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WASHINGTON (AP) — Congress sent President Joe Biden a short-term spending bill on Thursday that would avert a looming partial government shutdown and fund federal agencies into March. House Republicans have fought bitterly over budget levels and policy since taking the majority at the start of 2023. Former House Speaker Kevin McCarthy, R-Calif., was ousted by his caucus in October after striking an agreement with Democrats to extend current spending the first time. “We’re not going to get everything we want.”Most House Republicans have so far refrained from saying that Johnson’s job is in danger. In Thursday afternoon's vote, 107 House Republicans voted to keep federal agencies funded and 106 voted against the measure.

Persons: Joe Biden, “, Karine Jean, Pierre, ” Jean, Mike Johnson, Chuck Schumer, Chip Roy, ” Roy, Johnson, Rosa DeLauro, ” DeLauro, Kevin McCarthy, ” Johnson, “ We’re, Bob Good, McCarthy, Schumer, ” Good, ”, Andy Barr, Biden, Russia, Farnoush Amiri, Lisa Mascaro, Darlene Superville Organizations: WASHINGTON, —, Republican, Caucus, White, Republicans, “, Rep, House Republicans, . Virginia, Kentucky, GOP, Democratic, Associated Press Locations: Texas, Ukraine, Israel, U.S, Mexico

☆ Billions are on the line for lenders as White House finalizes credit card late fee cap
▼ + stars: | 2023-12-20 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

Signage is seen at the Consumer Financial Protection Bureau headquarters in Washington, D.C., on Aug. 29, 2020. WASHINGTON — The Consumer Financial Protection Bureau's ambitious rule proposal to crack down on credit card late fees, a $14.5 billion income stream for credit card companies, will potentially roll out in January, nearly a year after it was released. Global corporations and small banks alike are pushing back against the impending rule finalization with some help from business-friendly lawmakers. Late fees, which can reach $41 under a legislative loophole allowing banks to charge unimpeded under a certain threshold, disproportionately affect poor Americans and those with low credit scores, the American Economic Liberties Project reported. "In contrast to the CFPB's unfounded statements, late fees are not impermissible, so-called 'junk fees' that fail to serve any purpose," the Chamber wrote, referencing the Biden administration's overall initiative to shrink excessive surcharges.

Persons: Andy Barr, Biden Organizations: Consumer Financial, Washington , D.C, WASHINGTON, Consumer, Global, Rep, Office, American Economic Liberties, U.S . Chamber, Commerce, Federal Reserve Locations: Washington ,, Ky

☆ US lawmakers pressure FDIC chief over misconduct allegations
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

Friday's announcements suggest lawmakers will continue to pile pressure on Gruenberg over revelations about a key agency in the Biden administration's financial reform agenda. In a letter, Republican members of the House Financial Services Committee on Friday publicly notified Gruenberg of a probe announced earlier this week. An FDIC spokesperson told Reuters the agency would be "fully transparent and cooperative" with the committee's investigation. An FDIC OIG representative told Reuters on Friday the office had received the Senate Democrats' request and was reviewing it. "Chairman Gruenberg, the viability of your leadership is in question," wrote House Financial Services Committee Chair Patrick McHenry and senior members Bill Huizenga and Andy Barr, all Republicans.

Persons: Martin Gruenberg, Yuri Gripas, Gruenberg, Patrick McHenry, Bill Huizenga, Andy Barr, Douglas Gillison, Matthew Lewis Organizations: Federal Deposit Insurance Corporation, REUTERS, Companies U.S . House, U.S . Federal Deposit Insurance Corporation, Biden, Financial, FDIC, Reuters, Democratic, Banking, FDIC's, Democrats, Thomson Locations: Washington

☆ These redistricting fights could determine which party controls the House
▼ + stars: | 2023-10-22 | by ( Fredreka Schouten | ) edition.cnn.com time to read: +16 min

Before the court action, Alabama – which is 27% Black – had only one Black-majority congressional district out of seven seats. The case is expected to land before the all-Republican state Supreme Court, where DeSantis appointees hold most seats. A separate federal case in Georgia challenges the congressional map on constitutional grounds and is slated to go to trial next month. UtahThe state Supreme Court, in a case it heard in July, is considering whether it even has the authority to weigh in on map-drawing decisions by the GOP-controlled state legislature. Advocacy groups and a handful of voters are challenging a congressional map that further carved up Democratic-leaning Salt Lake County between four decidedly Republican districts.

