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☆ The rule capping credit card late fees at $8 is on hold — here’s what it means for you
▼ + stars: | 2024-05-10 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

The U.S. banking industry won a key victory in its effort to block the implementation of a Consumer Financial Protection Bureau rule that would've drastically limited the fees that credit card companies can charge for late payment. The CFPB estimates that the rule would've saved American families $10 billion a year in fees paid by those who fall behind on their bills. It would've capped late fees that are typically $32 per incident to $8 each and limited the industry's ability to hike the fees. "Consumers will shoulder $800 million in late fees every month that the rule is delayed — money that pads the profit margins of the largest credit card issuers," a CFPB spokesman told CNBC on Friday. The CBA said it will continue to press its case in the courts on why the CFPB rule should be "thrown out entirely."

Persons: Rohit Chopra, Mark Pittman, would've Organizations: Consumer Financial Protection Bureau, Banking, Housing, Urban Affairs Committee, Washington , D.C, Financial, Bureau, Northern, Northern District of Texas, U.S . Chamber of Commerce, U.S, CNBC, Consumer Bankers Association, District, CBA Locations: Washington ,, U.S, Northern District

☆ U.S. probe finds widespread sexual misconduct at FDIC
▼ + stars: | 2024-05-07 | by ( ) www.cnbc.com time to read: +2 min

The Federal Deposit Insurance Corporation must make sweeping changes to address widespread sexual harassment and other misconduct, according to an independent report released on Tuesday that raises questions about the future of the banking regulator's leadership. The report, prompted by a Wall Street Journal investigation, cited accounts from more than 500 people, including some who alleged FDIC Chair Martin Gruenberg had engaged in bullying and verbal abuse. "For far too many employees and for far too long, the FDIC has failed to provide a workplace safe from sexual harassment, discrimination, and other interpersonal misconduct," said the report, adding that those accused of misconduct were frequently reassigned new roles. "Chair Gruenberg must accept responsibility and must immediately work to make fundamental changes to the agency and its culture." Some employees described Gruenberg as "harsh" and "aggressive", as well as prone to losing his temper, the report said.

Persons: Martin Gruenberg, Cleary Gottlieb, Gruenberg, Patrick McHenry, Sherrod Brown Organizations: Federal Deposit Insurance Corporation, Wall Street Journal, FDIC, WSJ, Democrat, Republican, Financial Services, Banking, Housing, Urban Affairs Committee

☆ Here's everything to expect when the Fed wraps up its meeting Wednesday
▼ + stars: | 2024-04-30 | by ( Jeff Cox | ) www.cnbc.com time to read: +6 min

Recent commentary from policymakers and on Wall Street indicates there's not much else the committee can do at this point. But they're still hopeful that they will be in a position to cut rates later." Markets actually have held up pretty well since Powell made those comments on April 16, though stocks sold off Tuesday ahead of the meeting. Some on Wall Street, though, are still hopeful that inflation data will show progress and allow the central bank to cut. The Wall Street bank's economists are preparing for the possibility that the Fed could be on hold for longer, particularly if inflation continues to surprise to the upside.

Persons: Jerome Powell, Kent Nishimura, Guy LeBas, Janney Montgomery Scott, they're, Powell, We've, there's, specter, LeBas, There's, Goldman Sachs, David Mericle, —, Donald Trump, Goldman, Mericle Organizations: Banking, Housing, Urban Affairs Committee, Getty, Federal Reserve, Federal, Market Committee, Fed, Dow Jones, Department, Labor Department, Republican

☆ JPMorgan Chase is caught in U.S-Russia sanctions war after overseas court orders $440 million seized from bank
▼ + stars: | 2024-04-24 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

A Russian court sided with state-run lender VTB Bank in its efforts to recoup $439.5 million from JPMorgan Chase that the American lender froze in U.S. accounts after the Ukraine invasion. The court ordered the seizure of funds in JPMorgan's Russian accounts and "movable and immovable property," including the bank's stake in a Russian subsidiary, according to a court order published Wednesday. It also boosted an ongoing American effort to convince European allies to release Russian state assets to assist Ukraine. JPMorgan said Russian courts have enabled similar efforts by Russian lenders against American or European banks at least a half dozen other times. JPMorgan said it faced "certain and irreparable harm" from VTB's efforts.

