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☆ One of Wall Street's favorite ways to control workers is under attack
▼ + stars: | 2024-02-08 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +9 min

One of Wall Street's favorite employee leverage tactics — non-compete agreements — is facing a major threat, and there could be far-reaching implications for how the financial industry does business. But it's also clear that Wall Street firms are under particular attention for the practice. With major Wall Street firms already having among the most unpopular back-to-work policies in the market, "Wall Street is already in a position where they are recognizing they don't have all the hands they had before," Chamberlin said. Shore recommends Wall Street firms undertake a thorough competitive analysis at every level in every department to ensure they are market competitive. Even if the FTC rule goes through, Wall Street firms still have options to protect their business.

Persons: Charles Scharf, Wells, Brian Thomas Moynihan, Jamie Dimon, JPMorgan Chase, Jane Fraser, Ronald O’Hanley, Robin Vince, BNY Mellon, David Solomon, Goldman Sachs, James Gorman, Morgan Stanley, General Mills, —, Wall, it's, Kathy Hochul, that's, Covid, Laurie Chamberlin, Chamberlin, Lina Khan's, Khan, It's, David Fisher, Gilbert, Fisher, Juan A, Crowell, Arteaga, Paul Webster, Matt Shore, Kareem Bakr, Webster, Leslie John, Ballard Spahr, John Organizations: Company, Bank of America, JPMorgan, Citigroup, BNY, Google, Apple, Pfizer, Exxon Mobil, General Electric, Procter, Gamble, Nike, Economic, Institute, Federal Trade Commission, North America, American College of Emergency Physicians, Davis, FTC, Supreme, Industry, Moring, Wall, Phaidon International, Wall Street Locations: Wells Fargo, Hart, Washington ,, New York, . California, U.S, Gilbert . Massachusetts, Oregon, Washington, Massachusetts

☆ Yellen: It’s ‘obvious’ that empty office buildings will create banking stress and losses
▼ + stars: | 2024-02-08 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

New York CNN —High commercial real estate vacancies are expected to create some stress for smaller banks, Treasury Secretary Janet Yellen said Thursday. However, she said she does not see them as causing a systemic risk to the nation’s financial system. “It’s obvious that there’s going to be a stress and losses that are associated with this,” Yellen said. On Tuesday, Yellen said she does “have a concern about commercial real estate.” She noted that higher interest rates and rising vacancy rates in office buildings have combined to cause problems — especially as real estate loans come due. New York Community Bancorp recently disclosed a surprise loss and a spike in loan losses as commercial real estate loans go bad.

Persons: Janet Yellen, Yellen, ” Yellen, ”, CNN’s Matt Egan Organizations: New, New York CNN —, Banking Committee, Silicon Valley Bank, New York Community Bancorp, Moody’s Investors Service, Bank Locations: New York, Silicon

☆ Sen. Tim Scott on border security, Ukraine-Israel aid, bank regulations and 2024 race
▼ + stars: | 2024-02-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSen. Tim Scott on border security, Ukraine-Israel aid, bank regulations and 2024 raceSenate Banking Committee ranking member Sen. Tim Scott (R-S.C.) joins 'Squawk Box' to discuss the congressional fight over border security, state of funding for Ukraine and Israel, 2024 race, banking regulations, and more.

Persons: Email Sen, Tim Scott, Sen Organizations: Email Locations: Ukraine, Israel

☆ Fed Chair Powell: The ‘time is coming’ for a rate cut
▼ + stars: | 2024-02-04 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —Federal Reserve Chair Jerome Powell said the time is coming for interest rate cuts, but asked Americans for a bit more patience in the central bank’s fight against inflation. That means the Fed is due to cut rates in 2024, which officials themselves projected in December. But the central bank’s January policy statement pushed back on expectations of the first rate cut coming at their next meeting in March. Still, financial markets see a 20% chance the Fed will cut rates in March and a 71.3% chance they cut in May, according to the CME FedWatch Tool. But that hasn’t stopped Congress from pressuring Powell to cut rates.

