Bank CEOs questioned on consumer protections, social issues
The CEOs of the nation’s biggest banks returned to Capitol Hill for a second day Thursday, and Senate Democrats strongly urged them to do more to help and protect their customers, while Republicans questioned whether banks should weigh in on hot-button social issues.
Lindsey Graham complained to a Capitol Police officer that they 'let people breach the Capitol' while they tried to outline an evacuation plan on January 6, book says
"Shut up, Lindsey!" Sen. Sherrod Brown replied, while another person chided Graham, telling him there were "no cameras" in the room.news.yahoo.com
Vote on Biden Fed picks delayed as GOP presses for answers on Raskin's ties to firm
Chairman Sherrod Brown (D-OH) questions Treasury Secretary Janet Yellen and Federal Reserve Chairman Powell during a Senate Banking, Housing and Urban Affairs Committee hearing on the CARES Act, at the Hart Senate Office Building in Washington, DC, September 28, 2021. Sen. Sherrod Brown, the chairman of the Senate Banking Committee, said Tuesday afternoon that the committee will delay its votes on five of President Joe Biden's nominees to the Federal Reserve. This is breaking news. Please check back for updates.cnbc.com
Climate change a rising Fed concern as nominees face hearing
How far the Federal Reserve can go to compel banks to consider the consequences of climate change in their lending policies could take center stage at a Senate hearing Thursday on the nominations of Sarah Bloom Raskin and two economists to the Fed’s influential Board of Governors.
Democrats face a frustrating end to a stormy year, with no guarantee of smoother sailing ahead
The year appeared poised to end on an especially ignominious note for Democrats Friday, with Manchin upending Democrats’ domestic policy plans and Sinema standing in the way of rules changes needed to pass voting rights legislation.washingtonpost.com
A potential Powell renomination for Fed faces some dissent
Resistance to the potential renomination of Federal Reserve Chair Jerome Powell intensified this week, with Sen. Elizabeth Warren becoming the first senator to publicly oppose Powell and many progressive groups pushing for some alternative leader at the Fed.
AOC, Tlaib and Pressley urge Biden to replace Fed chair Jerome Powell
Reps. Alexandria Ocasio-Cortez (D-N.Y.), Rashida Tlaib (D-Mich.) and Ayanna Pressley (D-Mass.) are calling on President Biden to replace Federal Reserve Chair Jerome Powell with someone more focused on "eliminating climate risk and advancing racial and economic justice," according to a joint statement reported by Politico.Driving the news: Powell's term will end in early 2022, though some economists have said Biden will likely reappoint him.Stay on top of the latest market trends and economic innews.yahoo.com
Groups worry about tapping COVID relief for infrastructure
Organizations representing long-term care facilities are urging lawmakers working on a bipartisan infrastructure plan to avoid dipping into COVID-relief funds to help pay for the roughly $600 billion in new spending sought for the public works buildout.
Democrats Want to Reform This Program That Helps Poor Elderly and Disabled Americans
President Joe Biden invoked Franklin Delano Roosevelt several times as he has implemented sweeping anti-poverty measures to tackle record unemployment and economic turmoil. Hoping to model his legacy on the President who helped the nation climb out of the Great Depression, Biden has spent $1.9 trillion so far on stimulus checks, the expanded child tax credit, and enhanced unemployment insurance, among other relief measures. “Disabled people and the poorest of the poor haven’t had really any help in years,” says Democratic Sen. Sherrod Brown of Ohio.news.yahoo.com
Democrats Set Political Tripwire for 2024: Payments to Parents
Photo Illustration by The Daily Beast / Photos GettyDemocrats think the newly created Child Tax Credit program—which began sending out monthly benefit checks to tens of millions of families this week—could be the most impactful policy victory of the Joe Biden era.It could also be the key to keeping Congress and the White House in Democratic hands.As congressional Democrats craft another multi-trillion-dollar package to solidify their economic agenda, some lawmakers are trying to set up a lengthynews.yahoo.com
As prices rise at rapid pace, Fed chief seeks patience
For anyone worried about surging prices for everything from food and gas to airplane tickets and clothes, Federal Reserve Chair Jerome Powell’s message in two days of congressional hearings this week was straightforward: Just give it more time, and those price gains should slow, or even reverse.
The government is sending up to $300 monthly checks to families with kids starting today. Democrats want to make it permanent as a new form of Social Security.
