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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.
In fact, some said that's exactly what the party needs to produce a winning presidential candidate the next time around. "Heck, I hope 10 or 15 people run," Tuberville told Insider at the US Capitol, urging other White House hopefuls to "put out what you need to, go raise money, and put your best foot forward." When asked how DeSantis might hit back at the scandal-plagued former president, Rubio said that's for 2024 contenders to figure out. A follow-up question about his possibly entering the race compelled Rubio to say that he was not running for president. "There's an old statement, 'What Peter says about Paul tells you more about Peter than it does about Paul," he told Insider in the Senate subway tunnels.
SVB executives could face clawback of bonuses
  + stars: | 2023-03-15 | 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 EmailSVB executives could face clawback of bonusesSen. Cynthia Lummis (R-Wyoming) joins CNBC's Brian Sullivan and 'Last Call' to discuss the collapse of Silicon Valley Bank and what regulators could have done to prevent it from happening.
Some members of Congress have begun pushing to ban TikTok in the US. "I'm a little less enthusiastic about an all-out ban of it," said Republican Sen. Kevin Cramer of North Dakota. "I'm an incrementalist on a lot of things, and I would be on this as well," said Republican Sen. Cynthia Lummis of Wyoming. Last week, the Senate Judiciary Committee held a hearing on social media and the internet's impact on children. Democratic Sen. Mazie Hirono of Hawaii, another committee member, said she's most concerned about how social media platforms are impacting kids.
Senate Republican women offered guarded praise but seemed interested in additional candidates. And we'll see who else jumps in," Sen. Joni Ernst, who seemed to be on the exact same page as many of her colleagues, told Insider at the US Capitol. While the half-dozen GOP women Insider talked to about Haley's plans were generally supportive of her presidential ambitions, none offered her an endorsement. I thought it was well done," Sen. Deb Fischer of Nebraska told Insider between Senate votes. "She adds much needed diversity," Collins told Insider — before quickly adding, "I expect there'll be other very good candidates announcing as well."
Cynthia Lummis and Peter Welch are psyched to join forces and get things done in the new congress. And it will serve the Senate well," Lummis said, adding, "I'm very excited that he's on the Senate side." Welch was equally enthused about the reunion, noting that as one of the freshmen senators in the 118th Congress he actually inherited Lummis' old digs. While walking from the Capitol to the Senate office buildings, Welch stopped Lummis, who had two staffers with her, to chat. "I love Pete Welch," Lummis said.
WASHINGTON, Feb 13 (Reuters) - Two U.S. senators on Monday urged the Federal Communications Commission to move quickly to grant some automakers and universities the ability to use some spectrum to deploy connected vehicle technology aimed at preventing crashes. Senators Gary Peters and Cynthia Lummis urged the FCC to approve "waiver requests to enable deployment of Cellular Vehicle-to-Everything (C-V2X) technology in the 5.9GHz spectrum band. C-V2X technology is poised to save lives, (and) will pave the way for the future of automobile and transportation infrastructure." The FCC said in November 2020 it intended to offer waivers. It has received 18 waiver requests to date and none have yet been granted, the senators said.
New York CNN —One of America’s elite white-collar law firms has emerged as a contentious figure in the complex FTX saga. A judge ruled that the bankrupt crypto platform could retain Sullivan & Cromwell as legal counsel, overruling objections from FTX customers who accused the firm of conflicts of interest. Then FTX’s former top lawyer supported the motion in a court filing, which included additional allegations that one of his former colleagues improperly funneled FTX business to Sullivan & Cromwell. Friedberg alleged that that lawyer funneled business to Sullivan & Cromwell, hoping to curry favor with the firm to which he hoped to eventually return. Earlier this month, a group of US senators also raised objections to Sullivan & Cromwell’s participation in the FTX bankruptcy.
The unregulated nature of the crypto industry emerged as a pressing concern late last year after the collapse in November of crypto exchange FTX. Hill has been an enthusiastic supporter of the crypto industry. Emmer described actions taken by Securities and Exchange Commission Chair Gary Gensler as "haphazard and unfocused." Senate Democrats, meanwhile, have already begun to prepare their own efforts to oversee the crypto industry and dictate enforcement actions. The commission charged crypto lender Genesis and crypto exchange Gemini with the unregistered sale and offering of securities on Thursday, the same day that Hill announced the subcommittee.