Persons: Jerome Powell, “ We’ve, ” Powell, ”, Price, Powell, “, Scott Pelley, can’t, hasn’t, Democratic Sen, Sherrod Brown, ” Brown, Brown, Elizabeth Warren, we’re Organizations: New, New York CNN — Federal, CBS, Fed, Federal Reserve, Governors, Democratic, Banking, New York Community Bancorp, New York Community Locations: New York, Street, Ukraine, Asia, ”

☆ Tech stocks fuel market surge as jobs report underscores economy’s resilience
▼ + stars: | 2024-02-02 | by ( Krystal Hur | ) edition.cnn.com time to read: +3 min

New York CNN —US stocks rose on Friday as investors continued to parse strong tech earnings and a searing jobs report, leading shares of Nvidia, Meta Platforms and Microsoft to close at fresh highs. The S&P 500 gained 1.1% to reach a record-high close. Tech stocks were the winners of Friday’s session, following strong earnings reports from Meta Platforms and Amazon the prior evening. Amazon shares rose 7.9% after the e-commerce giant reported solid earnings for its latest quarter. Microsoft shares rose 1.8% to a fresh record-high close of $411.22.

Persons: market’s, Jerome Powell, ”, Louis Navellier, Russell, Janet Yellen Organizations: New, New York CNN, Nvidia, Meta, Microsoft, Dow, Nasdaq, Bureau of Labor Statistics, Fed, Navellier, Associates, Traders, Banking Committee, New York Community Bancorp Locations: New York

In a Sunday letter to Fed Chair Powell, shared first with CNN, Warren expressed alarm at how “astronomical” mortgage rates have made a bad situation worse and urged Fed officials to start cutting borrowing costs. “We urge you to consider the effects of your interest rate decisions on the housing market and to reverse the troubling rate hikes that have put affordable housing out of reach for too many,” Warren and fellow Democratic Sens. John Hickenlooper, Jacky Rosen and Sheldon Whitehouse wrote. “Come on, Fed! Turn it around and drop those interest rates,” Warren told CNN’s Kate Bolduan on Monday.

Persons: Sen, Sherrod Brown, Powell, ” Brown, Brown, Elizabeth Warren, Warren, ” Warren, Democratic Sens, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse, “, CNN’s Kate Bolduan, Read Organizations: Banking, Fed, CNN, Democratic

☆ CNBC Daily Open: Big Bank earnings point to a grim season
▼ + stars: | 2024-01-15 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +3 min

Win Mcnamee | Getty ImagesThis 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. What you need to know todayThe bottom lineFourth-quarter earnings have officially begun with four of Wall Street's top six banks reporting rather bleak results. JPMorgan Chase, the biggest U.S. bank by assets, paid a sizeable fee linked to the government seizures associated with regional banking crisis last March, which impacted its earnings. Citigroup has lagged its Wall Street peers since the 2008 financial crisis and remains the lowest valued among the top six banks.

Persons: Brian Moynihan, Jamie Dimon, JPMorgan Chase, Jane Fraser, Win Mcnamee, Jane Fraser's, Kurt Rankin, Lai Ching, Lai Organizations: Bank of America, JPMorgan, Citigroup, CNBC, Federal Reserve, PNC, Voters, Democratic Progressive Party Locations: Hart, Washington , DC, U.S, Asia, China, Taiwan

☆ China, debt and Disney: Three economic themes that will dominate the Republican primaries
▼ + stars: | 2024-01-11 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —Republican presidential candidates Nikki Haley and Ron DeSantis sparred on a wide range of economic issues during the CNN GOP presidential debate on Wednesday evening. But as Haley and DeSantis duked it out to crown themselves the most fiscally prudent candidate, some clear economic themes began to emerge that will likely have a big influence on the upcoming Republican primaries and beyond: China, debt levels and the government’s role in business. ChinaBoth Haley and DeSantis sought to prove how tough they could be on China. But as my colleague Elisabeth Buchwald points out, the US and China are the first- and second-largest economies in the world. President Joe Biden has also made reducing economic dependence on China a platform in both his 2020 and 2024 campaigns.

