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☆ Feeling betrayed, Trump wants a second administration stocked with loyalists
▼ + stars: | 2024-02-12 | by ( Katherine Doyle | Jonathan Allen | ) www.cnbc.com time to read: +7 min

Trump's success in a second term will hinge on bringing in people committed to his agenda, top appointees from his first term say. Trump and his allies have big plans for a second term — and still-fresh memories of a drawn-out four-year battle against a hostile administrative state. "They have to be resolute with their commitment to the president's vision," a top Trump official said of those who could find themselves tapped for plum roles. "However, none of these groups or individuals speak for President Trump or his campaign. "The starting point for a second Trump term will be the last year of his first term.

Persons: Donald Trump, Julia Nikhinson, Sen, Ted Cruz, Trump, Mark Esper, Jeff Sessions, Robert Mueller, William Barr's, Mike Pence's, Ron DeSantis, Nikki Haley, Doug Burgum, Susie Wiles, Chris LaCivita, Wiles, LaCivita, America's, Mike Pence, Jim Mattis Organizations: Afp, Getty Images WASHINGTON, Trump, Office, Florida Gov, Allies, White House, Senate, Association of, Presidential, NBC News, Biden, Republican Locations: Conway , South Carolina, Ted Cruz of Texas, Iowa, North Dakota, Washington, York, Mexican

These deals help banks meet capital requirements more efficiently, allowing them to keep lucrative businesses that would otherwise become unprofitable. Investors in these deals include lightly-regulated entities like hedge funds, shifting risk to the shadow banking sector. Credit risk transfer is another tool for them to pursue after the Fed’s clarification on what is allowed, said Cory Wishengrad, head of fixed income at Guggenheim Securities. That means Merchants sold the riskiest tranche of the loan portfolio, maximizing the capital relief it could get on it. Whether U.S. regulators will allow such insurance deals to qualify for capital relief is still untested, Staudinger said.

Persons: Morgan Stanley, Blackstone, Jill Cetina, Jon, Claude Zucconi, Zucconi, Michael Barr, Barr, Banks, Missy Dolski, Sam Graziano, Graziano, Cory Wishengrad, Jed Miller, Taft, Morgan Stanley's, Morgan, Deborah Staudinger, Hogan Lovells, Staudinger, Shankar Ramakrishnan, Paritosh Bansal, Nick Zieminski Organizations: Blackstone Group, JPMorgan Chase, Merchants Bank of Indiana, US Bancorp, Investors, JPMorgan, Merchants Bank, Federal Reserve, Varde Partners, Financial, Guggenheim Securities, U.S . Bank, Fed, Reuters, Merchants, Thomson Locations: U.S, Wickersham, Europe, Indiana

☆ The manager of the top-performing small-cap fund this year outlined his 4 criteria for finding strong investments — and revealed his 3 favorite hidden gem stock picks right now
▼ + stars: | 2023-11-21 | by ( Mark Reeth | ) www.businessinsider.com time to read: +8 min

With a name like the Needham Aggressive Growth Fund, you'd be forgiven for assuming portfolio manager John Barr hunts for growth at any cost. So yes, it's growth investing informed by value investing." The Needham Aggressive Growth Fund has returned over 25% year-to-date according to Morningstar, making it the best-performing small-cap fund on the market. Barr, a one-time software salesman turned investing pro, told Business Insider what he looks for in his investments, the market themes he's watching, and his favorite stock picks right now. But it's Barr's primary investment criteria that sets him apart from other growth-focused fund managers: finding "hidden-to-quality compounders."

Persons: you'd, John Barr, Barr, that's, Charlie Munger, Warren Buffett, Morningstar, I've, there's, —, they've Organizations: Berkshire Hathaway, Business, Fund, Micro, Google, Vishay, Vishay Group, Parsons Corporation, Missile Defense Agency, Department of Defense

More than a quarter of the community of 400 people in Nir Oz were either killed or kidnapped, residents say, making it one of the worst affected kibbutzim. RPG on houses, grenades on civilians.”The Barr family were lucky to have a safe room which locked from the inside. Yonathan and Uri Barr's house, safe room where they hid with lock on door. “(Uri) was crying in the safe room because of that.”The family with whom Yoav was staying also survived in their safe room, and the Barrs were reunited later that day, after the Israeli military arrived. “I don’t think we can go back to Nir Oz because what we’ve been through is horror,” Yonathan Barr said.

