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☆ 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

☆ 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

☆ 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

☆ 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

☆ 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

☆ 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

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

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

CNN —In the wake of Hamas’ deadly attacks on Israel, former President Donald Trump is turning to a strategy he employed during the 2016 campaign of using terror abroad – and fears of future attacks on American soil – to push for hard-line immigration policies in the United States. The former president’s rhetoric harks back to his 2016 presidential campaign and his first term in office, when he used fears over terror attacks stateside to block immigrants and refugees from predominantly Muslim countries. “We have leadership who doesn’t know what they’re doing,” Trump said after those attacks. But a few candidates have joined Trump in drawing parallels between the attacks in Israel and safety in the US. Biotech entrepreneur Vivek Ramaswamy has also sought to tie Israel’s war with Hamas to US-Mexico border policy.

Persons: Donald Trump, Trump, ”, Obama, Barack Obama, “, ” Trump, Joe Biden, Ron DeSantis, Vivek Ramaswamy, ” Ramaswamy, Biden, Nikki Haley, Antony Blinken, South Carolina Sen, Tim Scott, Janet Yellen, DeSantis Organizations: CNN, ISIS, Hamas, US, Republican, Central America, Trump, Florida Gov, Pocahontas , Iowa . Biotech, ” Former South Carolina Gov, South, Banking Locations: Israel, United States, Wolfeboro , New Hampshire, Gaza, San Bernardino , California, Paris, Iraq, Iran, Libya, Somalia, Sudan, Syria, Yemen, Palestinian, Central, Pocahontas , Iowa, US, Mexico, Manchester , New Hampshire, “, South Carolina, Qatar

☆ Fed has yet to face final reckoning two years after trading scandal
▼ + stars: | 2023-10-04 | by ( Michael S. Derby | ) www.reuters.com time to read: +6 min

But at the regional level, the IG has yet to weigh in on the trading activities of Rosengren, Kaplan and current Atlanta Fed President Raphael Bostic. Both Rosengren and Kaplan have said they followed the Fed rules that governed trading at the time, and their disclosures were approved by Fed lawyers. Conti-Brown praised the central bank's new ethics regime as likely the best in government, which he said casts the IG's work in an even worse light. They have proposed legislation that would make the Fed IG position a presidential appointment requiring confirmation by the Senate, something Bialek has publicly opposed. During a hearing in the Senate in May, Bialek said the Fed had never interfered in his work.

Persons: That's, Jerome Powell, Eric Rosengren, Robert Kaplan, Mark Bialek, Elizabeth Warren, Rick Scott, Peter Conti, Brown, Powell, Richard Clarida, Kaplan, Raphael Bostic, Rosengren, Bostic, Conti, Warren, Scott, Bialek, Clarida, she's, There's, Michael S, Dan Burns, Paul Simao Organizations: Dallas, Boston Federal Reserve, U.S . Congress, Boston Fed, Dallas Fed, Fed, Democratic, Wharton School, University of Pennsylvania, Reserve Bank, Rosengren, Atlanta Fed, Senate, Committee, Thomson Locations: U.S

☆ A landmark marijuana bill is headed to the Senate floor
▼ + stars: | 2023-10-02 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

New York CNN —The Senate Banking Committee approved a historic marijuana banking bill last week that breaks barriers between financial institutions and cannabis companies. The legislative road ahead is tough, despite the bipartisan majority in committee, but this bill could redefine the business of marijuana. A cannabis business owner drove from Portland to Salem to deliver his taxes, and he had a backpack with $70,000 cash in it. Shutting down its DVD business could help Netflix better focus resources as it expands into new markets such as gaming as well as live and interactive content. Its DVD business has also declined significantly in recent years.