Persons: Nikki Haley, Ron DeSantis sparred, Nancy Pelosi’s, ”, “, Ron, you’re, Haley, Haley, DeSantis, Donald Trump, Elisabeth Buchwald, Joe Biden, DeSantis didn’t, Trump, wouldn’t, ” DeSantis, Gary Gensler, “ I’m, ” Sen, Sherrod Brown, Brown, Nick Smart, It’s Taylor, Taylor, Swift, Ramishah Maruf, “ Taylor Swift, Pollstar Organizations: CNN Business, Bell, New York CNN, Republican, CNN, Social Security, Walt Disney Company, FBI, SEC, Securities, Exchange, SEC’s, ”, Banking Committee, Spotify, AMC, Bloomberg Locations: New York, China, Iowa, Beijing, United States, South Carolina, Florida, DeSantis

☆ Senators call on federal regulators to review Navy Federal mortgage disparities, citing CNN investigation
▼ + stars: | 2024-01-11 | by ( Casey Tolan | Rene Marsh | ) edition.cnn.com time to read: +6 min

In a letter to the Department of Housing and Urban Development and the Consumer Financial Protection Bureau, ten Democratic U.S. senators asked the regulators to investigate Navy Federal Credit Union’s mortgage lending for compliance with federal anti-discrimination laws. The credit union, which has more than 13 million members, lends to military servicemembers, defense personnel, veterans, and their families. “Navy Federal’s members have made countless sacrifices in their service to our country,” the senators wrote in the letter. The credit union declined to provide CNN any additional data that would make it possible to analyze those factors. Navy Federal has not yet responded to the lawsuits in court.

Persons: Sen, Sherrod Brown, Ron Wyden, Mary McDuffie, Emanuel Cleaver, Steven Horsford, Hakeem Jeffries, ”, Maxine Waters, Ben Crump – Organizations: CNN, Department of Housing, Urban Development, Consumer Financial Protection, Democratic U.S, Navy, Credit, Banking, Finance, Congressional Black Caucus, Federal, “, Navy Federal, Financial Services Locations: Ohio, Oregon, “ Navy, Virginia

☆ FBI is investigating the SEC hack after its fake bitcoin post
▼ + stars: | 2024-01-10 | by ( Matt Egan | Nicole Goodkind | ) edition.cnn.com time to read: +3 min

New York CNN —The Securities and Exchange Commission said Wednesday the FBI is investigating the hack of the agency’s social media account that rocked the bitcoin world earlier this week ahead of the regulator’s approval of a bitcoin exchange-traded fund late Wednesday. One crypto exchange, Coinbase, even posted a celebratory message on social media Tuesday. However, 15 minutes later SEC Chair Gary Gensler said the agency’s account was “compromised,” allowing for an “unauthorized” tweet to get posted. A spokesperson for X later said that the SEC’s social media account lacked the basic security measure of two-factor authentication, raising serious questions about the agency’s cybersecurity protocols. That alleged lack of security is particularly befuddling, given the SEC’s previous ruling that social media posts could serve as public announcements for investors.

Persons: “, ”, bitcoin, Gary Gensler, “ I’m, ” Sen, Sherrod Brown, Brown, JD Vance, Thom Tillis, Gensler, Nick Smart, X, Nicole Goodkind Organizations: New, New York CNN, Securities, Exchange Commission, FBI, SEC, SEC’s, ”, Banking Committee, Republican Sens Locations: New York

☆ Big bank executives will assure lawmakers the industry's crisis is over, KBW CEO Thomas Michaud predicts
▼ + stars: | 2023-12-05 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +1 min

Big bank CEOs will likely convey deposits and earnings are stable to lawmakers on Wednesday, according to a major financial services executive. Thomas Michaud, CEO of Stifel company Keefe, Bruyette & Woods, thinks the hearing before the Senate Banking Committee will successfully provide assurance to Washington and Wall Street. "The targeted approach to change deposit insurance to reduce the 'too big to fail' thinking, so depositors don't run like that. He thinks action is needed to keep mid-sized banks competitive with the big banks — starting with lifting Federal Deposit Insurance Corp coverage limits for small businesses. "If deposit insurance reform in my opinion doesn't happen, there's going to be tremendous pressure on those [mid-size] banks to consolidate," Michaud said.