Persons: Jamie, JPMorgan Chase, VTB, Jamie Dimon, Biden, Joe Biden, JPMorgan Organizations: JPMorgan Chase, U.S . Senate Banking, Housing, Urban Affairs, Wall, Capitol, Washington , D.C, VTB Bank, JPMorgan, of Locations: Washington ,, Ukraine, Russian, St, Petersburg, U.S, Russia, Southern, of New York

☆ Bank of America tops estimates on better-than-expected interest income, investment banking
▼ + stars: | 2024-04-16 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

Bank of America on Tuesday reported first-quarter earnings that topped analysts' estimates for profit and revenue on better-than-expected interest income and investment banking. Revenue slipped 1.6% to $25.98 billion as net interest income declined from a year earlier. That's one of the key questions after JPMorgan Chase , Citigroup and Goldman Sachs all topped estimates with help from trading and investment banking. Bank of America's Chief Financial Officer, Alastair Borthwick, told analysts last month to expect investment banking revenue to rise by 10% to 15% from a year earlier, and for trading results to be roughly flat. Analysts will also be focused on the bank's net interest income, which has been declining in recent quarters as funding costs have climbed along with the rise in interest rates.

Persons: Brian Thomas Moynihan, Goldman Sachs, Alastair Borthwick Organizations: of America, Senate Banking, Housing, Urban Affairs, Capitol, Bank of America, Revenue, JPMorgan Chase, Citigroup, Goldman, Bank of America's Locations: Washington , DC

☆ Jamie Dimon warns that inflation, wars and Fed policy pose major threats ahead
▼ + stars: | 2024-04-12 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

JPMorgan Chase CEO and Chairman Jamie Dimon gestures as he speaks during the U.S. Senate Banking, Housing and Urban Affairs Committee oversight hearing on Wall Street firms, on Capitol Hill in Washington, U.S., December 6, 2023. JPMorgan Chase CEO Jamie Dimon warned Friday that multiple challenges, primarily inflation and war, threaten an otherwise positive economic backdrop. "Many economic indicators continue to be favorable," the head of the the largest U.S. bank by assets said in announcing first-quarter earnings results. An "unsettling" global landscape including "terrible wars and violence" is one such factor introducing uncertainty both into JPMorgan's business and the broader economy, Dimon said. However, the bank warned net interest income for this year could be slightly below what Wall Street is expecting and shares were off nearly 2% in premarket trading.

Persons: Jamie, JPMorgan Chase, Jamie Dimon, Dimon Organizations: JPMorgan Chase, U.S . Senate Banking, Housing, Urban Affairs, Wall, Capitol, JPMorgan Locations: Washington , U.S, U.S

☆ Jamie Dimon says AI may be as impactful on humanity as printing press, electricity and computers
▼ + stars: | 2024-04-08 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Jamie Dimon, CEO of JPMorgan Chase, testifies during the Senate Banking, Housing and Urban Affairs Committee hearing titled Annual Oversight of Wall Street Firms, in the Hart Building on Dec. 6, 2023. Jamie Dimon, the veteran CEO and chairman of JPMorgan Chase , said he was convinced that artificial intelligence will have a profound impact on society. In his annual letter to shareholders released Monday, Dimon chose AI as the first topic in his update of issues facing the biggest U.S. bank by assets — ahead of geopolitical risks, recent acquisitions and regulatory matters. But his focus on AI, first mentioned in Dimon's annual letter in 2017, stood out. Enthusiasm for AI has fueled the meteoric rise of chipmaker Nvidia and helped propel tech names to new heights.