Persons: “, ”, David Wasserman, Amy Walter, Wasserman, Adam Kincaid, Kincaid, it’s, Nick Seabrook, –, John Roberts, Brett Kavanaugh, Ron DeSantis, Al Lawson, Steve Jones, Jones preliminarily, Andy Barr, Amy McGrath, Barr, Kareem Crayton, Brennan, Gabe Vasquez –, Chris Cooper, Jeff Jackson, Wiley Nickel, Kathy Manning, Don Davis, Valerie Foushee –, Davis, Roy Cooper, Nancy Mace, Kevin McCarthy Organizations: CNN, Democratic, Republicans, The, Republican, Black, National Republican Redistricting Trust, University of North, House, US, Gov, Black Democrat, Georgia Republicans, – Democratic, Congressional, Republican –, GOP, Louisiana Republicans, Appeals, Brennan Center for Justice . New, Brennan Center for Justice . New Mexico Republicans, New, New York Republicans, North Carolina, Democrats, Western Carolina University, Foushee, North, Democratic Gov, Supreme, Republican Rep, House GOP Locations: North Carolina, New York , Louisiana, Georgia, Alabama, New York, University of North Florida, America, Louisiana, Florida, Black, North Florida, Atlanta, Peach, . Kentucky, Kentucky, Frankfort, Democratic, Brennan Center for Justice . New Mexico, New Mexico, Mexico, Empire, “, Charlotte, Raleigh, Greensboro, state’s, Carolina, Charleston, Utah, Salt Lake County, Salt, Texas, Tennessee

Party lawmakers were due to hear from candidates Republicans at 1 p.m. Hardline conservative Jim Jordan said he would seek the gavel, after narrowly losing to Scalise in a nominating vote on Wednesday. But he faced skepticism from Scalise allies, who were angry that lawmakers had failed to unite behind his bid. A successful candidate would need to secure 217 votes from the splintered 221-212 Republican majority to win the job. Republicans considered and rejected a rule that would require any nominee to lock up 217 of their votes before moving to a public vote on the House floor.

Persons: Jim Jordan, Steve Scalise, Kevin McCarthy, McCarthy, Patrick McHenry, Kevin Hern, Tom Cole, Roger Williams, Patrick McHenry’s, Dan Meuser, Scalise, Andy Barr, Don Bacon, Jordan, John Boehner, Paul Ryan, David Morgan, Moria Warburton, Richard Cowan, Andy Sullivan, Scott Malone, Gerry Doyle, Jonathan Oatis Organizations: U.S . House, Representatives, House Republican Conference, U.S ., Republican, Republicans, Scalise, ”, Thomson Locations: WASHINGTON, U.S, Israel, East, Russia, Ukraine

☆ Republican infighting returns US House speaker race to square one
▼ + stars: | 2023-10-13 | by ( David Morgan | ) www.reuters.com time to read: +4 min

Many expected that pick to be House Judiciary Committee Chairman Jim Jordan, whom Scalise had bested in a secret ballot on Wednesday. His departure from the race angered Republican lawmakers and raised doubts about whether Jordan could drum up the necessary votes. Some lawmakers hope to revive a proposal requiring any candidate to secure 217 Republican votes to become the nominee. 'REWARDING BAD BEHAVIOR'Representative Don Bacon, a Republican centrist, said he and other lawmakers are withholding support for Jordan for now. Given a slim 221-212 House Republican majority, the next speaker can afford to lose support from no more than four Republicans and be elected speaker over Democratic opposition.