Persons: Bell, Jeff Merkley, Banks, I’ve, that’s, Kaiser Permanente, Kaiser, Eva Rothenberg, Samantha Murphy Kelly, “, Ted Sarandos, Netflix’s Organizations: CNN Business, Bell, New York CNN, Kaiser, Coalition, Kaiser Permanente Unions, D.C, Kaiser Permanente, Netflix, Blockbuster, Hollywood Locations: New York, Oregon, Portland, Salem, That’s, California , Oregon, Colorado , Virginia, Washington

☆ 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

☆ Landmark marijuana financing bill set to move forward in the Senate
▼ + stars: | 2023-09-27 | by ( Stefan Sykes | ) www.cnbc.com time to read: +3 min

A new bill that aims to give the marijuana industry access to banking services is expected to move forward in the Senate on Wednesday. The bill would provide legal protection to banks or other financial institutions that offer services to state-legal marijuana businesses. The Senate Banking Committee will mark up the bill Wednesday, and the panel is expected to vote to advance it to the full chamber's floor. Even as 39 states have legalized marijuana for recreational or medical use, the sector has struggled to scale. The new bill includes stricter requirements for federal regulators, such as prohibiting them from terminating any marijuana-related accounts without "valid reason," or from denying banking services based on "personal beliefs or political motivations."

Persons: Jeff Merkley, Steve Daines, Kyrsten Sinema, Cynthia Lummis, Chuck Schumer, Ian Katz Organizations: U.S, Capitol, Washington , D.C, Sens, SAFE, Democratic, Republican, GOP, Capital Alpha Partners, Republicans Locations: Oregon, Washington ,

In volatile trading, the U.S.-listed shares of several cannabis firms rose immediately after the Senate vote. Investors expected it to exit the banking committee. An earlier version of the bill, the SAFE Banking Act, had failed to secure a Senate vote despite being passed seven times by the U.S House of Representatives. As a result, legal cannabis companies are denied access to financial services. To get it through the Senate banking committee is a major achievement," Boris Jordan, billionaire founder of Curaleaf Holdings, said in an interview.

Persons: Chris Wattie, Jesse Redmond, Redmond, We've, it's, Boris Jordan, Jordan, Chibuike Oguh, Suzanne McGee, Michelle Price, Lance Tupper, Bill Berkrot Organizations: Canopy Growth Corporation, REUTERS, U.S, U.S . Senate, Aurora, Cronos, SNDL Inc, Curaleaf Holdings, Tilray, Cannabis ETF, Cannabis, Tower Research, Investors, SAFE, Thomson Locations: Smiths Falls , Ontario, Canada, U.S, New York, Bengaluru

Crypto companies have been expanding in Washington to combat growing regulatory scrutiny, especially from the SEC which says the industry has been flouting its rules. "Everybody wants to make sure that what they're doing isn't going to be erased by the government," said Kara Calvert, head of U.S. policy at Coinbase, referring to the crypto industry. A House vote before year-end is possible, but the outlook is dimmer in the Senate, where industry-friendly crypto bills have failed to gain traction. And Senate Banking Committee Chair Sherrod Brown of Ohio has shown little interest in making it a priority to advance the House bills. "The last thing we need is for the crypto industry to write their own rulebook — too many Ohioans have been burned by fraud and scams," said Brown in a statement to Reuters.

Persons: Dado Ruvic, Katherine Dowling, Coinbase, OpenSecrets, Brian Armstrong, Kara Calvert, Mark Hays, Sherrod Brown of, Brown, Ian Katz, Hannah Lang, Michelle Price, Richard Chang Organizations: REUTERS, Coinbase, Financial, National Defense, U.S . Securities, Exchange Commission, SEC, Binance, Reuters, OpenSea, Financial Reform, Senate, Capital Alpha Partners, Thomson Locations: Washington, NFTs, Sherrod Brown of Ohio, Ohio

☆ Gensler is testifying before Congress and facing increasing lawsuits over his many rule changes
▼ + stars: | 2023-09-27 | by ( Bob Pisani | ) www.cnbc.com time to read: +7 min

Securities and Exchange Commission Chair Gary Gensler is testifying before the House Financial Services Committee today. Republicans are increasingly apoplectic about the more than 40 rules Gensler has been proposing, especially now that he has begun adopting them. Gensler grilled for proposed and adopted rulesRepublicans will be particularly keen to talk about some of the bigger issues Gensler has been tackling. Some are hoping that a few Democrats will join the Republicans and ask Gensler to slow down. Now that he has begun adopting many of these rules, the financial services industry seems to be saying, "See you in court."