Persons: Thomas Michaud, Keefe, Jamie Dimon, Goldman Sachs, David Solomon, " Michaud, He's, Michaud Organizations: Wall, . Banking, Silicon Valley Bank, Signature Bank, First, Federal Deposit Insurance Corp Locations: Washington, Silicon, First Republic

Spokespeople for the banks declined to provide comment ahead of the hearing or did not respond to requests for comment. Kevin Fromer, president of the Financial Services Forum, which represents the CEOs, said he expected Basel to be a focus. Big bank CEOs have been appearing before Congress for several years after the 2007-09 financial crisis and subsequent scandals thrust the industry into Washington's crosshairs. Former Wells Fargo CEO Tim Sloan, meanwhile, resigned in March 2019 after stumbling during a hearing about the bank's regulatory woes. But after years of playing defense, the CEOs are expected to be more assertive, this time backed by Republicans critical of red tape.

Persons: Andy Cecere, William Demchak, Jamie Dimon, Jane Fraser ,, Brian Moynihan, William Rogers, Wells, Bank of America's Brian Moynihan, Citi's Jane Fraser, Wells Fargo's Charles Scharf, Goldman Sachs, David Solomon, Morgan Stanley's James Gorman, Ronald O'Hanley, BNY Mellon's Robin Vince, Sherrod Brown, Brown, Kevin Fromer, Dimon, Elizabeth Warren, Tim Sloan, meanwhile, Tim Scott, Pete Schroeder, Nupur Anand, Tatiana Bautzer, Saeed Azhar, Lananh Nguyen, Michelle Price, Nick Zieminski Organizations: U.S . Bancorp, PNC Financial Services Group, JPMorgan Chase, Co, Citigroup, Jane Fraser , Bank of America, Truist Financial, JPMorgan, Bank of America, Bank of America's, Democratic, Silicon Valley Bank, Financial Services, Big, Former Wells, Republicans, Thomson Locations: WASHINGTON, Wells Fargo, Silicon, Basel, New York

WASHINGTON (AP) — While the scandals in the cryptocurrency industry seem to never end, Washington policymakers appear to have little interest in pushing through legislation to codify the structure of the industry. The latest shoe to drop is Binance’s multibillion dollar settlement with U.S. authorities and the resignation of its CEO this week. When cryptocurrencies collapsed and a number of companies failed last year, Congress considered multiple approaches for how to regulate the industry in the future. Brown has been highly skeptical of cryptocurrencies as a concept and he’s been generally reluctant to put Congress’ blessing on them through legislation. Yesterday’s development marks the same inflection point that we saw earlier at the intersection of the .com and post-.com eras.”

Persons: Sam Bankman, cryptocurrencies, Janet Yellen, Changpeng Zhao, Zhao, Binance, General Merrick Garland, — Binance, Debbie Stabenow, John Boozman, Sen, Sherrod Brown, Brown, He’s, ” Brown, Fried, can’t, ”, Dennis Kelleher, Yiannis Giokas Organizations: WASHINGTON, Treasury, White, Biden Administration, Binance, U.S . Treasury, U.S, Securities and Exchange Commission, Coinbase, SEC, PayPal, Futures Trading Commission, Agriculture Committee, U.S ., Financial Services, Senate, Consumer, Better, Moody’s Analytics, U.S . Authorities Locations: Washington, United States, Cayman Islands, Ohio, stablecoins, U.S

☆ US FDIC launches review of alleged sexual harassment, misconduct
▼ + stars: | 2023-11-21 | by ( Douglas Gillison | ) www.reuters.com time to read: +3 min