Persons: Jamie Dimon, JPMorgan Chase, Dimon, OpenAI's ChatGPT Organizations: JPMorgan, Banking, Housing, Urban Affairs Committee, Wall Street Firms, Nvidia

☆ Fed could cut rates fewer times than expected as economy keeps growing, according to CNBC survey
▼ + stars: | 2024-03-19 | by ( Steve Liesman | ) www.cnbc.com time to read: +2 min

But the possible downside of the better forecast: less Fed easing with the possibility that officials at their meeting this week forecast fewer rate cuts in 2024 they did in December. The CNBC Fed Survey respondents include economists, strategists and fund managers. And while the average recession probability is down, about 20% of respondents still say there's an even money chance or greater of a downturn in the next 12 months. "The larger-than-consensus reduction in the federal funds rate in my forecast is contingent on a recession that brings inflation down," said Robert Fry, of Robert Fry Economics. He has a 60% recession probability and sees the Fed slashing rates to 3.6% by year end from the current level of 5.38%.

Persons: Jerome Powell, Tom Williams, John Donaldson, it's, Scott Wren, Robert Fry Organizations: UNITED STATES, Federal, Banking, Housing, Urban Affairs Committee, Inc, Getty, CNBC Fed Survey, Haverford Trust Co, Wells, Investment Institute, CNBC Fed, Robert Fry Economics Locations: U.S

☆ Here's when the Fed is likely to start cutting interest rates, according to investment strategists
▼ + stars: | 2024-03-14 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

Kent Nishimura | Getty Images News | Getty ImagesWest Palm Beach, Fla. — The U.S. Federal Reserve is likely to start cutting interest rates by the end of second quarter despite recent "hotter than expected" inflation data, according to Kristina Hooper, chief global market strategist at Invesco. The question has become, at what point — and how quickly — does the central bank start to cut rates in order to avoid plunging the economy into a downturn? Fed chair Jerome Powell said last week that the Fed may not be far off from throttling back. The Fed last raised interest rates in summer 2023; in prior interest-rate-hiking cycles, the Fed began cutting rates about 8½ months later, Hooper said. Jenny Johnson, president and CEO of Franklin Templeton, also expects the central bank to begin cutting rates this year, though in the second half of 2024 at Fed policy meetings in July or September.

Persons: Jerome Powell, Kent Nishimura, Kristina Hooper, it's, Hooper, Jenny Johnson, Franklin Templeton, Moira McLachlan Organizations: Banking, Housing, Urban Affairs Committee, Getty, U.S . Federal, Women, Fed Locations: Palm Beach, Fla, U.S, West Palm Beach , Florida

☆ New CFPB rule caps banks' credit card late fees at $8
▼ + stars: | 2024-03-05 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

The Consumer Financial Protection Bureau unveiled a new rule on Tuesday that it said would cap late fees that banks charge customers at $8 per incident. By cutting late fees to $8 from an average of around $32, more than 45 million card users would save an average of $220 annually, the CFPB said in a release. Regulations tied to that law granted issuers the ability to charge ever-increasing amounts of late fees. "For over a decade, credit card giants have been exploiting a loophole to harvest billions of dollars in junk fees from American consumers," CFPB Director Rohit Chopra said in the release. "Today's rule ends the era of big credit card companies hiding behind the excuse of inflation when they hike fees on borrowers and boost their own bottom lines."

Persons: Rohit Chopra Organizations: Banking, Housing, Urban Affairs Committee, Consumer Financial, Bureau

☆ CNBC Daily Open: No rate cuts in 2024?
▼ + stars: | 2024-03-05 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Stocks retreatWall Street retreated Monday despite a rally in tech stocks tied to the artificial intelligence boom. China sets GDP targetChina set an economic growth target of "around 5%" for 2024. The fund manager instead has his sights on what he calls "bigger integrated covers," and picked Ferrari as "a phenomenal business."

