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☆ How Elon Musk's Department of Government Efficiency could actually work
▼ + stars: | 2024-11-16 | by ( Alice Tecotzky | Katie Balevic | ) www.businessinsider.com time to read: +10 min

Trump has flirted with changing budget laws, but experts told BI that could cause a massive fight. Despite its name, the DOGE will not actually be a government department, as departments are permanent and can only be created by Congress. "The Department of Government Efficiency (DOGE) will ultimately be staffed and dedicated to this mission," Brian Hughes, a spokesperson for Trump's transition team, told BI in a statement. "It just doesn't work, unless you decide to start cutting Social Security benefits or Medicare, at which point all hell breaks loose," she told BI. Trump, Musk, and Ramaswamy may try to circumvent the congressional obstacles standing in the way of their cost-cutting agenda.

Persons: Trump, Donald Trump, Elon Musk, Musk, Vivek Ramaswamy, Ramaswamy, Jim WATSON, Musk's, Elaine Kamarck, Bill Clinton, Kamarck, Brian Hughes, Barney Frank, Douglas Holtz, it's, Lisa Gilbert, Holtz, Eakin, he'll, they're, Gilbert, Brandon Bell, It's, aren't Organizations: Government, Wednesday, Department of Government, GOP, Trump, Brookings Institute, Social Security, Department, Government Efficiency, Congressional, Office, Management, Public Citizen, White, Bloomberg, SpaceX

☆ Opinion | Nancy Pelosi: ‘It Didn’t Sound Like Joe Biden to Me’
▼ + stars: | 2024-08-09 | by ( Ezra Klein | ) www.nytimes.com time to read: +55 min

And they know you’re going to act so they won’t mess with you. Put it in somebody else’s mouth because it was AI mean, it didn’t sound like Joe Biden to me. I think you’re I think you’re underselling this a little bit. And if they don’t, I’m going to keep my promise and send them 100 powdered wigs because they’re just living in a different era. All these other politicians, these career politicians didn’t know how to make a good deal.

Persons: Nancy Pelosi, Harris, Tim Walz, Al Gore, They’re, he’s, Joe Biden, Obama, Walz, Donald Trump, it’s, Trump, Said, JD Vance, Kamala Harris, Gavin Newsom, Ro Khanna, Scott Wiener, haven’t, Liam McCarthy, Willie Brown, George Moscone, Leo, Dianne Feinstein, It’s, Kamala, she’s, let’s, Suzan, You’ll, That’s, you’ll, I’m, that’s, We’re, I’ve, He’s, what’s, Bob Dole, George Bush, Svetlana, they’re, Scott Brown, Ted Kennedy’s, Ted Kennedy, Scott Brown’s, We’ve, you’re, Bill, Harry, Harry Reid, Pelosi, John Boehner, you’ve, Weaver, that’s O.K, Kevin McCarthy, kaka, Bernie Sanders, Sanders, Ted Cruz, Let’s, Barney Frank, Bill I, Steny Hoyer, don’t, You’re, John Dingell, Roe, Ira, Biden, McCarthy, o’clock, Wade, Kathy Manning of, Kathy Manning, didn’t, America’s, Republicans can’t, You’ve, Mary Barra, Steph Curry, Elton John Bono, Bill Gates, ain’t, Abraham, Little, Hillary, Norman Lear, Umberto, Gabriel Garcia Marquez’s, I’ll, Darwin, Lincoln Organizations: Democratic Party, Democratic, Republican, Veterans Affairs, Trump, Republicans, Democrat, San, Cal Stanford, University of San, Morning, NATO, Affordable, Senate, White House, California Democratic Party, Technology Committee, North, Global, Abraham Accords, Rogue, Republican Party Locations: America, Minnesota, San Francisco, University of San Francisco, United States, It’s, Belarus, Massachusetts, California, Iraq, Idaho, Italian, Kathy Manning of North Carolina, China, Sudan, Michigan, Arizona, David, South, Baltimore

☆ Signature Bank failure due to 'poor management,' US FDIC report says
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +4 min

April 28 (Reuters) - Last month's failure of New York-based Signature Bank was caused by "poor management" and a pursuit of "rapid, unrestrained growth" with little regard for risk management, the Federal Deposit Insurance Corporation said on Friday in a report detailing its supervision and regulation of the regional bank. Bank management and its board chased growth and deposits without "developing and maintaining adequate risk management practices and controls appropriate for the size, complexity and risk profile of the institution," according to the 63-page report. The same day SVB failed, Signature lost 20% of its total deposits in a matter of hours, FDIC Chair Martin Gruenberg has said. Similar to SVB, Signature examiners reported weak corporate governance practices and failures by bank management to address shortcomings identified by supervisors, including the firm's reliance on uninsured deposits. Like SVB, Signature relied heavily on uninsured deposits and experienced a boom in growth between 2019 and 2020, when its assets grew 64%, according to Gruenberg.

