses

After a drawn-out process between nomination and confirmation stemming largely from optics and politics, Rohit Chopra was confirmed by the U.S. Senate along a largely party-line vote to serve as the third full-time director of the Consumer Financial Protection Bureau (CFPB) late last month. Just before the inauguration of President Joe Biden, Chopra was named as Biden’s nominee to serve as the new director of the consumer watchdog agency; authority effectively granted to Biden by a Supreme Co...
Tags: Supreme Court, Obama, Finance, Senate, Barack Obama, Pennsylvania, Biden, Federal Trade Commission, Ftc, Bureau, Nichols, Chopra, Steve Irwin, CFPB, Consumer Financial Protection Bureau, Mahwah N J


Bernie Sanders just urged progressives to tank the Biden infrastructure bill if Pelosi brings it up for a vote in 2 days

Sen. Bernie Sanders. Salwan Georges/The Washington Post via Getty Images Sen. Bernie Sanders Tuesday addressed the infrastructure-bill saga. The House shouldn't pass it "until Congress passes a strong reconciliation bill," he tweeted. Sanders' move came after Pelosi decoupled two bills, something she and Biden said wouldn't happen. See more stories on Insider's business page. Sen. Bernie Sanders of Vermont on Tuesday threw a wrench into congressional infrastructure negotiat...
Tags: Maryland, Congress, Washington Post, Senate, Trends, Joe Biden, Democrats, House, Mitch McConnell, Ohio, Nancy Pelosi, Biden, Vermont, Bernie Sanders, Sanders, Democratic Party


Bernie Sanders just urged progressives to tank the Biden infrastructure bill if Pelosi brings it up for a vote in two days

Sen. Bernie Sanders. Salwan Georges/The Washington Post via Getty Images Sen. Bernie Sanders threw a rhetorical grenade into the infrastructure bill saga on Tuesday. The House should "vote against the bipartisan infrastructure bill until Congress passes a strong reconciliation bill," he tweeted. Bernie's move came after Nancy Pelosi decoupled the two bills - something she and Biden said months ago wouldn't happen. See more stories on Insider's business page. Sen. Bernie Sanders...
Tags: Maryland, Congress, Washington Post, Senate, Trends, Joe Biden, Democrats, House, Mitch McConnell, Ohio, Nancy Pelosi, Biden, Vermont, Bernie Sanders, Sanders, Bernie


The Senate's banking committee chief will introduce legislation to ban Fed officials from owning individual stocks

Senator Sherrod Brown. Hollis Johnson/Business Insider Senate Banking Committee Chairman Sherrod Brown wants to ban Fed officials from owning individual stocks. Brown reportedly said Tuesday he'll introduce legislation to get work on the ban underway. Fed Presidents Eric Rosengren and Robert Kaplan are stepping down following stock controversies. See more stories on Insider's business page. Sen. Sherrod Brown, chairman of the Senate Banking Committee, said Tuesday he will introdu...
Tags: Amazon, Senate, US, Trends, Markets, Tesla, Ohio, Federal Reserve, Fed, Brown, Powell, Kaplan, Sherrod Brown, Dallas Fed, Sen Sherrod Brown, Jerome Powell


Hitting the debt ceiling is the worst possible outcome for the dollar, Janet Yellen says. That would be a disaster for the whole world.

Janet Yellen previously suggested the use of cryptocurrencies like bitcoin should be 'curtailed'. Manuel Balce Ceneta/AP There's nothing "more harmful" to the US dollar than failing to lift the debt ceiling, Treasury Sec. Yellen said Tuesday. A government default would erode trust in the dollar, make borrowing more expensive in the US, and could also reshape international finance. Congress is at a stalemate over raising the limit, and lawmakers have just 20 days to do so. See ...
Tags: Congress, Senate, US, Trends, Democrats, Gop, Social Security, Treasury, Mitch McConnell, Janet Yellen, Donald Trump, Wall Street Journal, Yellen, Senate Banking Committee, Manuel Balce Ceneta, Ben Winck