Persons: Jerome H, Powell, Dow, Bitcoin, Freddie Lait, CNBC's, Ferrari Organizations: . Senate Banking, Housing, Urban Affairs, CNBC, Nasdaq, National People's, Apple, Federal Reserve, Latitude Investment Management Locations: Washington , U.S, China

☆ Sen. Elizabeth Warren pushes Fed Chair Powell to cut 'astronomical' rates, ease housing pressure
▼ + stars: | 2024-01-29 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +1 min

Senator Elizabeth Warren, a Democrat from Massachusetts, left, speaks with Jerome Powell, chairman of the U.S. Federal Reserve, during a Senate Banking, Housing and Urban Affairs Committee hearing in Washington, D.C., U.S., on Tuesday, Sept. 28, 2021. Sen. Elizabeth Warren, D-Mass., and three other Democratic lawmakers are pushing Federal Reserve Chairman Jerome Powell to lower interest rates at the upcoming Fed meeting to make housing more affordable. "The direct effect of these astronomical rates has been a significant increase in the overall home purchasing cost to the average consumer," the letter said. The Fed's December forecast was a sigh of relief for the housing market, which has been under pressure over the past few years due to a combination of record-high rates and a lingering supply shortage. In January, mortgage demand surged, a signal that homebuyers are returning to a market they have been wary of for months.

Persons: Elizabeth Warren, Jerome Powell, Sen, Powell, Joe Biden's Organizations: U.S . Federal, Banking, Housing, Urban Affairs Committee, Washington , D.C, Democratic, Federal Locations: Massachusetts, Washington ,

☆ Federal agency: Student loan company errors could 'pose serious risks' to borrowers, the economy
▼ + stars: | 2024-01-05 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Rohit Chopra, director of the Consumer Financial Protection Bureau, speaks during a Senate Banking, Housing, and Urban Affairs Committee hearing in Washington, D.C., Dec. 15, 2022. When student loan servicers make errors by cutting corners or sidestepping the law, it can "pose serious risks to individuals and the economy," said Consumer Financial Protection Bureau Director Rohit Chopra. Borrowers experienced long phone hold times with their servicers, significant delays in the processing of their repayment applications, and inaccurate and untimely billing statements, the bureau found. The U.S. Department of Education announced Friday that it would withhold payments to three student loan servicers as part of its efforts to hold the companies accountable. "Today's actions make clear that the Biden-Harris Administration will not give student loan servicers a free pass for poor performance and missteps that jeopardize borrowers," Secretary of Education Miguel Cardona said in a statement.

Persons: Rohit Chopra, servicers, Mark Kantrowitz, Harris, Education Miguel Cardona Organizations: Consumer Financial Protection Bureau, Banking, Housing, Urban Affairs Committee, Washington , D.C, Financial, U.S . Department of Education, Finance, Biden, Harris Administration, Education Locations: Washington ,, EdFinancial, Nelnet

REUTERS/Evelyn Hockstein Acquire Licensing RightsNEW YORK, Nov 17 (Reuters) - The Federal Reserve's top bank watchdog defended its push to overhaul capital requirements, saying they would have a minimal impact on borrowing costs and make the industry more stable. Michael Barr, the Fed's vice chair for supervision, told a conference in New York on Friday that the so-called "Basel endgame" proposal is mainly focused on raising capital requirements for activities like trading, rather than lending. "Normally, we issue a proposal and then we get very detailed commentary, and we take those comment letters into account." Banks have loudly complained about the proposal, which overhauls how banks gauge their risk and require them to set aside more capital. Industry executives said the draft rules would force them to raise costs and potentially curb lending.