Persons: Nancy Pelosi, John Boehner, Steve Scalise, Jim Jordan, Scalise, Kevin McCarthy, Jordan, Andy Barr, Don Bacon, Bacon, Jim, Steve, McCarthy, Dusty Johnson, Greg Murphy, Patrick McHenry, David Morgan, Moria Warburton, Richard Cowan, Scott Malone, Gerry Doyle Organizations: U.S . House, Democratic, Republican, 112th United States Congress, Republicans, Thomson Locations: WASHINGTON

An “American hero,” is how Republican colleagues describe Scalise after the 2017 shooting and on Wednesday, a narrow majority of them nominated him as their next House speaker following the unprecedented ouster of the former speaker, Rep. Kevin McCarthy. McCarthy rose to become Majority Leader, and Scalise the Majority Whip. One early morning three years later, Scalise and other Republican lawmakers gathered at a grassy park in the suburbs outside of Washington to practice for the upcoming congressional baseball game. When McCarthy seized the gavel in January once Republicans regained the majority, Scalise won the No. Late Wednesday, the speaker's office became a revolving door as holdout Republican lawmakers met with Scalise bringing their concerns, complaints and demands.

Persons: —, Steve Scalise, Kevin McCarthy, Scalise, we’ve, ”, Andy Barr, Ronald Reagan, McCarthy, John Boehner, Eric Cantor, Paul Ryan, Cantor, Donald Trump, ” Scalise, “, Scalise’s, Jennifer, ” Womack, Jim Jordan, Marjorie Taylor Greene, Jordan, David Duke, It’s, Boehner, Ryan, Trump, “ We’re, Chip Roy, Roy, Stephen Groves, Farnoush Amiri Organizations: WASHINGTON, Washington Nationals, Republican, Capitol, Republicans, House, eventual, Republican Party in Congress, U.S . Capitol Police, Capitol Police, Committee, Ku Klux Klan, Scalise, Freedom Caucus, Associated Press Locations: American, “, Washington, Scalise, Southern, Virginia, U.S, Louisiana “, people’s, Texas

☆ Burning Man attendees are expected to 'leave no trace,' but people fleeing the mud and rain left abandoned vehicles, furniture, tents, and trash
▼ + stars: | 2023-09-07 | by ( Ed Komenda | Gabe Stern | Scott Sonner | ) www.businessinsider.com time to read: +9 min

Burning Man attendees are returning home and local businesses are having to manage leftover mess. Burning Man organizers did not immediately respond to questions from The Associated Press about how the rain will impact the cleanup timeline. Next month, teams made up of federal employees and Burning Man organizers will again conduct a site inspection. Nevada U.S. Rep. Mark Amodei, whose district includes the Black Rock Desert, said Burning Man is a positive event for the area. AdvertisementAdvertisementStill, Amodei said, Burning Man organizers have been good partners and have cleaned up after themselves in past years, as their event permit requires.

Persons: Eleonora Segreti, Jeffrey Longoria, San Francisco, Longoria, Scott Sonner, John Asselin, Asselin, Mark Amodei, Amodei, Cliff Osborne, Andy Barron, Osborne, Alexander Elmendorf, Sonner, Stern, Rio Yamat, Ken Ritter Organizations: Service, Rock City, Tahoe, Walmart, U.S . Bureau of Land Management, Burning, Associated Press, AP, BLM, Man, Sierra, Nevada U.S . Rep, America Statehouse News Initiative, America Locations: Wall, Silicon, Nev, Nevada, San Francisco, Reno , Nevada, Reno, Italy, Tacoma , Washington, Las Vegas

☆ Junk fees, medical debt and artificial intelligence: CFPB chief lays out regulatory agenda
▼ + stars: | 2023-07-20 | by ( Chelsey Cox | ) www.cnbc.com time to read: +5 min

Medical debtChopra said that tens of millions of Americans are battling medical debt. The crisis is compounded by debt collectors that add medical debt to credit reports as a means of coercion. The agency's crackdown on junk fees has prompted some policy changes at big banks, he added. "Many of them are getting rid of their reliance on junk fees and making their fees much more reasonable," Chopra said. Rep. Blaine Luetkemeyer, R-Mo., has said the CFPB has "no authority" on the issue because junk fees is not a legal term.