Warren opposes ‘dangerous man’ Powell for second term as Fed chair

By Craig Torres and Steven T. Dennis | Bloomberg Sen. Elizabeth Warren, pressing Federal Reserve Chair Jerome Powell on his record on financial regulation, said she wouldn’t support him for a second term as head of the U.S. central bank. “Your record gives me grave concern,” the Massachusetts Democrat said Tuesday during a Senate Banking Committee hearing.  “You have acted to make our banking system less safe, and that makes you a dangerous man to head up the Fed and that is why I will oppose yo...
Tags: Business, News, Senate, White House, Massachusetts, Barack Obama, Bloomberg, Sport, Joe Biden, Soccer, Treasury, Warren, Kansas, Dallas, Ohio, Janet Yellen


Central bank digital currencies could slash costs for cross-border payments and speed transactions to seconds, BIS says

Bank notes worldwide. Thomson Reuters Digital fiat currencies could slash costs and time related to cross-border payments, the Bank for International Settlements said. The BIS outlined results of testing a prototype of a digital currencies platform under the mCBDC Bridge project. The prototype showed payment transactions could be made in seconds instead of days. See more stories on Insider's business page. The use of digital currencies backed by central banks would significantly red...
Tags: Trends, Markets, Crypto, Bank, Federal Reserve, Cryptocurrencies, Bank Of International Settlements, Bis, Digital Currencies, Fed, Bank for International Settlements, Jerome Powell, Senate Banking Committee, Carla Mozee, CBDC, Central Bank Digital Currencies


Global stocks fall as oil hits a 3-year high and China's energy crunch fans fears of inflation

Wang Ying/Xinhua via Getty Images Global stocks fell Tuesday as China's energy shortage hit factories, a risk to the supply of goods. That shortage and a natural gas squeeze helped drive Brent crude's price above $80 a barrel. Soaring Treasury yields were weighing on US stocks, with techs under particular pressure. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Global stocks mostly traded lower Tuesday as investors gauged the potential impact of China...
Tags: Apple, Hong Kong, Europe, London, China, US, Trends, Tesla, Frankfurt, Shanghai, Treasury, Tokyo, Goldman Sachs, US Treasury, Federal Reserve, John Williams


Key Senate Democrat unveils plan to make states provide at least 26 weeks of unemployment benefits

Sen. Ron Wyden (D-OR) asks questions to a panel of pharmaceutical company CEOs during a hearing held by the Senate Finance Committee on "Drug Pricing in America: A Prescription for Change, Part II" February 26, 2019 in Washington, DC. The committee heard testimony from a panel of pharmaceutical company CEOs on the reasons for rising costs of prescription drugs. Photo by Win McNamee/Getty Images Wyden is introducing a bill to mandate states provide at least 26 weeks of benefits. "This syste...
Tags: Florida, Politics, Republicans, Congress, Oregon, Senate, Alabama, America, Trends, Economy, Policy, Democrats, Washington Dc, Ohio, Wyden, Ron Wyden


Senate to Advance Biden’s CFPB Pick After Months of Delays

Eight months after President Joe Biden tapped Rohit Chopra to lead the Consumer Financial Protection Bureau (CFPB), Sen. Majority Leader Chuck Schumer said he is ready to bring the nomination to the Senate floor for a vote. The Senate Cloakroom said the Senate would proceed to a vote late Tuesday afternoon on the motion to discharge Chopra’s nomination from the Senate Banking Committee. “This is the right man to lead this agency after it languished under the presidency of Donald Trump,” Sc...
Tags: Obama, Obama Administration, Finance, Senate, Joe Biden, Pennsylvania, Treasury, Biden, Donald Trump, Federal Trade Commission, Ftc, Gordon, Chopra, Schumer, CFPB, Chuck Schumer


Biden's economic agenda in 'significant danger' of collapse. The worst-case scenario for the 2022 midterms is inching closer.

Speaker of the House Nancy Pelosi (D-CA) and Senate Minority Leader Chuck Schumer (D-NY) speak on Capitol Hill on December 20, 2020. Tasos Katopodis/Getty Images Congress is struggling to pass Biden's economic agenda, and even faces a default and government shutdown. Increasing turmoil among Democrats threatens to leave them with little to show from his first year in office. They're squabbling over differences about the size and scope of their social spending plans. See more storie...
Tags: New York, Obama, Congress, Washington, Kentucky, Oregon, Wall Street, Senate, Virginia, Politico, West Virginia, Trends, Reagan, Joe Biden, Harvard, Democrats


Biden's economic agenda is in 'significant danger' of collapse. The worst-case scenario for the 2022 midterms is inching closer.