FDIC Chair Martin Gruenberg was also cited in the reports as having earned a reputation for bullying and leniency in cases of misconduct. The special committee will be co-chaired by two FDIC board members, acting Comptroller of the Currency Michael Hsu, a Democrat, and board member Jonathan McKernan, a Republican. Last week, McKernan and FDIC Vice Chair Travis Hill, also a Republican, had demanded that Gruenberg recuse himself from oversight of any review. The board resolution approving the review includes provisions "that restrict the ability of FDIC management and FDIC Board members not on the Special Committee to engage with or influence the review," Hill said, noting that his support of the decision had depended on that condition. In a statement, Sherrod Brown, a Democrat and chair of the Senate Banking Committee who last week called on FDIC inspector general's office to investigate, said the FDIC board had taken "appropriate steps" to ensure its own review would proceed independently.

Persons: Sheila Bair, Jason Reed, Martin Gruenberg, Gruenberg, Michael Hsu, Jonathan McKernan, McKernan, Travis Hill, Hill, Sherrod Brown, Douglas Gillison, Lisa Shumaker, Marguerita Choy, Leslie Adler Organizations: Federal Deposit Insurance Corp, REUTERS, Companies United, U.S . Federal Deposit Insurance Corp, Street Journal, Wall Street, Republican, FDIC, Democrat, recusal, Thomson Locations: Washington, Companies United States, America

☆ The drop in oil prices is good news for the war on inflation, but don't expect an overnight change
▼ + stars: | 2023-11-17 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

The big drop in oil prices is great news for consumers and the war on inflation. Additionally, higher oil prices contribute to inflation directly by increasing the cost of inputs, such as food packaging. It would seem reasonable to assume the opposite is true: falling oil prices will decrease inflation. Energy analyst Andy Lipow tells me that while it is reasonable to assume falling oil prices will reduce inflation, falling prices may not reduce inflation as much or as fast as rising prices increase inflation. "When oil prices fall, we do not see gasoline and diesel prices fall as quickly — certainly not at the retail level."

Persons: Daniel Yergin, CNBC's Becky Quick, Jay Powell, Andy Lipow, — Organizations: P Global, Chevron, U.S . Senate, Energy Locations: U.S, China, Israel

☆ 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

☆ Morgan Stanley CEO says his firm is ready for 'Basel III endgame' — the sweeping new global rules on banking
▼ + stars: | 2023-11-16 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

James Gorman, chairman and chief executive of Morgan Stanley, speaks during the Global Financial Leader's Investment Summit in Hong Kong, China, on Tuesday, Nov. 7, 2023. The de-facto central bank of the Chinese territory is this week holding its global finance summit for a second year in a row. Photographer: Lam Yik/Bloomberg via Getty ImagesSINGAPORE — Morgan Stanley Chairman and CEO James Gorman said his firm will be able to cope with "any form" that new banking regulations end up taking, but added he expects some watering down before the final rules are confirmed. U.S. regulators on Tuesday defended their plans for a sweeping set of proposed changes to banks' capital requirements, speaking in front of the U.S. Senate Banking Committee. These proposed changes in the U.S. seek to incorporate parts of international banking regulations known as Basel III, which was agreed to after the 2008 crisis and has taken years to roll out.

Persons: James Gorman, Morgan Stanley, Lam Yik, Getty Images SINGAPORE — Morgan Stanley, it's, Gorman, Morgan, I've Organizations: Financial, Investment, Bloomberg, Getty Images SINGAPORE, U.S . Senate Banking Committee, Basel III, CNBC, Pacific, Federal Reserve, Fed Locations: Hong Kong, China, U.S, Basel, —, Morgan Stanley's, Asia, Singapore, New York

☆ Fed's Cook says economic risks two-sided, 'soft landing' possible
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