Persons: Rohit Chopra, Tom Williams, Andy Barr, Chopra, servicers, We're, Experian, Blaine Luetkemeyer, Luetkemeyer Organizations: Consumer Financial Protection, Banking, Housing, Urban Affairs, Cq, Inc, Getty, Consumer Financial, Bureau, Federal Reserve, Governors, CNBC, Education Department, U.S, Kaiser Family Foundation, Bank of America, Biden, GOP, Rep, Financial Services Locations: Ky

The proposal, which will kick off an ambitious agenda for Barr, plans to fully implement the globally agreed Basel bank capital agreement. BANKING OPPOSITIONThe banking industry is not waiting for details before trying to disrupt the effort, arguing it could hinder economic activity, curb lending, and kill lines of business. The criticism is also emerging among some Republican bank regulators, who appear likely to oppose the plans. Regulators will have to digest numerous and voluminous comments from the banking industry dissecting their plans. And in the meantime, banks are expected to continue hammering that higher capital requirements means a smaller economic role for banks and are not needed.

Persons: Michael Barr, Barr, Michael Barr's, Isaac Boltansky, Spokespeople, Kevin Fromer, Jerome Powell, Powell, Republican Andy Barr, Bill Foster, Tim Scott, Michelle Bowman, Barr's, Morgan Stanley, James Gorman, Pete Schroeder, Megan Davies, Andrea Ricci Organizations: Banking, Fed, Federal Deposit Insurance Corporation, Office, FDIC, Financial Services, Financial Services Committee, Republican, Senate, Committee, Regulators, White, Thomson Locations: Basel

☆ Lawmakers tussle over GOP efforts to thwart ESG investing
▼ + stars: | 2023-07-12 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

WASHINGTON — House lawmakers clashed Wednesday over federally mandated environmental, social and governance disclosure requirements for companies rolled out amid concerns over growing climate disasters. The GOP majority committee members decried the disclosure rules as part of a broader push to discourage ESG investing nationwide. Democrats defended them as necessary to promote responsible investing to reduce inequities and curb climate change. "These politically motivated regulations not only discouraged private companies from going public but also hinder the competitiveness of American public companies." Democratic Rep. Maxine Waters, meanwhile, criticized Republicans' attempts to undermine what she called the federal government's responsibility to hold public companies accountable for ESG.

Persons: Patrick McHenry, Maxine Waters, David Marcus, Facebook’s Calibra, Biden, Waters, Gary Gensler, Joe Biden, Andy Barr, Benjamin Zycher, Zycher, Juan Vargas, Vargas Organizations: Financial, Consumers, Investors, American, WASHINGTON —, Republican, Financial Services, GOP, Securities and Exchange, SEC, Democratic, ESG, European Union, Labor Department, Republicans, American Enterprise Institute Locations: Washington , U.S, McHenry, R, Ky

☆ House GOP retirement fund bill takes aim at ESG investing
▼ + stars: | 2023-06-21 | by ( Emily Wilkins | ) www.cnbc.com time to read: +3 min

House Republicans are continuing their attempt to pump the brakes on so-called "woke" investing with new legislation that could place limits on financial advisors and retirement funds. Rep. Andy Barr, R-Ky., will introduce a bill Wednesday that would target funds that consider environmental, social and governance issues, known as ESG. Barr's measure would update the Employee Retirement Income Security Act to require retirement funds to focus only on maximizing profits, limiting the ability to invest in ESG options. In addition, advisors would need to disclose the difference in fees and performance between ESG funds and a similar index. Proponents say ESG investing is intended to promote the social good, although critics say it hurts investors.