Persons: Michael Barr, Evelyn Hockstein, Banks, Barr, Pete Schroeder, Lananh Nguyen, Chizu Organizations: Banking, Housing, Urban Affairs Committee, Capitol, REUTERS, Federal, Bank, National Football League, Industry, Thomson Locations: Washington , U.S, New York

REUTERS/Evelyn Hockstein/ Acquire Licensing RightsWASHINGTON, Nov 14 (Reuters) - The Federal Reserve's top Wall Street cop Michael Barr and other bank regulators will defend plans to hike U.S. bank capital requirements when they appear before Congress this week as they come under increasing pressure from many lawmakers to rein in their efforts. The proposal would overhaul how banks gauge risk and, in turn, how much capital they must hold against potential losses. Regulators say stronger cash cushions will make the financial system safer and are especially crucial after three banks failed earlier this year. As part of their campaign to kill the Basel proposal, banks have been lobbying lawmakers to put pressure on the regulators. On Monday, 39 Senate Republicans stepped up the pressure, asking the regulators to scrap the proposal, citing economic harm.

Persons: Michael Barr, Evelyn Hockstein, Barr, Federal Deposit Insurance Corporation's Martin Gruenberg, Mike Hsu, Mark Warner of Virginia, Jon Tester, Isaac Boltansky, Gruenberg, Michelle Price, Pete Schroeder, Jonathan Oatis Organizations: Banking, Housing, Urban Affairs Committee, Capitol, REUTERS, Rights, Federal, Federal Deposit Insurance, Financial, Democrat, Senate, Republicans, Journal, Industrial, Commercial Bank of China, Treasury, Thomson Locations: Washington , U.S, U.S, Basel, Montana

REUTERS/Ken Cedeno/Pool/File Photo Acquire Licensing RightsDUBLIN Nov 8 (Reuters) - A rise in geopolitical tensions across the world could aggravate already subdued growth in Europe and China and the spillover may alter the path of the U.S. economy, Federal Reserve Governor Lisa Cook said on Wednesday. "We are not only watching subdued growth, we're watching the geopolitical tensions that we're all talking about, and that could change the outlook both in the United States and the global economy." Cook added that geopolitical tensions may in particular destabilize commodity markets and access to credit in the current higher interest rate environment. "Any shock could make the situation worse that we're already (in)... and could be destabilizing to commodity markets, could be destabilizing to the system of credit," Cook said. "More broadly, escalation of geopolitical tensions could lead to lower economic activity and increased fragmentation of global trade flows and financial intermediation, raising financing and production costs and contributing to more sustained supply chain challenges and inflationary pressures," Cook said.

Persons: Lisa DeNell Cook, Ken Cedeno, Lisa Cook, Cook, We're, Padraic Halpin, Conor Humphries, Ann Saphir, Lindsay Dunsmuir, Leslie Adler, Mark Potter Organizations: Governors, Federal Reserve System, Banking, Housing, Urban, Capitol, Washington , D.C, REUTERS, DUBLIN, Federal, Central Bank of Ireland, Thomson Locations: Michigan, Washington ,, Europe, China, U.S, Dublin, United States, Ukraine, Russia, East, San Francisco

☆ Reuters NEXT White House's Bernstein upbeat on economy despite Mideast war, shutdown threat
▼ + stars: | 2023-11-08 | by ( Jeff Mason | Thomson Reuters | Jeff Mason Is A White House Correspondent For Reuters. He Has Covered The Presidencies Of Barack Obama | ) www.reuters.com time to read: +3 min

"On the headwind side, certainly being in a higher rate environment is something we have to be mindful of. Bernstein said the U.S. economy was outperforming virtually all its competitors and urged Congress to pass the necessary appropriations bills to keep the government running. We've got a very strong backdrop to a U.S. economy that's outperforming virtually all our competitors," he said. Asked about recent negative polls reflecting concern about President Joe Biden's handling of the economy, Bernstein said Americans had to reset their price expectations given an increase in their buying power. Bernstein said the Biden administration had taken a series of steps to ease prices while maintaining a strong labor market.