Five senators voted against expanding protections for breastfeeding workers. The PUMP Act will now be included in the federal Omnibus bill, which the president is expected to sign. In online statements on Thursday, Merkley and Murkowski celebrated the passage of the PUMP Act. "I am encouraged to see the PUMP Act pass the Senate—good progress toward ensuring no mother ever has to choose between a job and nursing her child," Murkowski said. Merkley and Murkowski initially tried to get the PUMP for Nursing Mothers Act voted on as a standalone bill on Tuesday, but the attempt was blocked by Paul.
A group of Senate Republicans hosted their first member-led policy discussion on Wednesday. Attendees said Senate Minority Leader Mitch McConnell was in the room but didn't participate. "Nothing was fleshed out," Braun told reporters at the US Capitol, adding that "I think it's the beginning, maybe, of a more participatory process." Still, convening more meetings, which Cornyn said this group seemed inclined to do, is preferable to the scorched-earth tactics others have embraced in the past. "I think they're good meetings to have," Rubio told Insider.
Lawmakers are generally in agreement that crypto firms should have greater regulation, but there are divergent views on how the industry should be regulated. U.S. prosecutors on Tuesday charged FTX founder Sam Bankman-Fried with money laundering and fraud, among other violations. "It is time for Congress to make the crypto industry follow the same money-laundering rules as everyone else," U.S. She and Republican Senator Roger Marshall from Kansas earlier announced legislation aimed at closing money laundering loopholes in the crypto industry. Without U.S. regulation, the value of crypto investments could disappear, said hearing witness and American University law professor Hilary Allen.
WASHINGTON — The House passed legislation Thursday that enshrines federal protections for marriages of same-sex and interracial couples. Thirty-nine House Republicans supported the legislation Thursday and one voted present. The revisions to the bill meant the House had to vote again after passing an earlier version in July. It reflects the rapidly growing U.S. public support for legal same-sex marriage, which hit a new high of 71% in June, according to Gallup tracking polls — up from 27% in 1996. In the Senate, 12 Republicans voted with unanimous Democrats to pass the bill, which sent it back to the House.
Mitch McConnell never publicly offered his position on a bill to protect same-sex marriage. Susan Collins of Maine and Thom Tillis of North Carolina on amendments to the bill, told Insider. "You know, the leader has to look at his conference," Tillis told Insider, referencing his own time as the Speaker of the North Carolina House. Republican Sen. Ted Cruz of Texas, a conservative opponent of the bill, told Insider that "of course" he wished McConnell had taken a vocal position on the bill. As Sinema stood up to embrace the Iowa Republican, McConnell rose from his seat and voted no.
"You have to have candidates that appeal to the general public," Republican Senator Mike Rounds told reporters. Trump's party succeeded in winning a House majority, but by a smaller margin than it had expected. "Candidates matter, and I think we've lost two or three or four races we didn't have to lose this year," Republican Senator Roy Blunt told reporters. "We just need to be able to be aggressive," said Republican Senator Cynthia Lummis. The former football star had support on the campaign trail from prominent Senate Republicans including Ted Cruz, Lindsey Graham and Rick Scott, who chairs the Senate Republican campaign arm.
Another lawmaker, Republican Sen. Tommy Tuberville of Alabama, disclosed at a Senate Agriculture Committee hearing about FTX on Thursday that he, too, holds some crypto assets. Tuberville's most recent disclosure reports from this year reviewed by CNBC do not show any crypto stock purchases. Out of all ten offices contacted, only one said they sold their crypto stock holdings after FTX imploded. Rep. Marie Newman, D-Ill., who lost her bid for reelection owned crypto stock up until last week, recently sold her digital token stocks as the industry took a hit. Toomey told CNBC "HODL" when asked about whether he plans to sell his crypto stock following FTX's collapse.
Here is what they said about supporting the Respect for Marriage Act, which some social conservatives object to:SUSAN COLLINS, MAINECollins is one of the most moderate Senate Republicans. LISA MURKOWSKI, ALASKAMurkowski, a moderate Senate Republican, was the third Republican senator in 2013 to come out in support of same-sex marriage. DAN SULLIVAN, ALASKASullivan said he disagreed with the 2015 Supreme Court decision that established the national right to same-sex marriage. CYNTHIA LUMMIS, WYOMINGAlthough she also believes in "traditional" marriage, Lummis said she believed the separation of church and state was more important than individual religious opinions. She told Politico that although she believes "in traditional marriage," her stance evolved with growing popular support for same-sex marriage.