"I believe that a 'soft landing' is possible, with continued disinflation and a strong labor market, but it is not assured," Cook said in remarks prepared for delivery to a San Francisco Fed conference on Asian economic policy. "I see risks as two-sided, requiring us to balance the risk of not tightening enough against the risk of tightening too much." Meanwhile, Cook noted, other global central banks have also tightened policy rapidly. "But in a world of uncertainty it is hard to judge the exact size of these spillovers." Reporting by Ann Saphir; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Lisa Cook, Jonathan Ernst, Cook, bank's, there's, Ann Saphir, Paul Simao Organizations: Federal Reserve, of Governors, Capitol, REUTERS, FRANCISCO, Federal, San Francisco Fed, U.S, Thomson Locations: Washington , U.S, U.S

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. "This is what the Fed was looking for, slowing inflation, slowing labor market and the economy's holding up at the same time." Following the data, traders erased bets the Fed will raise borrowing costs any further and piled into bets on rate cuts starting by May. U.S. Treasury yields dropped, with the two-year yield , which best reflects short-term interest rate expectations, sliding to two-week lows. Advancing issues outnumbered decliners by a 13.89-to-1 ratio on the NYSE and by a 5.44-to-1 ratio on the Nasdaq.

Persons: Brendan McDermid, Thomas Hayes, Russell, Jerome Powell, Michael Barr, Loretta Mester, Austan Goolsbee, Mike Johnson, Sruthi Shankar, Amruta, Ankika Biswas, Shinjini Organizations: New York Stock Exchange, REUTERS, Companies, Dow, Nasdaq, Federal, Reuters, May, U.S, Treasury, Nvidia, Banking Committee, Cleveland Fed, Chicago Fed, U.S . House, Dow Jones, Inc, NYSE, Thomson Locations: New York City, U.S, New York, United States, Bengaluru

☆ FDIC Chair takes heat over stunning allegations of sexual harassment and discrimination at agency
▼ + stars: | 2023-11-14 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

New York CNN —Federal Deposit Insurance Corporation Chair Martin Gruenberg testified Tuesday that he was unaware of the allegations of widespread sexual harassment and discrimination at the agency detailed in a Wall Street Journal investigation. “I did not know about the individual cases,” Gruenberg told him. Martin Gruenberg, chair of the Federal Deposit Insurance Corporation, told senators on Tuesday he was troubled by the allegations detailed in a Wall Street Journal investigation. The report also referenced a 2019 survey conducted by the inspector general that found 8% of the 2,376 respondents experienced sexual harassment between January 2015 to April 2019. The 2020 inspector general report made 15 recommendations to prevent and address sexual harassment at the agency, which Gruenberg said in his testimony on Tuesday had been implemented but acknowledged “didn’t change the culture” at the FDIC.

Persons: Martin Gruenberg, Gruenberg, “, we’ve, ”, Mike Rounds, Thom Tillis, ” Gruenberg, Michael Barr, Michael Hsu, Urban Affairs Gruenberg, Jelena McWilliams Organizations: New, New York CNN, Federal Deposit Insurance, Street, Senate, Street Journal, FDIC, Federal Reserve, Federal Deposit Insurance Corporation, Banking, Housing, Urban Affairs, Financial Locations: New York, South Dakota, North Carolina, “, U.S

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

Companies United States Senate FollowWASHINGTON, Nov 13 (Reuters) - A group of 39 Senate Republicans in a letter on Monday called on major U.S. banking regulators to withdraw a contentious proposal to significantly raise bank capital requirements, warning it could hinder lending and harm the economy. Regulators said stronger cushions will guard against future unforeseen risks, and cited the failures earlier this year of three large U.S. lenders as a warning. * Regulators have said they are continuing to gather data for the proposal, and have given firms more time to provide feedback. * Senator Tim Scott, the top Republican on the Senate Banking Committee and a former presidential candidate, and Senate Minority Leader Mitch McConnell were among the senior Republicans in the chamber to sign Monday's letter. WHAT'S NEXTU.S. banking regulators are due to testify before the Senate Banking Committee on Tuesday, when they are expected to be pressed on the proposal by Republicans.