Persons: ”, Jonathan Dekel, Chen, Nir, “ It’s, Sagui, Sagui Dekel, Rebecca Wright, Dekel, ” Dekel, Israel, Nir Oz, Uri Barr doesn’t, Yonathan Barr, Uri, ” Uri, Noam, Dad, Yonathan, “, ” Yonathan, Barr, Uri Barr's, Yoav, Eitan, Uri Barr, Yonathan Barr Nir Adar, ” Adar, Adar, Rani, Tamir, he’ll, “ I’m, Nir Adar, Nir Adar ‘, what’s, Jake Sullivan, we’ve Organizations: Israel CNN —, CNN, Hamas, White, National Locations: Eilat, Israel, Iran, Yemen, ”, Red, Syria, Gaza, Jordan, Aqaba, Uri, “, Eden, Connecticut, United States

WASHINGTON (AP) — Hunter Biden asked a judge on Wednesday to approve subpoenas for documents from Donald Trump and former Justice Department officials, claiming the former president applied political pressure to a criminal investigation of him. The push for a subpoena comes as defense attorneys fight the federal firearms case filed against Hunter Biden, who is accused of breaking laws against drug users having guns. Hunter Biden had been expected to plead guilty to misdemeanor tax charges over the summer in an agreement with prosecutors that spared him prosecution on the gun count if he stayed out of trouble for two years. Political Cartoons View All 1247 ImagesThe special counsel overseeing the case has indicated that new tax charges are possible in Washington or in California, where Hunter Biden lives. A representative for Trump did not immediately return an email message seeking comment.

Persons: — Hunter Biden, Donald Trump, Trump, William Barr, Jeffrey Rosen, Richard Donoghue, Joe Biden's, Hunter Biden Organizations: WASHINGTON, Justice Department, Republican, Trump, U.S . Capitol, Democrat Locations: Washington, California

☆ Trump gag order reinstated in Jack Smith federal election case
▼ + stars: | 2023-10-30 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

A federal judge reimposed a gag order on Donald Trump in his criminal election interference case, rejecting Trump's arguments that the restrictions on his speech were unconstitutional. Trump called Barr "dumb" and "weak" and a "loser," in response to Barr's remarks at the University of Chicago's Institute of Politics last week. A spokesman for special counsel Jack Smith, whose team is prosecuting the case, declined to comment on whether Trump's latest attack on Barr violated the gag order. Lawyers for Trump had asked for a longer stay of the gag order while they appealed it in a higher court. Trump has already violated that gag order twice, drawing a total of $15,000 in penalties.

Persons: Donald Trump, Tanya Chutkan, Chutkan, Trump, Mark Meadows, William Barr, Barr, Jack Smith, Smith, Joe Biden, Neal Katyal, Obama Organizations: Trump, Republican, White, University of Chicago's Institute, Politics, Lawyers Locations: Washington, Meadows, U.S, New York

REUTERS/Kevin Lamarque/ Acquire Licensing RightsWASHINGTON, Oct 9 (Reuters) - The U.S. Federal Reserve's top regulatory official defended a sweeping proposal to overhaul bank capital rules before the country's largest bank lobby on Monday, arguing the benefits of a bigger cushion outweigh any additional costs banks might face. The proposal implements international capital standards agreed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis. Barr's Monday speech, which is his first on bank regulation since the proposal came out, served as a broad-based defense of the effort. "The private costs of capital must be weighed against the social benefits of higher capital in creating a healthier, more resilient financial system," he said, according to prepared remarks. Barr also pushed back against the industry's refrain that higher capital costs for banks will mean curtailed lending and potential economic harm.

Persons: Michael Barr, Kevin Lamarque, Michael Barr's, Barr, Jerome Powell, Powell, Isaac Boltansky, Pete Schroeder, Michelle Price, Josie Kao, Andrea Ricci Organizations: Financial, Valley Bank, Signature Bank, Capitol, REUTERS, Rights, U.S, Federal, Banking, Silicon Valley Bank, Thomson Locations: Washington , U.S, Silicon

☆ Rudy Giuliani 'may have been compromised' by the Kremlin, and FBI leaders didn't care, alleges special agent Johnathan Buma
▼ + stars: | 2023-09-16 | by ( Mattathias Schwartz | ) www.businessinsider.com time to read: +10 min

Johnathan Buma says his FBI supervisors didn't care about his leads tying Giuliani to Russian intelligence. They are also investigating Hunter Biden for the firearm-related charges that he was indicted for this week. FBI didn't care about Giuliani's possible Kremlin ties, Buma says"Rudy Giuliani may have been compromised by individuals suspected of being involved in Russian counterintelligence influence operations," Buma told Insider. According to Buma's disclosure, an FBI Intelligence Information Report asserted that Fuks was "a co-opted asset of the RIS" or the Russian intelligence services. Hunter Biden left his laptop at a computer repair store in April 2019.