Persons: Jared Bernstein, Amanda Andrade, Rhoades, Washington, Bernstein, We've, Joe Biden's, Biden, Jeff Mason, Eric Beech, Andrea Shalal, Dan Burns, Richard Chang Organizations: of Economic Advisers, Banking, Housing, Urban Affairs, Capitol, REUTERS, U.S . Council, Economic, Reuters NEXT, Thomson Locations: Washington , U.S, Israel, Gaza, U.S, New York, joblessness

"But I would say that an expectation of higher near-term policy rates does not appear to be causing the increase in longer-term rates." The interest rate on the 10-year Treasury bond has risen roughly a percentage point since the summer, breaching the 5% level late last month before dropping in recent days to its current level around 4.64%. The Fed has not raised its policy rate since July. Cook did not comment on her specific view of the Fed's policy rate, focusing instead on an overview of financial stability issues. In her overview of financial stability, Cook said she felt that the banking system had weathered the stresses of last spring, and "remains sound and resilient overall."

Persons: Lisa DeNell Cook, Ken Cedeno, Lisa Cook, Cook, Jerome Powell, Howard Schneider, Paul Simao Organizations: Governors, Federal Reserve System, Banking, Housing, Urban, Capitol, Washington , D.C, REUTERS, Rights, Federal, Duke University, Thomson Locations: Michigan, Washington ,, U.S

☆ Fed's Cook says hopes current policy setting is adequate to settle inflation
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +1 min

Dr. Lisa DeNell Cook, of Michigan, nominated to be a Member of the Board of Governors of the Federal Reserve System, listens during a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., February 3, 2022. REUTERS/Ken Cedeno/Pool/File photo Acquire Licensing RightsWASHINGTON, Nov 6 (Reuters) - Federal Reserve Gov. Lisa Cook said she hopes the central bank's current target interest rate is adequate to return inflation to the Fed's 2% target. "But we will continue to be vigilant," to ensure the inflation target is reached. Reporting by Howard SchneiderOur Standards: The Thomson Reuters Trust Principles.

Persons: Lisa DeNell Cook, Ken Cedeno, Lisa Cook, Cook, Howard Schneider Organizations: Governors, Federal Reserve, Banking, Housing, Urban, Capitol, Washington , D.C, REUTERS, Rights, Duke University, Thomson Locations: Michigan, Washington ,

☆ US Senator Warren concerned Exxon's plan to buy Pioneer will raise costs
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +1 min

Senator Elizabeth Warren, a Democrat on the Senate Banking panel, said on Wednesday she was concerned that Exxon Mobil's (XOM.N) agreement to buy U.S. rival Pioneer Natural Resources (PXD.N) would raise costs and should be probed by regulators. "Oil company profiteering hits American consumers right in the wallet — and I’m concerned that Exxon’s massive acquisition will reduce competition and drive up costs. Regulators should closely scrutinize this big oil merger," Warren said. The deal, valued at $59.5 billion, combines the largest U.S. oil company with one of the most successful names to emerge from the shale revolution that turned the U.S. into the world's largest oil producer in little more than a decade. Reporting by Diane Bartz; writing by Susan Heavey and Costas Pitas; Editing by Caitlin WebberOur Standards: The Thomson Reuters Trust Principles.

Persons: Sen, Elizabeth Warren, Rohit Chopra, Exxon Mobil's, Warren, Diane Bartz, Susan Heavey, Costas Pitas, Caitlin Webber Organizations: . Consumer Financial Protection Bureau, Banking, Housing, Urban Affairs, Consumer, Democrat, Exxon, Natural Resources, Oil, Thomson Locations: Washington , U.S, WASHINGTON, U.S

☆ Eight big U.S. bank CEOs to face Senate Banking Committee grilling in December
▼ + stars: | 2023-09-29 | by ( Emily Wilkins | ) www.cnbc.com time to read: +2 min

The meeting is the third time that Banking Committee Chair Sherrod Brown , D-Ohio, will hold an oversight hearing with the heads of the nation's biggest banks. Eight CEOs of the largest U.S. banks will face questioning at a Senate Banking Committee hearing in December, according to an announcement obtained by CNBC . "Part of that commitment is to hear directly from the biggest banks that hold too much power in the economy," he said. Brown and other Banking Committee members have ramped up oversight efforts in 2023, particularly regarding three banks that failed earlier in the year, Silicon Valley Bank, Signature Bank and First Republic. The failure of First Republic in May was the biggest bank failure in the United States since the 2008 financial crisis.

