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☆ Democrats ask Raimondo to step up enforcement on CHIPS funding
▼ + stars: | 2024-07-01 | by ( Emily Wilkins | ) www.cnbc.com time to read: +2 min

WASHINGTON — A group of Democrats are raising concerns as to whether companies that received federal funding for semiconductors used the money to support stock buybacks - and criticizing their own party over how the awards are given. Raimondo has stated that CHIPS funding is not meant to pad companies' bottom lines or support stock buybacks. But lawmakers urged her to go further, and ban stock buybacks for companies that receive CHIPS funds. About $33 billion of funding from the CHIPS Act has been allocated, mostly to major companies. It also said decisions on buybacks were independent from any funds released through the CHIPS Act.

Persons: Gina Raimondo, WASHINGTON, Sen, Elizabeth Warren, Sean Casten, Bill Foster of, Pramila, Pat Gelsinger, Raimondo, Warren Organizations: Science, Technology, Washington , D.C, CNBC, BAE Systems, Intel, Yahoo, Finance, Microelectronics, Commerce Department Locations: Rayburn, Washington ,, Bill Foster of Illinois, Washington

☆ The Chair of the FDIC is facing calls to resign after scathing report. The implications for banks could be significant
▼ + stars: | 2024-05-08 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

New York CNN —Martin Gruenberg, the chair of the Federal Deposit Insurance Corporation, is facing a barrage of calls from lawmakers to resign after a scathing 234-page report released Tuesday detailed pervasive sexual harassment, discrimination and bullying at the agency. If he heeds the calls, there could be significant ramifications for banks across the country. “We do recognize that, as a number of FDIC employees put it in talking about Chairman Gruenberg, culture ‘starts at the top,’” the report said. Gruenberg’s temperament “may hinder his ability to establish trust and confidence in leading meaningful culture change,” the report added. Aside from Democratic Rep. Bill Foster, Democrats have stopped short of calling on Gruenberg to resign.

Persons: New York CNN — Martin Gruenberg, Cleary Gottlieb Steen, Gruenberg, ‘, ’, “, ” That’s, CNN Gruenberg “, Joe Biden, Bill Foster, That’s, Travis Hill, Rulemaking, ” Dennis Kelleher, Hill, Cowen, Sen, Elizabeth Warren aren’t, Karine Jean, Pierre didn’t, Biden, Kelleher Organizations: New, New York CNN, Federal Deposit Insurance Corporation, Hamilton, FDIC, CNN, Democrat, Democratic Rep, Republican, Senate, Democratic, Better, Federal Reserve, White Locations: New York, Basel

☆ Millennials, Gen Z, Republicans, and Democrats agree: The economy sucks.
▼ + stars: | 2023-11-22 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Despite cooling inflation, many Americans just don't feel good about the economy. Some lawmakers told Punchbowl News that housing costs, student loans, and ChatGPT are reasons why. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe rise of artificial intelligence and increased usage of ChatGPT are making young people worried about their financial futures, Democratic Rep. Bill Foster told Punchbowl.

Persons: —, Gen Zers, Joe Biden, Biden, I'm, they're, Sen, Bernie Sanders, Punchbowl, Bill Foster, Sam Altman, I've Organizations: Punchbowl News, Service, Suffolk University Sawyer Business School, USA, Republicans, Federal Reserve, Democratic Locations: USA, America

The proposal, which will kick off an ambitious agenda for Barr, plans to fully implement the globally agreed Basel bank capital agreement. BANKING OPPOSITIONThe banking industry is not waiting for details before trying to disrupt the effort, arguing it could hinder economic activity, curb lending, and kill lines of business. The criticism is also emerging among some Republican bank regulators, who appear likely to oppose the plans. Regulators will have to digest numerous and voluminous comments from the banking industry dissecting their plans. And in the meantime, banks are expected to continue hammering that higher capital requirements means a smaller economic role for banks and are not needed.

Persons: Michael Barr, Barr, Michael Barr's, Isaac Boltansky, Spokespeople, Kevin Fromer, Jerome Powell, Powell, Republican Andy Barr, Bill Foster, Tim Scott, Michelle Bowman, Barr's, Morgan Stanley, James Gorman, Pete Schroeder, Megan Davies, Andrea Ricci Organizations: Banking, Fed, Federal Deposit Insurance Corporation, Office, FDIC, Financial Services, Financial Services Committee, Republican, Senate, Committee, Regulators, White, Thomson Locations: Basel

Though the showdown unnerved investors and prompted threats of a second U.S. debt downgrade in a little over a decade, proposals to abolish the debt ceiling have gained little traction in Congress in recent years. But Democrats did not try to abolish the debt ceiling when they controlled the White House and both chambers of Congress in 2021 and 2022. 'OUTLIVED ITS USEFULNESS'Some budget hawks who previously supported the debt ceiling now argue that the growing dysfunction in Washington has made the risk of default too great. Absent those reforms, many budget experts say the debt ceiling is the only way to force some sort of fiscal restraint. "I would never just drop the debt ceiling and do nothing else in its stead.