The Biden stimulus benefit is the US's inaugural version of guaranteed income geared to children. Millions could get direct payments every month.news.yahoo.com
Most Democrats want to permanently send $300 monthly checks to families, but some centrist senators may push big cuts in Biden's infrastructure plan
The Biden stimulus benefit has deep Democratic support, but Senate moderates could slash the expanded child tax credit. Manchin hasn't weighed in.news.yahoo.com
US lawmakers want Ma'Khia Bryant foster care journey probed
Three Democratic members of Congress are asking the U.S. Department of Health and Human Services to investigate the foster care experience of Ma'Khia Bryant that preceded the 16-year-old's fatal police shooting in Ohio. U.S. Rep. Joyce Beatty and U.S. Sen. Sherrod Brown of Ohio, along with U.S. Sen. Ron Wyden of Oregon, penned a letter last week on behalf of Bryant's parents, asking the federal agency to look into the teen's experience through the foster care system.news.yahoo.com
Senators to Biden: Waive vaccine intellectual property rules
Ten liberal senators are urging President Joe Biden to back India and South Africa’s appeal to the World Trade Organization to temporarily relax intellectual property rules so coronavirus vaccines can be manufactured by nations that are struggling to inoculate their populations.
Senate Banking Committee Chair Brown urges regulators to take a 'closer look' at Archegos meltdown
Sen. Sherrod Brown, the Democratic chairman of the powerful Senate Banking Committee, is setting his sights on Archegos Capital Management after the fund's recent losses sent shockwaves through markets. "Once again, investment banks put profits first and enabled risky derivatives trading that resulted in billions of dollars in losses," Brown said in a statement to CNBC on Wednesday. "We must make sure our financial watchdogs work together to protect the financial system and our economy. The committee has jurisdiction over the world's largest banks and regularly engages with the heads of the Securities and Exchange Commission. Sen. Elizabeth Warren, D-Mass., who is also a member of the banking committee, told CNBC on Tuesday that the "Archegos' meltdown had all the makings of a dangerous situation."cnbc.com
$1,400 stimulus checks could be garnished. Some lawmakers are pushing to change that
As the government pushes millions of $1,400 stimulus checks out the door, some Americans could come up empty handed. The issue prompted Capitol Hill lawmakers to enter into a crossfire of sorts on Thursday over whether or not those checks can be garnished, as some looked to change the policy. That's after the Treasury Department and IRS announced on Wednesday that 90 million checks have gone out thus far by direct deposit. To remedy that, Brown called for the passage of a bill he proposed alongside fellow Democrats Sen. Ron Wyden of Oregon, Sen. Bob Menendez of New Jersey and Sen. Chris Van Hollen of Maryland. However, efforts to pass that legislation were blocked by Sen. Pat Toomey, R-Pa.Toomey argued that it was too late the change the legislation, and that altering the rules could protect husbands or fathers who refuse to pay alimony or child support.cnbc.com
Fed to end relaxed capital requirements for large banks
The Federal Reserve says it will restore capital requirements for large banks that were relaxed as part of the Feds efforts to shore up the financial system during the early days of the pandemic. (AP Photo/Susan Walsh, Pool)WASHINGTON – The Federal Reserve says it will restore capital requirements for large banks that were relaxed as part of the Fed’s efforts to shore up the financial system during the early days of the pandemic. But the SLR, unlike other bank capital requirements, doesn't take risk into account. Bank lobbyists argue that without an extension of the exemption, large banks will be less likely to hold Treasury securities. “We are also confident that the thousands of community banks that are not subject to the SLR requirements would be happy to accept deposits that large banks may reject,” they said.
'We can do big things,' Schumer says as Senate approves aid
Senate Majority Leader Chuck Schumer, D-N.Y., leaves the chamber just after the Senate narrowly approved a $1.9 trillion COVID-19 relief bill, at the Capitol in Washington, Saturday, March 6, 2021. Senate passage sets up final congressional approval by the House next week so lawmakers can send it to President Joe Biden for his signature. Ad“Lessons learned: If we have unity, we can do big things,” Schumer told The Associated Press in an interview after the vote. The outcome “gives us optimism about doing more big things in the future — because it worked,” he said. He and Schumer spoke often as the Senate leader steered the pandemic aid to approval.
GOP's Josh Mandel joins race for open Senate seat in Ohio
FILEIn this file photo from Oct. 6, 2020, Jane Timken, the Chairwoman of the Ohio Republican Party, speaks at the Hamilton County Board of Elections during early voting in Norwood, Ohio. (AP Photo/Aaron Doster, File)COLUMBUS, Ohio – Republican Josh Mandel, a Marine veteran and former state treasurer, says he will make a third run for the U.S. Senate in Ohio, taking a pro-Trump message in a bid for the seat being vacated by the GOP’s Rob Portman. AdMandel abruptly abandoned his last Senate campaign in January 2018, citing unspecified health issues being experienced by his then-wife, Ilana. He personally backed her takeover of the state party four years ago from a state chair allied with then-Gov. He has about $4.3 million remaining in his Senate campaign account, and about $500,000 in a leadership PAC.