Persons: Banks, Tim Scott, Mitch McConnell, Pete Schroeder, Paul Simao, Jonathan Oatis Organizations: United States, WASHINGTON, Republicans, Federal Reserve, Federal Deposit Insurance Corporation, Currency, Regulators, Republican, Senate Banking Committee, Fed, OCC, NEXT, Thomson Locations: Basel

When cryptocurrencies collapsed and a number of companies failed last year, Congress considered multiple approaches for how to regulate the industry in the future. Ironically, the failure of Bankman-Fried's FTX and his subsequent arrest late last year may have contributed to the momentum for regulation stalling out. Before FTX imploded, Bankman-Fried spent millions of dollars — illegally taken from his customers it turns out — to influence the discussion around cryptocurrency regulation in Washington and push for action. “Moreover, almost everything the crypto industry does is clearly covered by existing securities and commodities laws that every other law-abiding financial firm in the country follow," he said. Bartlett Collins Naylor, a financial policy advocate for Public Citizen's Congress Watch said “laws on fraud and securities are currently sound.”__Hussein reported from Lewiston, Maine

Persons: Sam Bankman, cryptocurrencies, FTX, Fried, “, Sens, Debbie Stabenow, John Boozman, Sen, Sherrod Brown, Brown, He’s, ” Brown, can’t, Joe Biden, Dennis Kelleher, Bartlett Collins Naylor, __ Hussein Organizations: Securities and Exchange Commission, Coinbase, PayPal, SEC, Commodities Futures Trading Commission, Agriculture Committee, U.S ., Financial Services, White, Federal Reserve, Consumer, Better, Public Citizen's, Watch Locations: PALM SPRINGS, Calif, Washington, Ohio, stablecoins, Lewiston , Maine

☆ Sen. Tim Scott: Make Rep. Patrick McHenry speaker pro tempore so funding for Israel can move forward
▼ + stars: | 2023-10-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSen. Tim Scott: Make Rep. Patrick McHenry speaker pro tempore so funding for Israel can move forwardSenate Banking Committee ranking member Sen. Tim Scott (R-S.C.) joins 'Squawk Box' to discuss the U.S. response to the Israel-Hamas war, his bill in Congress aiming to prevent Iran from accessing billions of dollars in frozen assets made available as part of a U.S. prisoner exchange last month, race for House Speaker, 2024 race, and more.

Persons: Email Sen, Tim Scott, Patrick McHenry, Sen Organizations: Email, House Locations: Israel, Iran, U.S

The war provoked by Hamas' attack on Israel has shaken American politics — and put the primary race in her wheelhouse. Iran has long supported Hamas, though U.S. officials say there's no conclusive evidence yet that Iranian agents were involved in the most recent attack. Ron DeSantis proposed state-level sanctions against Iran for its ongoing support of Hamas. Since before the war, Haley has gone after her rivals on issues such as U.S. support for Ukraine against Russia's invasion and how Washington deals with China. And, in keeping with how he treats rivals, Trump has given Haley a nickname, “Birdbrain."

Persons: CLIVE, — Nikki Haley, peppering, —, Haley, Donald Trump, ”, we’re, wouldn't, Israel, Kevin McCarthy, Joe Biden, South Carolina Sen, Tim Scott, Ron DeSantis, Trump, Vivek Ramaswamy’s, “, ” Ramaswamy, ” Haley, DeSantis, ” DeSantis, Bill Strong, ” Strong, Nikki, doesn’t, Bruce Rauner, Rauner, She’s, Linda Marks, ” Marks, Thomas Beaumont, Elliot Spagat, ___ Meg Kinnard Organizations: Republican, United Nations, Department of Homeland Security, Israel, Saturday, Banking, Gov, Ukraine, Washington, GOP, Lockheed, Raytheon, Boeing, Trump, Disney, ” Former Illinois Gov, doer, Palestinian, Security, The Associated Press, NORC, for Public Affairs Research, Associated Press Locations: Iowa, China, Russia, Israel, U.S, America, Mexico, Iran, Tehran, South Carolina, Florida, Ukraine, Taiwan, ”, Texas, United States, Gaza, Des Moines, Windsor Heights , Iowa, Boone , Iowa, San Diego

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