Speaker of the House Nancy Pelosi (D-CA) and Senate Minority Leader Chuck Schumer (D-NY) speak on Capitol Hill on December 20, 2020. Tasos Katopodis/Getty Images Congress is struggling to pass Biden's economic agenda, and even faces a default and government shutdown. Increasing turmoil among Democrats threatens to leave them with little to show from his first year in office. They're squabbling over differences about the size and scope of their social spending plans. See more storie...
Tags: New York, Obama, Congress, Washington, Kentucky, Oregon, Wall Street, Senate, Virginia, Politico, West Virginia, Trends, Reagan, Joe Biden, Harvard, Democrats


Democrats are pouring cold water on Joe Manchin's suggested work requirement for the Biden child tax credit

Sens. Bernie Sanders and Sherrod Brown at a news conference on Capitol Hill in 2014. Win McNamee/Getty Images Democrats in the House and Senate started lining up against Manchin's idea of tying the child tax credit to work requirements. Among the Democrats critical of the idea were Sens. Bernie Sanders, Sherrod Brown, and Rep. Pramila Jayapal. It underscores the details that still need to be ironed out on renewing key anti-poverty program that's a top Biden priority. See more stori...
Tags: Politics, Republicans, Colorado, Senate, White House, Virginia, America, West Virginia, Trends, Joe Biden, Economy, Cnn, Policy, Democrats, House, Ohio


A House Democrat says he wants a labor market 'so tight' that people with tattoos won't have to cover up to get hired

Rep. Brad Sherman. Bill Clark/CQ Roll Call Rep. Brad Sherman told WSJ he wants a labor market "so tight" that people with tattoos can easily get hired. This was in regards to his support for Powell's reappointment to Fed Chair. Democrats are debating the reappointment, with progressives wanting a new chair who is more climate-focused. See more stories on Insider's business page. As debate among Democrats continues over whether to appoint Federal Reserve Chairman Jerome Powell to an...
Tags: California, Montana, White House, Massachusetts, Trends, Bloomberg, House, Treasury, Janet Yellen, Capitol Hill, Federal Reserve, Biden, Sherman, Wall Street Journal, Brad Sherman, Journal


Sherrod Brown called Janet Yellen, anxious that poor families may be shut out of 'Social Security for kids.' He's not the only worried Democrat.

Sen. Sherrod Brown (D-OH). Hollis Johnson/Business Insider Senate Democrats are pressuring Treasury and the IRS to fix the portal for low-income families to get child tax credit cash. Sen. Sherrod Brown called Treasury Secretary Janet Yellen on Wednesday, he told Insider. Other Democrats are demanding the IRS move quickly to ensure non-tax filers can get monthly payments. See more stories on Insider's business page. Senate Democrats are pressing the Treasury Department and the IRS to e...
Tags: Colorado, Senate, Trends, Joe Biden, Social Security, Treasury, Janet Yellen, Wyden, Intuit, Irs, Ron Wyden, Yellen, Brown, Treasury Department, Chuck Schumer, Sen Michael Bennet


Bitcoin edges lower for its worst weekly performance in over a month as as cryptocurrencies struggle to recover from heavy sell-off

Representations of virtual currency bitcoin are placed on US dollar banknotes taken May 26, 2020. REUTERS/Dado Ruvic Bitcoin edged lower Friday to its worst weekly performance in more than a month, nearing $30,000. Other major cryptocurrencies are also trading lower. A myriad of headwinds have battered crypto, from Fed Chair Powell's comments on regulation to Binance's ongoing scrutiny. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Bitcoin slipped Frida...
Tags: Hong Kong, US, Trends, Federal Reserve Chair, Jerome Powell, Senate Banking Committee, StockCharts, Binance, Fed Chair Powell, Isabelle Lee, Opening Bell Bitcoin, Julius de Kempenaer