The Senate will vote on a bill to protect same-sex marriage on Tuesday night. Twelve Republican senators so far have voted to advance the bill. Senators have tweaked the bill, which passed the Democratic-controlled House in July, to get GOP support. So far, 12 Republicans have cast votes in support of advancing the bill, and more could emerge when the final version comes up. A Gallup poll from June 2021 found that 70% of Americans — including 55% of Republicans — support same-sex marriage.
As questions swirl about how much cryptocurrencies will be worth in the wake of the spectacular collapse of the crypto exchange FTX and other major platforms, a key question has emerged: Who will keep your crypto safe? Prior to its collapse, FTX was the world's fifth-largest cryptocurrency exchange, according to data from the crypto group CoinGecko cited by Reuters, processing $627 billion in trading volume year-to-date. But as cryptocurrencies broadly became more mainstream, companies and exchanges sprang up that allowed people to buy crypto without those steps. Today, platforms seemingly untouched by the FTX collapse, like Coinbase, have sought to reassure their users that their assets remain safe and, in some cases, are not subject to lending. Instead, there are growing calls for increased regulation that would force crypto exchanges to keep customers' money firewalled so that it cannot be repurposed for other uses.
Bahamas-based crypto exchange FTX filed for bankruptcy in the U.S. on Nov. 11, 2022, seeking court protection as it looks for a way to return money to users. "I think the collapse of FTX will end up being good for traditional finance companies like Fidelity who are entering the crypto space, because they come with a certain level of trust," Lum said. Earlier this month, Fidelity Investments announced plans to launch a commission-free crypto product, allowing investors to buy and sell bitcoin and ether. The FTX collapse has also renewed interest in cold storage, or taking digital currency offline, making it less susceptible to hacks. The [FTX] collapse should be a lesson that any individual company — be it a crypto exchange or more traditional business — can go bankrupt in times of distress.
Two of his revenge picks to knock off House Republicans who voted to impeach him lost critical general election races in Michigan and Washington. To Mr. Trump, none of that had any bearing on his desire to return to power. “A perfect call.” Absconding with classified documents from the White House? “I think the question is who is the current leader of the Republican Party. In light of what unfolded at Mar-a-Lago, that felt more like the wishful thinking of a born optimist than the judgment of a seasoned student of Mr. Trump.
Trump has teased November 15 as the date to announce a presidential run. When asked by Politico on Monday if he would endorse a Trump 2024 presidential bid, Sen. Lindsey Graham of South Carolina declined. Sources told CBS News that despite concerns, Trump would be going ahead with Tuesday's announcement. Oh, I know who it is: Ron DeSantis," Sen. Cynthia Lummis, a Wyoming Republican told Politico. "Ron DeSantis is the leader of the Republican Party, whether he wants to be or not."
Politico reporter Burgess Everett asked Sen. Cynthia Lummis if she'd endorse a 2024 Trump campaign. Lummis said he was asking the wrong question, calling DeSantis the "leader of the Republican party." She voted against certifying PA's 2020 election results and to acquit Trump in his second impeachment. "I don't think that's the right question," the Republican Senator told Politico reporter Burgess Everett when asked if she'd endorse a 2024 Trump campaign. "I think the question is: Who is the current leader of the Republican Party?"
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt's time Washington addresses crypto regulation, says Sen. Cynthia LummisSen. Cynthia Lummis (R-Wyo. ), who serves on the Senate Committee on Banking, Housing and Urban Affairs, joins CNBC's 'Squawk Box' to weigh in on potential crypto regulation following the collapse of FTX.
Sen. Lindsey Graham said he doesn't think Trump should announce a 2024 bid on Tuesday evening. "I don't think Trump should announce tonight," the South Carolina Republican told reporters at the Capitol on Tuesday, adding that he believes a majority of Republican senators think the former president should hold off. His speech comes as many Republicans nationwide have balked at the prospects of a Trump 2024 run, blaming him for the party's underwhelming performance in the midterm elections. Assuming Trump does announce a presidential bid on Tuesday evening, he may not have many immediate endorsements from within his party. "It's Georgia, Georgia, Georgia," Sen. Cynthia Lummis of Wyoming said Tuesday.
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