In Ohio, open Senate seat sparks debate on gender, diversity
An open Senate seat in Ohio has set off a round of jockeying among ambitious Democrats and a spirited debate over who is best poised to lead a party comeback in a one-time battleground that has been trending Republican. While Acton and Ryan are believed to be the furthest along in their deliberations, several politicians who are Black are also eyeing the seat. The group is working to recruit a Black candidate for the Senate seat, he said. AdStill, Ryan got a boost Saturday when Hillary Clinton, the party’s 2016 presidential nominee, declared on Twitter that she was “all in” for a Ryan Senate candidacy. For some Ohio Democrats the cautionary tale is 2018, when a group of female gubernatorial candidates all ceded their ambitions to former Obama administration consumer chief Richard Cordray, who lost the race.
What pro traders, the Reddit crowd and regulators may do next in the GameStop short squeeze saga
A major hedge fund losing money gets the attention of Wall Street. Wall Street does not want to get steamrolled on this short-squeeze game again. "As long as people believe fundamentals matter, they are going to be selling short stuff like GameStop." She noted that restrictions and even outright bans on short selling are not unheard of: Europe instituted a short-selling ban when the pandemic started. The SEC could also clamp down on naked short selling, the illegal practice of selling short stocks without first borrowing the security.cnbc.com
GOP's Rep. Jim Jordan won't seek Portman's US Senate seat
Rob Portman, R-Ohio, speaks to members of the media outside a Senate Finance Committee hearing on Capitol Hill in Washington. Portman said Monday, Jan. 25 that he won't seek reelection and plans to end a career in federal government spanning more than three decades. (AP Photo/Andrew Harnik, File)CINCINNATI – Republican U.S. Rep. Jim Jordan, a fiery Donald Trump supporter, won't run to succeed Ohio Sen. The former star college wrestler's style doesn't reflect that of Portman, a career establishment Republican with a reputation for bipartisanship. AdTrump rewarded Jordan, 56, for his steady support by giving him the Presidential Medal of Freedom before leaving office this month.
HUD nominee pledges action to prevent home loss in pandemic
(AP Photo/Susan Walsh, File)WASHINGTON – Housing secretary nominee Marcia Fudge told senators Thursday that she would take “extraordinary actions” to prevent people from losing their homes due to the coronavirus pandemic. Fudge championed homeownership as a classically American “ticket to the middle class” and endorsed federal financial assistance to expand the ranks of minority homeowners. And we are in extraordinary times,” said Fudge, speaking remotely from Cuyahoga Community College in Cleveland. Fudge also endorsed direct federal financial assistance to help prospective minority homeowners with the down payment on a mortgage. When Kennedy asked her directly whether she believed Republicans cared about Black Americans, Fudge tersely answered, “I do, some, yes.”Sen. Sherrod Brown, D-Ohio, defended Fudge.
Wall Street, financial firms go on lobbying hiring spree as Democrats take control of Washington
Owl Rock had previously turned to Akin Gump, according to a lobbying disclosure report, but terminated that agreement in June. The team advocating for Owl Rock includes people who used to work with Sens. Before Biden became president, Owl Rock hired Sidley Austin, another law firm, for lobbying. One of its lobbyists working on the Owl Rock account is former Republican Rep. Peter Roskam of Illinois. Owl Rock is a direct lending platform with a focus on middle market companies.cnbc.com
GOP Ohio Sen. Portman not seeking reelection, cites gridlock
(AP Photo/Andrew Harnik, File)CINCINNATI – Ohio Sen. “Our country is very polarized,” Portman said, adding that former President Donald Trump did not help with the polarization. “Both in his words before the attack on the Capitol and in his actions afterward, President Trump bears some responsibility for what happened,” Portman said. “And right now the kind of candidate that’s going to come out of a Ohio Republican primary is not going to be that kind of candidate. “Yeah, sure, some people are mad at him,” said Ohio Republican strategist Ryan Stubenrauch.
Democrats ask ethics panel to investigate Sens. Cruz, Hawley
Thousands had gathered that day as Congress voted to formally certify President Joe Biden’s victory over Trump in November. Hawley and Cruz led objections in the Senate to Biden’s victory, despite the widespread recognition that the effort would fail. And both senators used their objections for political fundraising,” the Democratic senators said in their letter. Cruz helped force a vote on Biden's victory in Arizona, while Hawley helped force one on Biden's victory in Pennsylvania. “This latest effort is a flagrant abuse of the Senate ethics process and a flagrant attempt to exact partisan revenge."