Persons: Johnathan Buma, Giuliani, Hunter Biden, Robert Mueller's Trump, Donald Trump's, Buma, Biden, Trump, Rudy Giuliani, Pavel Fuks, Fuks, Burisma, Hunter's, George Soros, Hunter Biden's, Bill Barr's, Geoffrey Berman, Bill Barr, Barr, Berman, he's, Amelia Kosciulek, we're, aren't, Mattathias Schwartz Organizations: FBI, Service, Los Angeles Field Office, Trump, GOP, of Justice, New York Post, Southern, of New, Washington Field Office, New York Field Office Locations: Russian, Wall, Silicon, Russia, Mar, Lago, Ukrainian, Moscow, Washington, Ukraine, Ukraine —, Delaware, of New York, Buma, schwartz79@protonmail.com

REUTERS/Evelyn Hockstein/File Photo Acquire Licensing RightsWASHINGTON, Sept 8 (Reuters) - The Federal Reserve's top regulatory official said on Friday the central bank is "a long way" from any decision on whether it would issue its own digital currency, and added it would not do so without official support in Washington. Fed Vice Chair for Supervision Michael Barr said while officials are investigating a central bank digital currency (CBDC), the Fed was far from any decision. "Of course, investigation and research are very different from decision-making about next steps in terms of payments system development, and we are a long way from that." Barr's comments echo those of Fed Chair Jerome Powell, who also has said the Fed would not move to issue a digital currency without explicit authorization from Congress. It is important to get the legislative and regulatory framework right before significant risks emerge," he said.

Persons: Michael Barr, Evelyn Hockstein, Barr, Jerome Powell, Pete Schroeder, Hugh Lawson, Andrea Ricci Organizations: Banking, Housing, Urban Affairs Committee, Capitol, REUTERS, Rights, Federal, U.S ., Thomson Locations: Washington , U.S, Washington, Philadelphia

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

☆ Fed's Barr lays out plan to order more capital for large U.S. banks
▼ + stars: | 2023-07-10 | by ( ) www.cnbc.com time to read: +2 min

Federal Reserve Board Vice Chair for Supervision Michael Barr testifies before a House Financial Services Committee hearing on the response to the recent bank failures of Silicon Valley Bank and Signature Bank, on Capitol Hill in Washington, March 29, 2023. The Federal Reserve's top regulatory official laid out a sweeping plan to increase capital requirements for the nation's largest banks, saying recent bank failures underlined the need for regulators to bolster resilience in the system. Barr said he did not plan to overhaul the U.S. bank capital framework, but instead build on it in several ways, including by fully implementing an international bank capital agreement and expanding annual "stress tests" of bank health. Barr also said the Federal Reserve is close to reaching the appropriate level of interest rates to bring inflation back to the central bank's 2% target but added: "We still have a bit of work to do." Barr's remark came in response to a question on how much further the Fed's policy rate may need to rise to contain inflation.

Persons: Michael Barr, Barr Organizations: Financial, Valley Bank, Signature Bank, Capitol, Federal, Silicon Valley Bank, Federal Reserve Locations: Washington, Silicon

☆ 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

☆ Trump is 'toast' if classified records case is proven, ex-attorney general says
▼ + stars: | 2023-06-11 | by ( Sarah N. Lynch | Thomson Reuters | Sarah N. Lynch Is The Lead Reporter For Reuters Covering The U.S. Justice Department Out Of Washington | ) www.reuters.com time to read: +5 min

Trump told Politico on Saturday that he would continue his presidential campaign, even if he were convicted in the case, saying "I'll never leave." Of the 37 counts against Trump, 31 of them relate to secret and top secret classified documents that he kept after leaving the White House in early 2021. NOT 'PERSONAL DOCUMENTS'Trump has previously defended his retention of classified records, claiming without evidence he declassified them while in office - a defense that his allies have also repeated. Trump and his allies have also separately tried to argue that the records at the heart of the case are personal in nature and covered by the Presidential Records Act. "He has every right to have classified documents that he declassifies under the Presidential Records Act," Habba told Fox News Sunday.