☆ Barney Frank Was Right About Signature Bank
▼ + stars: | 2023-03-22 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

We never thought we’d write that headline. But on Sunday the Federal Deposit Insurance Corp. announced that New York Community Bancorp ’s Flagstar Bank will assume all of Signature Bank ’s cash deposits except for those of crypto companies. This confirms Mr. Frank’s suspicions—and ours—that Signature’s seizure was motivated by regulators’ hostility toward crypto. Mr. Frank alleged last week that regulators seized Signature, whose board he served on, “to send a message to get people away from crypto.” It increasingly appears that way. Reuters reported last week that the FDIC was requiring any buyer of Signature to give up all crypto business at the bank.

Signature was a traditional commercial bank with a wide range of activities and customers,” an NYDFS spokesperson said. The spokesperson added that as withdrawal requests ballooned over the weekend, Signature Bank failed to provide reliable and consistent data. In response to NYDFS' statement, Frank said he was surprised the regulator said the decision to close the bank was not related to cryptocurrency. Signature was a commercial bank with private client offices with nine national business lines including commercial real estate and digital asset banking. The FDIC established a "bridge" successor bank to Signature Bank on Sunday to enable depositors to access their funds.

☆ The Banking Education of Barney Frank
▼ + stars: | 2023-03-14 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Life is full of irony, but it’s hard to think of a richer one than Barney Frank sitting on the board of the failed Signature Bank . It’s amusing to think of Mr. Frank cashing a check as a bank director, but then even left-wing former Congressmen have to make a living. And in Mr. Frank’s case it has been a nice one, with cash compensation of $121,750 and stock awards of $180,182 in 2022 alone. He’s been on the board since 2015. Perhaps out of office and late in life, Mr. Frank developed a strange new respect for capitalism.

[1/3] A person walks into the lobby of the Signature Bank headquarters, in New York City, U.S., March 13, 2023. Signature Bank did not immediately respond to a request for comment. Signature was a traditional commercial bank with a wide range of activities and customers,” an NYDFS spokesperson said. The spokesperson added that as withdrawal requests ballooned over the weekend, Signature Bank failed to provide reliable and consistent data. The FDIC established a "bridge" successor bank to Signature Bank on Sunday to enable depositors to access their funds.

☆ Joe Manchin says he looks at his 2018 vote on easing bank regulations 'differently now' after Silicon Valley Bank's collapse
▼ + stars: | 2023-03-14 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

In 2018, Sen. Joe Manchin was one of 13 Democrats to vote for easing some banking regulations. The rollback of those regulations meant that Silicon Valley Bank was subject to less scrutiny. That vote has come under renewed scrutiny after the abrupt shuttering of Silicon Valley Bank (SVB) and subsequent bailout of its depositors. Manchin did tell Raju that it was not a mistake to vote through that 2018 legislation, or at least it wasn't at the time. Other Democratic lawmakers who also voted for the 2018 legislation are similarly standing by their decisions.

☆ Barney Frank Pushed to Ease Financial Regulations After Joining Signature Bank Board
▼ + stars: | 2023-03-13 | by ( Julie Bykowicz | ) www.wsj.com time to read: 1 min

As a board member of Signature Bank, former Rep. Barney Frank has earned more than $2.4 million in compensation. WASHINGTON—Former Rep. Barney Frank co-sponsored the law that tightened banking regulations after the financial crisis, but since leaving office he has been working the other side of the street—as a board member of Signature Bank , which regulators shut down Sunday. The 2010 Dodd-Frank legislation set tougher regulatory safeguards on banks with more than $50 billion in assets. After leaving office and joining Signature’s board, Mr. Frank publicly advocated for easing those new standards for smaller banks.

☆ Barney Frank pushed to ease financial regulations after taking seat on bank board: WSJ
▼ + stars: | 2023-03-13 | 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 EmailBarney Frank pushed to ease financial regulations after taking seat on bank board: WSJAndrew Ackerman of the Wall Street Journal joins CNBC's Brian Sullivan and 'Last Call' to discuss Barney Frank's efforts to ease financial regulations after he joined the. board of Signature Bank.