The Senate's new top banking regulator wants to hear from bank CEOs more often
Sen. Sherrod Brown — Wall Street's incoming regulator in a Democratic Senate — on Tuesday outlined his priorities for the U.S. economy and the financial industry in the coming months. As chair, I'm going to make it about workers and their families and what matters to their lives," Brown said during a media briefing. "Under Senate Republicans, we've had government intervention to put its thumb on the scale for corporations at every turn." We're going to put the dignity of work at the center of everything we do in this committee." "This is up to President Biden, what he wants to do with 13(3)," Brown said.cnbc.com
Treasury Secretary Mnuchin faces harsh criticism from Democratic senators over ending Fed programs
"You appear to be trying to sabotage our economy on the way out the door," Sen. Sherrod Brown, D-Ohio, told Mnuchin during a hearing Tuesday. Powell and Mnuchin worked closely together on the rescue funding package but are on opposite sides of whether the funding should continue. Mnuchin said the remaining $455 billion should be returned to the Treasury and deployed for direct cash injections for the economy. Mnuchin said he wanted to "thank Chairman Powell, because he has been a terrific partner in everything we've done." Powell later noted that "we've done a lot and we've really appreciated the working relationship we had with Treasury on the facilities."cnbc.com
Lawmakers put banks on notice: Stop charging overdraft fees during the coronavirus pandemic
Former presidential candidate Sen. Cory Booker (D-N.J.) and Sen. Sherrod Brown (D-Ohio) want to help Americans avoid these unnecessary fees. Although federal regulators have encouraged banks to waive overdraft fees during the current health crisis, the two senators sent letters to 15 banks on Friday, urging them to stop charging overdraft and non-sufficient funds fees while the coronavirus pandemic has so much of the country shut down and millions of Americans are out of work. Banks typically charge overdraft fees when you overdraw your checking account. "That includes making sure they can keep their money in their own pockets and out of the hands of banks to cover fees and small overdraft amounts." The letters to banks come on the heels of a bill Booker and Brown introduced last month that would bar banks, credit unions and other financial institutions from charging overdraft fees until the coronavirus crisis is over.cnbc.com
Lawmakers urge Mnuchin to stop debt collectors from seizing direct payments
Lawmakers are calling on the U.S. Treasury to protect recipients of direct payments from having their money seized by debt collectors. Sherrod Brown, D-Ohio and Josh Hawley, R-Mo urged the Treasury to exert its ability to protect individuals from having their direct payments seized or "garnished" from debt collectors. The bill calls for one-time direct payments of up to $1,200 for individuals and $2,400 for couples, with $500 added for every child. Senators Hawley and Brown propose that the Treasury could apply rules protecting social security and other federal payments from private debt garnishment to the direct payments. "If Treasury fails to take action, the CARES Act direct payments are at risk of being seized by debt collectors.cnbc.com
Cory Booker wants to ban banks from charging overdraft fees during coronavirus outbreak
About half of Americans report the coronavirus pandemic is already having a negative effect on their income. For these individuals, and those vulnerable before the outbreak, one $35 overdraft charge can lead to financial free fall," Booker said in a statement. Why overdraft fees can be expensiveBanks typically charge overdraft fees when you overdraw your checking account. The proposed bill would not only block banks and financial institutions from charging overdraft fees. Their guidance included waiving overdraft fees, along with out-of-network ATM fees, late payment charges on credit cards and loans and early withdrawal penalties on CDs.cnbc.com
Federal lawmakers aim to reduce payday loan rates from 400% interest to 36%
Instead, the Veterans and Consumers Fair Credit Act in the House would cap interest rates at 36% for all consumers. Specifically, this week's legislation would extend those protections to all consumers, capping interest rates on payday, car title and installment loans at 36%. Interest rates on payday loans are more than 20 times the average credit card APR. The payday loan landscapeLenders argue the high rates exist because payday loans are risky. More than 23 million people relied on at least one payday loan last year, according to financial research company Moebs Services.cnbc.com
Trump attacks Joe Biden, Sherrod Brown and Fox News host Shepard Smith on his way to El Paso
U.S. President Donald Trump speaks to reporters as he departs on travel to Dayton, Ohio and El Paso, Texas following back-to-back mass shootings in the cities, from the South Lawn of the White House in Washington, U.S., August 7, 2019. Trump said that a Biden presidency "will be one big crash, but at least China will be happy." Trump next set his sights on Sen. Sherrod Brown, D-Ohio, and Dayton Mayor Nan Whaley, also a Democrat, who gave a news conference earlier this afternoon after Trump left the city. Trump called Brown a "failed Presidential Candidate (0%)." Brown had ruled out a 2020 presidential bid.cnbc.com