Persons: Sherrod Brown, Janet Yellen, Powell, Brown, Chuck Schumer Organizations: Federal, Banking, Housing, Urban Affairs, CNBC, Silicon Valley Bank, Signature Bank, First, Republic, JPMorgan, Federal Deposit Insurance Corp Locations: Hart, Washington , DC, Ohio, First Republic, United States

At one point, the indictment said, Menendez Googled the phrase "price of a kilo of gold." "People are salivating at the opportunity to have an open Senate seat, which might lead to an open congressional seat, which might lead to an open state Senate seat, which might call into question who might be the state Senate president," Harrison says. Democratic members of Congress from neighboring states – including a Latina, Rep. Alexandria Ocasio-Cortez, have called on Menendez to resign. "It is hard for me to believe that Sen. Menendez can be effective in his job, given these allegations. But I think I want to get back and talk to my colleagues on the Foreign Relations Committee before I recommend a path forward for Sen. Menendez,” Sen. Chris Murphy, Connecticut Democrat, told MSNBC in an interview on Sunday.

Persons: Andrew Cuomo, Cuomo, Anthony Weiner wasn't, Weiner, –, Nancy Pelosi, Sen, Bob Menendez, Jersey pols, Brandon Rottinghaus, Menendez –, Menendez, Nadine, Fidel Castro, Menendez's, Robert Menendez Jr, Phil Murphy, Andy Kim, Murphy, Brigid Harrison, Harrison, Alexandria Ocasio, Summer Lee of Pennsylvania, John Fetterman of, Donald Trump, ” Sen, Chris Murphy, Mark Kelly, Pelosi, didn't, Joe Biden, James Traficant, Traficant, Gary Condit, Chandra Levy, Condit, George Santos, ” Santos, they’re, ”, Rottinghaus Organizations: Democratic, New, Twitter, Bob Menendez of New, Senate Foreign Relations, University of Houston, Foreign, Prosecutors, Foreign Relations, Banking, Housing, Urban Affairs Committee, Gov, Democratic Party, Montclair State University, Latina, Connecticut Democrat, MSNBC, United State Senate, Arizona Democrat, CBS, James Traficant , Ohio Democrat, House, Capitol Locations: New York, Bob Menendez of, Bob Menendez of New Jersey, Jersey, New Jersey, Union City , New Jersey, Cuba, Alexandria, Cortez, John Fetterman of Pennsylvania, Connecticut, Arizona, James Traficant , Ohio, California, Rock Creek

☆ United Auto Workers files labor complaint against Sen. Tim Scott for saying striking workers should be fired
▼ + stars: | 2023-09-22 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Ranking member Sen. Tim Scott (R-SC) speaks during a hearing with the Senate Banking, Housing, and Urban Affairs committee on Capitol Hill on September 07, 2023 in Washington, DC. The United Auto Workers has filed a labor complaint against Sen. Tim Scott for saying workers should be fired for going on strike. The complaint filed with the National Labor Relations Board on Thursday accuses the South Carolina Republican's presidential campaign of interfering with workers' rights to engage in union activity under federal law. "Tim Scott threatened employees with adverse consequences if they engage in protected, concerted activity by publicly responding to a question about striking workers as follows: 'You strike, you're fired,'" UAW President Shawn Fain said in the complaint. "He said, 'You strike, you're fired.'