Persons: William Barr, Jack Smith's, Donald Trump, Barr, Trump, Alina Habba, Jim Jordan, CNN's, Habba, Donald J, Sarah N, Lynch, Arshad Mohammed, Rami Ayyub, Mary Milliken, Paul Simao Organizations: Former U.S, Sunday, Trump, Fox, Republican, White, Politico, FBI, Justice Department, . House, Union, Presidential, Presidential Records, Fox News, ., Defense Department, Thomson Locations: Former, Miami, Palm Beach , Florida, Russia, Florida, New Jersey, St, Paul , Minnesota, Washington

☆ Fed's Bowman backs 'targeted' bank rules reform but not 'radical' change
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

"Radical reform of the bank regulatory framework - as opposed to targeted changes to address identified root causes of banking system stress - is incompatible with the fundamental strength of the banking system," she said. During testimony to Congress this week, Barr was repeatedly asked about Bowman's views, which were first laid out in detail last week. He said he welcomed any third-party independent reviews to follow his own review of the failure of Santa Clara, California-based SVB. Barr's review, which was published in late April, found problems in the Fed's own approach to supervision that he said needed fixing. Bowman did not touch on monetary policy or the economic outlook in her prepared remarks.

Depositors had pulled $100 billion from accounts at the bank in the panic triggered by the SVB and Signature failures, imperiling its survival. Both SVB and Signature failed last month. Both SVB and Signature grew quickly in recent years, outpacing the ability of regulators to keep up, especially with shrinking resources. Regulators closed Signature two days after SVB was shuttered. Signature lost 20% of its total deposits in a matter of hours on the day that SVB failed, FDIC Chair Martin Gruenberg has said.

Both SVB and Signature failed last month. Regulators shut SVB on March 10, a day after customers withdrew $42 billion and queued requests for another $100 billion the following morning. Both SVB and Signature grew quickly in recent years, outpacing the ability of regulators to keep up, especially with shrinking resources. Regulators closed Signature two days after SVB was shuttered. Signature lost 20% of its total deposits in a matter of hours on the day that SVB failed, FDIC Chair Martin Gruenberg has said.

☆ Factbox: Fed, FDIC reviews of US bank failures to spotlight problems, fixes
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +6 min

On Friday the banks' regulators - the Federal Reserve and the Federal Deposit Insurance Corporation - will publish their accounts of what happened at both institutions, and propose fixes to prevent a repeat. The FDIC will also publish a separate report on deposit insurance by Monday. Barr has said the Fed's report will include confidential supervisory information, including citations and exam material not typically disclosed. DEPOSIT INSURANCEThe second FDIC report could provide insight into how officials are thinking about the role of deposit insurance, currently capped at $250,000 per depositor, in financial stability. "The most interesting thing I expect to see is what the FDIC recommends about the deposit insurance cap," Phillips said.

☆ U.S. Fed may reverse rules that masked losses on SVB's securities - WSJ
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +2 min

If approved, the move spearheaded by Fed Vice Chairman for Supervision Michael Barr would reverse a relaxing of oversight granted to some regional banks by the Fed in 2019 under Barr's predecessor Randal Quarles. Reuters reported in March that the Fed is considering tougher rules and oversight for midsize banks similar in size to SVB. The Federal Deposit Insurance Corp is also expected to release its preliminary review of the failures that same day. Regulators have vowed to review their rules and procedures after the two failures while insisting the overall system remains sound. Barr had welcomed external reviews of regulators' work and expects the Fed to be "accountable" for any shortcomings that are unearthed.

☆ Dominion’s case against Fox News goes to trial next week. Is the First Amendment really on the line?
▼ + stars: | 2023-04-16 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +21 min

But even by the standards of the profession, the language in Dominion's $1.6 billion lawsuit against Fox News has been downright apocalyptic. A victory for Dominion against Fox, they say, could wreak havoc for other journalism organizations across the country. The sheer closeness between Trump and Fox News makes a case like this unlikely to harm journalism organizations down the line, Goodale said. The vast majority of defamation cases against media organizations are settled, which gives few high-profile precedents to the Dominion lawsuit. "And that's the balance that the Sullivan court strike tried to strike in 1964.