Persons: Andy Barr, Kevin McCarthy, Bill Huizenga, Barr, fiduciaries, Jared Golden, Joe Manchin, Jon Tester —, Joe Biden, who's, Andy Beshear, Brad Sherman Organizations: Investments, U.S, Capitol, Republicans, CNBC, Biden, — Rep, Sens, Senate, Financial, Republican, Democratic, California Democrat, Financial Services Locations: Ky, ESG, America, Kentucky, California

☆ Premarket stocks: The FDIC could ask big banks to clean up $23 billion mess
▼ + stars: | 2023-03-31 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

While regional and mid-sized banks are behind the recent turmoil, it appears that large banks may be footing the bill. Ultimately, that means higher fees for bank customers and lower rates on their savings accounts. The law also gives the FDIC the authority to decide which banks shoulder the brunt of that assessment fee. Passing it on: Regardless of who’s charged, the fees will eventually get passed on to bank customers in the end, said Isaac. In 2021, Wall Street was estimated to be responsible for 16% of all economic activity in the city.

☆ U.S. regulators say banking system 'sound and resilient'
▼ + stars: | 2023-03-24 | by ( David Lawder | ) www.reuters.com time to read: +3 min

WASHINGTON, March 24 (Reuters) - The multi-regulator U.S. Financial Stability Oversight Council agreed on Friday that the U.S. banking system remains "sound and resilient" despite stress on some institutions, the U.S. Treasury said in its latest statement to calm jittery markets and bank depositors. "The Council discussed current conditions in the banking sector and noted that while some institutions have come under stress, the U.S. banking system remains sound and resilient," the Treasury said in a statement. They added that the basis of the Treasury, Fed and FDIC determinations in the SVB and Signature cases "are of particular importance." Those actions to invoke "systemic risk exceptions" were taken by Yellen, President Joe Biden, the FDIC, and the Fed, which supervised Silicon Valley and Signature. Reporting by David Lawder; additional reporting by Pete Schroeder; Editing by Diane Craft and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ Biden issues his first veto, nixing measure blocking new investment rule
▼ + stars: | 2023-03-20 | by ( Zoë Richards | ) www.cnbc.com time to read: +2 min

U.S. President Joe Biden speaks during the annual Friends of Ireland luncheon in honor of Ireland's Prime Minister (Taoiseach) Leo Varadkar at the U.S. Capitol in Washington, U.S., March 17, 2023. President Joe Biden on Monday issued his first veto since taking office, rejecting a bipartisan measure that would nullify a new administration rule for retirement plans. In the Senate vote, Democratic Sens. Rep. Andy Barr, R-Ky., introduced the measure in February, about two months after the Labor Department issued the investment rule. Following the Senate vote, Barr tweeted: "President Biden should abandon the radical climate activists and join us in putting middle-class savers ahead of politics."

☆ House Republicans target the CFPB as the agency takes aim at 'junk fees'
▼ + stars: | 2023-03-09 | by ( Chelsey Cox | ) www.cnbc.com time to read: +7 min

WASHINGTON — Lawmakers discussed ways to reform, or altogether defund, the nation's foremost consumer protection agency on Thursday, as the regulator takes aim at illegal "junk fees" levied on consumers. GOP lawmakers in the hearing criticized the Biden administration's push to eradicate "junk fees," largely regulated by the CFPB. On Wednesday, the agency released a list of illegal junk fees encompassing deposit accounts; auto and mortgage loan servicing; and payday and title lending. Subcommittee member Rep. Blaine Luetkemeyer, R-Mo., said Chopra has used junk fees as an excuse to expand his authority. The CFPB's working definition of junk fees is "any fee they don't like," argued Devin Watkins, an attorney at the conservative-leaning Competitive Enterprise Institute.