Persons: Sen, Tim Scott, Shawn Fain, Fain, Scott, Ronald Reagan Organizations: Banking, Housing, Urban Affairs, Capitol, United Auto Workers, National Labor Relations, South Carolina, UAW, CNBC, NBC News Locations: Washington ,, Fort Dodge , Iowa, America

☆ Opinion: Hunter Biden is hardly the first ne’er-do-well presidential son
▼ + stars: | 2023-09-20 | by ( Opinion Alexis Coe | ) edition.cnn.com time to read: +7 min

CNN —Presidential history is lousy with ne’er-do-well sons. American history tells us a different story: Bad presidential sons are as old as the nation itself, yet political opponents have never thought weaponizing them would win an election. If there is evidence that a sitting president, a former president, a presidential candidate, a presidential heir or anyone else, has committed a crime, he or she should be held accountable. “I never did in my Life know a Youth so exceedingly indolent, or so surprisingly voluptuous,” Jack’s tutor, Reverend Jonathan Boucher, wrote to George Washington. Devoted students of history would object to wasting precious time and resources on a nothingburger scandal about a president’s unelected son.

Persons: Alexis Coe, George Washington, John Quincy Adams, Beau Biden, Alexis Coe Sylvie Rosokoff, Joe Biden’s, Hunter, “, Sisyphus, John, Jacky, Custis, ”, Jonathan Boucher, Jack’s, Wash, — Thomas Jefferson, James Madison, James Monroe, Washington, —, John Payne Todd, Brother Madison, ” John Adams, Thomas Jefferson, Robert Lincoln, Abraham Lincoln, Mary, Abraham Lincoln’s, Robert, Mary —, George H.W, Bush, George W, Neil Bush, Mark Reinstein, ’, ” Theodore Roosevelt, Alice Roosevelt, ” Patti Davis, Ronald Reagan’s, It’d, Hunter Biden, Donald Trump, it’ll, Trump, can’t, Biden, Joseph P Organizations: New, CNN, Justice Department, Washington, Silverado Banking, Savings, House Banking, Finance, Urban Affairs, Washington DC, Playboy, Republican, Department, & $ Locations: New America, America’s, America, Washington, Madison, Illinois, Loan, United States

☆ Republicans soften on federal marijuana reform in a shift that could make it a reality
▼ + stars: | 2023-09-15 | by ( Julie Tsirkin | Liz Brown-Kaiser | ) www.cnbc.com time to read: +8 min

The SAFE Banking Act would make it lawful for legal marijuana businesses to use major financial and banking institutions. Smart Approaches to Marijuana Action, a political organization opposed to marijuana legalization, urged Tuberville to oppose the legislation in a recent letter. Financial institutions, including small and community banks, have also put pressure on lawmakers, including Tuberville, to support the bill. There's been these attempts by the chairman of the Banking Committee to add a bunch of other stuff onto it, and I think that just completely torpedoes the chances." Ahead of his re-election campaign, President Joe Biden announced his intention to pardon federal convictions for simple marijuana possession offenses at the end of last year.

Persons: Chuck Schumer, We've, Sen, Steve Daines, Sherrod Brown, Kevin Cramer, Daines, Cramer, Dan Sullivan, Lisa Murkowski, Bill Cassidy of, Cynthia Lummis of, Rand Paul of Kentucky, Susan Collins of, Kevin McCarthy of California, McCarthy, Tommy Tuberville, Steve Stafford, Tuberville, Sullivan, Jeff Sessions, Trump, Sheriff Dan Springer, Springer, I've, Jeff Merkley, Jack Reed, It's, Cory Booker of, Dave Joyce, Alexandria Ocasio, Joe Biden Organizations: U.S, Capitol, Banking, Housing, Urban Affairs, SAFE, Republicans, Democrats, GOP, Auburn University, Smart, Senators, Republican, D.C, Sheriff, HOPE Locations: Ohio, GOP Sens, Alaska, Bill Cassidy of Louisiana, Cynthia Lummis of Wyoming, Susan Collins of Maine, Washington, Gallatin County , Montana, Montana, Cory Booker of New Jersey, R, Alexandria, Cortez

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