☆ Why regulators seized Signature Bank in third-biggest bank failure in U.S. history
▼ + stars: | 2023-03-13 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

The Signature Bank headquarters at 565 Fifth Avenue in New York, US, on Sunday, March 12, 2023. On Friday, Signature Bank customers spooked by the sudden collapse of Silicon Valley Bank withdrew more than $10 billion in deposits, a board member told CNBC. That run on deposits quickly led to the third-largest bank failure in U.S. history. Signature had 40 branches, assets of $110.36 billion and deposits of $88.59 billion at the end of 2022, according to a regulatory filing. Venture capital investors and founders drained their Silicon Valley Bank accounts Thursday, leading to its seizure by midday Friday.

☆ The rescue of SVB and Signature Bank depositors creates the incentive for more bank runs, Wharton finance professor says
▼ + stars: | 2023-03-13 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

The rescue of Signature and SVB depositors incentivizes more bank runs, a Wharton professor said. "The contagion risk is that there is a run on other banks that are financed by a large fraction of uninsured deposits." "But then it leaves the incentive for uninsured depositors at other banks to run." "The contagion risk is that there is a run on other banks that are financed by a large fraction of uninsured deposits," Drechsler said. Barney Frank, who co-authored the original bill and helped oversee Signature Bank, doesn't blame Trump's policy changes, however.

☆ Why Trump is being called out in the Silicon Valley Bank collapse
▼ + stars: | 2023-03-13 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Some Democrats have been blaming Trump-era regulations for Silicon Valley Bank's collapse. In 2018, Trump signed into law a bill that rolled back provisions in the Dodd-Frank Act and loosened oversight over banks. On Friday, regulators shut down Silicon Valley Bank following a tumultuous few days of failing to raise capital and a flood of customers withdrawing their funds from the bank. "Greg Becker, the chief executive of Silicon Valley Bank, was one of the ‌many high-powered executives who lobbied Congress to weaken the law," Massachusetts Sen. Elizabeth Warren wrote in a Monday opinion piece. Vermont Sen. Bernie Sanders said in a statement that the "failure of Silicon Valley Bank is a direct result of an absurd 2018 bank deregulation bill signed by Donald Trump that I strongly opposed."

☆ U.S. targets '08 crisis trader conflicts in new rule, decade after 1st try
▼ + stars: | 2023-01-25 | by ( Douglas Gillison | ) www.reuters.com time to read: +4 min

The rule is among the last to be adopted under the landmark Dodd Frank Wall Street reform legislation of 2010, according to SEC officials. An earlier version of the conflicts rule first proposed in 2011 was never finalized. SEC officials say it would provide exceptions for legitimate activities, such as hedging to mitigate risk, market-making and meeting liquidity commitments. Better Markets, an advocacy organization that promotes more strict financial sector regulation, welcomed Wednesday's rule proposal but vowed to study it. Without citing prominent recent examples of such conflicts of interest in the asset-backed securities market, SEC officials said the conflicts rule was needed to remove the opportunity and incentive for such conduct.

☆ SEC readies Wall Street 'conflicts' rule, a decade after first try
▼ + stars: | 2023-01-25 | by ( Douglas Gillison | ) www.reuters.com time to read: +3 min

An earlier version of the conflicts rule first proposed in 2011 was never finalized. When made effective with an SEC rule, the section would prohibit traders from betting against asset-backed securities they sold to investors. According to SEC officials, the rule would ban such actions for up to a year following sale of the securities. According to SEC officials, traders who disclosed bets contrary to clients' investments would still run foul of the rule. Without citing prominent recent examples of such conflicts of interest in the asset-backed securities market, SEC officials said the conflicts rule was needed to remove the opportunity and incentive for such conduct.

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.

☆ Colorado's Jared Polis, the first openly gay man elected governor, addresses 'horrific' shooting at an LGBTQ club
▼ + stars: | 2022-11-20 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Summer-Concepcion-Byline-Jm.Jpg | Summer Concepcion | ) www.nbcnews.com time to read: +4 min

Jared Polis, the first openly gay man elected governor in the United States, on Sunday decried Saturday's “horrific” deadly shooting at a Colorado Springs LGBTQ nightclub. “This is horrific, sickening, and devastating,” Polis, a Democrat, said in a statement addressing the attack at Club Q. He is the second out LGBTQ person to be elected governor of a state, after Gov. Before his career in politics, Polis was a tech entrepreneur and amassed a fortune worth nearly $400 million, according to the Center for Responsive Politics. In addition to being Colorado's first openly gay governor, he is also the state's first Jewish governor.

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