☆ US House Republicans target ESG investments in latest culture war salvo
▼ + stars: | 2023-02-28 | by ( David Morgan | ) www.reuters.com time to read: +3 min

The measure is the latest salvo in the Republican culture war against the use of issues that promote environmental interests, social equality and corporate responsibility in business and investment decisions. "Retirement plans should be solely focused on delivering maximum returns, not advancing a political agenda," said Republican Representative Andy Barr, who introduced the House resolution. "If Congress doesn't block the Department of Labor's rule greenlighting ESG investing in retirement plans, retirees will suffer diminished returns on the investment of their hard-earned money." The measure is widely expected to pass the House, where Republicans hold a slim 222-212 seat majority. Two Democratic absences could give Republicans the simple majority necessary to pass the measure and send it to Biden's desk.

☆ The Fed slows down its interest rate hikes again as inflation continues to cool and recession fears loom
▼ + stars: | 2023-02-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Federal Reserve raised interest rates 25 basis points on Wednesday. This announcement comes on the heels of data showing inflation cooling down in the country. On Wednesday, the Federal Reserve announced it is raising interest rates by 25 basis points, marking a slowdown from its December hike of 50 basis points. The Fed's continued actions to slow its interest rate hikes is a promising sign for those concerned about a recession this year. But some Democratic lawmakers have been cautioning Powell on the risks of continuing to raise interest rates because it could lead to a recession.

☆ GOP lawmakers reject critics, say there were 'positives' in chaotic House Speaker vote: 'We accomplished an enormous amount'
▼ + stars: | 2023-01-08 | by ( Katie Balevic | ) www.businessinsider.com time to read: +1 min

The Texas Republican argued on CNN Sunday morning that "a little temporary conflict is necessary in this town." "Some of the tensions you saw on display when we saw some of the interactions there between Mike Rogers and Matt Gaetz, you know some of that is, we need a little of that. Kentucky Republican Rep. Andy Barr told ABC's "This Week" that the process "was quite healthy from the standpoint of getting all of these issues resolved now." "I understand the American people's frustration with the delay in electing a speaker," Barr said. "Not only did the framers of our Constitution expect us to debate the operations of the House and the House rules and how we're going to function, that's what a healthy democracy actually requires."

☆ Republican representatives say they are not worried McCarthy conceded too much
▼ + stars: | 2023-01-08 | by ( Ashley Capoot | ) www.cnbc.com time to read: +3 min

Following a chaotic week in the U.S. House of Representatives over Kevin McCarthy's bid for speaker, Republican representatives said Sunday they are not worried that he gave up too much in order to secure the gavel. Republican Rep. Scott Perry, who was among the most outspoken opponents of McCarthy's speaker bid, flipped his vote for McCarthy on the 12th ballot. "This is never about Kevin McCarthy. Rep. Andy Barr, R-Ky., said Sunday he's not worried that Kevin McCarthy conceded too much to get the speakership. But House Minority Leader Hakeem Jeffries said if McCarthy is willing to try and find common ground, he will find willing partners among House Democrats.

☆ Republicans went after BlackRock and sustainable investing in 2022. Meet 12 officials crusading against 'woke capitalism.'
▼ + stars: | 2022-12-28 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +14 min

A group of vocal conservative officials are criticizing aspects of ESG investing. Players in the ESG ecosystem, like S&P Global and BlackRock, the world's largest money manager and an influential proponent of ESG investing, are often the subject of their critiques. Instead, officials often paint large financial firms' ESG strategies as functions of left-leaning agendas. Here are key GOP players who are taking aim at ESG investing. Abbott, who is seeking reelection in November, was early to denouncing ESG investing.

☆ Meet 12 Republican officials crusading against BlackRock and ESG investing
▼ + stars: | 2022-12-01 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +14 min

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