☆ Former Trump AG Bill Barr joins new business lobbying group that aims to target Biden regulations
▼ + stars: | 2023-04-13 | by ( Brian Schwartz | ) www.cnbc.com time to read: +4 min

Former Attorney General Bill Barr will help to lead a new group formed by a business lobbying organization that aims to be an alternative to the U.S. Chamber of Commerce, the massive advocacy group that has fallen out of favor with some Republicans. Barr will be chair of an advisory board for a project called the Center for Legal Action, he told CNBC in an interview. The group is part of the American Free Enterprise Chamber of Commerce, the business lobbying group that launched last year as a possible rival to the chamber. The business lobbying behemoth moved away from predominantly supporting Republicans in recent years after former president Donald Trump embraced trade protectionism, bashed certain companies for their social stances and tried to overturn the 2020 election. The new group aims aims to challenge — at times in court — regulations put in place by the Biden administration.

☆ Bill Barr says an indicted Trump shouldn't take the stand in New York because 'he lacks all self-control'
▼ + stars: | 2023-04-03 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

He said it would be a "particularly bad idea" for Trump to testify because he "lacks all self-control." "I'm not his lawyer, generally I think it's a bad idea to go on the stand," Barr replied. "And I think it's a particularly bad idea for Trump because he lacks all self-control, and it would be very difficult to prepare him and keep him testifying in a prudent fashion." Barr served as attorney general under Trump from February 2019 to December 2020 and was considered a close Trump ally. In response to Barr's book, Trump called the former attorney general "slow-moving," "pathetic," and "weak."

☆ Bill Barr laces into Manhattan DA over Trump indictment: 'It's the epitome of the abuse of prosecutorial power'
▼ + stars: | 2023-04-01 | by ( Taylor Ardrey | ) www.businessinsider.com time to read: +2 min

Former AG Bill Barr reacted to the Trump indictment during an interview with Fox News on Friday. Barr called the move "an abomination" and "epitome of the abuse of prosecutorial power." A New York grand jury voted to indict Trump on Thursday. "Obviously, we don't have the indictment, so there's a little bit of speculation involved," Barr said during an interview on Fox News' "Kudlow." During his appearance on Fox News, Barr blasted the Manhattan district attorney's office, calling it "the epitome of the abuse of prosecutorial power."

NOVEMBER 2021Examiners issue six citations -- "matters requiring attention" (MRA) and "matters requiring immediate attention" (MRIA) -- related to the bank's liquidity stress testing, contingency funding, and liquidity risk management. SVB's tests, supervisors find, are not "stressful enough; they were not realistic... it conducted those tests and the guidance back from the supervisors was that the tests were inadequate," Barr told Congress. "The supervisors told the board of directors and the bank that the board oversight with respect to risk management was deficient," Barr said this week. Fed supervisors begin a "horizontal review" of several banks, including SVB, for interest-rate risk. FEB 2023Fed staff give a presentation to Barr and other Board members about interest rate risk generally and at Silicon Valley Bank in particular.

A Manhattan grand jury voted to indict Donald Trump, possibly over a "hush-money" payment. Here's a timeline of Trump and Daniels' alleged relationship, the $130,000 payment to keep Daniels silent, and the testimonies leading to a possible indictment. Markus Schreiber/APManhattan District Attorney Alvin Bragg convened a grand jury in mid-January of this year to consider an indictment against Trump. And Trump's former fixer and lawyer Michael Cohen, prosecutors' key witness, has made repeated visits to the DA's office and to the grand jury. Anna Moneymaker/Getty ImagesThe Manhattan grand jury voted to indict Trump on Thursday, March 30.

☆ Senate Democrats led by Elizabeth Warren press federal bank regulators to implement stronger capital requirements
▼ + stars: | 2023-03-30 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

WASHINGTON — Senate Democrats are pressing federal banking regulators to toughen bank capital requirements following back-to-back congressional hearings where officials testified about the failures of Silicon Valley Bank and Signature Bank. "We write to urge you follow through with establishing strong capital requirements that protect consumers and taxpayers, and preserve the safety and soundness of our banking system," Warren, along with Sens. Under the "stress capital buffer" implemented at the time, the capital requirements for banking firms is determined annually according to supervisory stress tests. The lawmakers urged regulators to enforce strong capital requirements to fend off aggressive lobbying from Wall Street and safeguard against more bank failures. "In order to prevent future bank crises and protect working Americans, I urge your agencies to quickly implement strong capital requirements and resist industry pressure to weaken or delay these requirements."

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