Persons: we've, Mike Rounds, Janet Yellen, Steve Ellis, We're, Bill Foster, Barack Obama, Brian Riedl, Riedl, MacGuineas, Andy Sullivan, David Morgan, Scott Malone, Chizu Organizations: Republicans, Democratic, White, Republican, Taxpayers, Democrats, Congress, Biden, Manhattan Institute, Center, Budget, Thomson Locations: U.S, Washington, United States, Denmark

WASHINGTON, March 30 (Reuters) - The secretive world of Federal Reserve bank supervision has been laid bare by the collapse of Silicon Valley Bank and critics say it needs an overhaul to make it more nimble, transparent and decisive. Typically, bank supervisors do most of their work behind closed doors. Bank supervision is typically conducted behind closed-doors because of concerns that publicizing bank missteps could spur bank runs and undermine confidence in the overall system. SVB's rapid growth also was a factor for Fed supervisors. Barr said part of his review would look at whether Fed supervision was appropriate for the bank's "rapid growth and vulnerabilities."

☆ House Democrats reject a rules change that could've empowered junior members amid concerns about aging leadership
▼ + stars: | 2022-12-13 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +8 min

"Six years is a pretty long time," Democratic Rep. Abigail Spanberger of Virginia told Insider at the Capitol earlier this month. "I'm not for term limits," House Majority Leader Steny Hoyer told Insider during a briefing with reporters at the end of November. "I'm not taking a position on any single rules proposal that is before the House Democratic Caucus," he said. Another prominent young lawmaker — 33-year-old Democratic Rep. Alexandria Ocasio-Cortez of New York — has also been vocal in her criticism of the system. "Whatever the mechanism is, we need to have more opportunities for people to bring their leadership to bear in different places," she told Insider.

☆ Republican Catalina Lauf seeks to oust incumbent Rep. Bill Foster in Illinois' 11th Congressional District election
▼ + stars: | 2022-11-05 | by ( Hanna Kang | ) www.businessinsider.com time to read: +4 min

Republican Catalina Lauf looks to unseat Democratic Rep. Bill Foster in Illinois' 11th Congressional District. IL-17IL-06IL-13 HouseRepublican Catalina Lauf looks to unseat longtime Democratic Rep. Bill Foster in Illinois' 11th Congressional District. Illinois' 11th Congressional District candidatesLauf, who sits on the large bench of Republican Latino candidates the GOP built this year, is a Woodstock, Illinois, native and daughter of Latin American immigrants. "I think for many women of all ages it may be the number one issue," Foster told a local station. Voting history for Illinois' 11th Congressional DistrictIllinois' 11th Congressional District, which under its previous boundaries covered the west and southwest suburbs, now stretches into the northwest territory of McHenry, Boone, DeKalb, and Kane counties.

IllinoisIn Illinois, two candidates are looking to make history as the state's first Latina congresswoman: Democratic state Rep. Delia Ramirez in the state's 3rd Congressional District, and Republican newcomer Catalina Lauf in the 11th Congressional District. OregonIn Oregon, two candidates are looking to become the state’s first Latina congresswoman: Democratic state Rep. Andrea Salinas and Republican Lori Chavez-DeRemer, the former mayor of Happy Valley. Flores is on the ballot again in November to defend her newly won seat representing Texas’ 34th Congressional District. Among them are Jenny Garcia Sharon in the 37th Congressional District and Carmen Maria Montiel in the 18th District. Justin Sullivan / Getty Images fileSen. Catherine Cortez Masto, a Democrat, made history as the first Latina elected to the U.S. Senate and the first woman elected to the Senate from Nevada.

☆ Tech leaders dish on how asinine it is to try to describe their companies, products, and worth to Congress
▼ + stars: | 2022-09-21 | by ( Hanna Kang | Kayla Gallagher | ) www.businessinsider.com time to read: +24 min

Tech companies are worried an aging Congress can't meet or even understand their demands. Younger members of Congress are beginning to take the lead in conversations on tech issues. Hawley said younger members are generally more critical of big tech. However, he added, new technologies are more widely used by younger people, and users tend to understand technology better. Meanwhile, major tech companies continue to ramp up their federal lobbying spending, together spending more in 2021 than in any other year in history.

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