Persons: Gary Gensler, Gensler, That's, Biden, Kirsten Wegner, Wegner, Virtu, Doug Cifu, Cifu, What's Organizations: U.S . Treasury, Washington , D.C, Securities, Exchange, Financial Services, Senate Banking, Republicans, Gensler, Commission, Modern Markets, Trader's Magazine, SEC, Virtu Locations: Washington ,

☆ Curaleaf Executive Chairman: I think we're gonna get a positive bipartisan vote from the Senate
▼ + stars: | 2023-09-26 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCuraleaf Executive Chairman: I think we're gonna get a positive bipartisan vote from the SenateBoris Jordan, Curaleaf executive chairman, joins 'Fast Money' to talk tomorrow's vote on the senate banking committee concerning cannabis companies banking privileges.

Persons: Boris Jordan

☆ Republicans leave Ukraine, weed, crypto in limbo
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

U.S. House Speaker Kevin McCarthy speaks with reporters at the U.S. Capitol in Washington, U.S. September 20, 2023. REUTERS/Jonathan Ernst Acquire Licensing RightsNEW YORK, Sept 21 (Reuters Breakingviews) - Legislative casualties of U.S. Congress’s budget fight are emerging. His caving to extreme members of the party augurs poorly for measures like Ukraine aid and cannabis banking. Republicans including Representative Matt Gaetz and Representative Andy Biggs have already denied calls for new Ukraine aid. By siding with further-right members, McCarthy gives them more power to hold the line.

Persons: Kevin McCarthy, Jonathan Ernst, Joe Biden, Biden, McCarthy, Matt Gaetz, Andy Biggs, Ben Winck, Bernie Sanders’s, Lauren Silva Laughlin, Sharon Lam Organizations: U.S, Capitol, REUTERS, Reuters, Republican, Wednesday, Banking, X, Thomson Locations: Washington , U.S, U.S, Ukraine, Washington

☆ Sen. Mark Warner on A.I. threat: The effects of A.I. tools on the market can be so draconian
▼ + stars: | 2023-09-20 | 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. Mark Warner on A.I. threat: The effects of A.I. tools on the market can be so draconianSenate Intelligence Committee chairman and Banking Committee member Sen. Mark Warner (D-Va.) joins 'Squawk Box' to discuss the potential threat posed by A.I., how the government can enact guardrails to effectively regulate the technology, looming government shutdown, and more.

Persons: Email Sen, Mark Warner, Sen, A.I Organizations: Email, Banking

☆ 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

Colombian-born Kugler, whose research has focused on labor markets, is the first Latina to join the Fed Board in its 109-year history. The vote was 53-45, with a few Republicans supporting a nomination that was championed by Democratic Senator Bob Menendez. The Senate on Wednesday also confirmed Fed Governor Philip Jefferson as Fed vice chair and Fed Governor Lisa Cook to a second term. Jefferson's success as vice chair will hinge on his ability to help Powell manage that process. Reporting by Ann Saphir; Editing by Paul Simao and Timothy GardnerOur Standards: The Thomson Reuters Trust Principles.

Persons: Adriana Kugler, Jonathan Ernst, Kugler, Bob Menendez, Menendez, Philip Jefferson, Lisa Cook, Cook, Jerome Powell, Powell, Michael Feroli, Jefferson, she'll, Derek Tang, Tang, Ann Saphir, Paul Simao, Timothy Gardner Organizations: Federal Reserve, of Governors, Capitol, REUTERS, U.S, Senate, Bank, Fed Board, Democratic, Wednesday, Jefferson, JPMorgan, Fed, Thomson Locations: Washington , U.S, Cuban, United States, U.S

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