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☆ Credit Suisse has violated U.S. tax evasion deal, Senate Committee finds
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +3 min

LONDON, March 29 (Reuters) - Credit Suisse (CSGN.S) violated a 2014 plea deal with U.S. authorities by continuing to help ultra-wealthy Americans evade taxes and concealing more than $700 million from the government, the U.S. Senate Finance Committee found on Wednesday. After concluding a two-year investigation into Credit Suisse - which this month agreed to a rescue takeover by rival UBS (UBSG.S) - the committee said it had uncovered "major violations" of the 2014 agreement between the Swiss lender and the U.S. Department of Justice for enabling tax evasion. In an emailed statement, Credit Suisse said it did not tolerate tax evasion and had been cooperating with U.S. authorities. Credit Suisse in 2014 became the largest bank in 20 years to plead guilty to a U.S. criminal charge, agreeing to pay a $2.5 billion fine to authorities for helping Americans evade taxes in a conspiracy that spanned decades. Swiss authorities engineered the rescue of Credit Suisse earlier this month as they scrambled to prevent the lender from collapsing.

☆ White House preparing call for new bank rules - WaPo
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, March 29 (Reuters) - The White House is readying plans to push federal banking regulators to impose new rules on midsize banks after the collapse of Silicon Valley Bank earlier this month, the Washington Post reported on Wednesday, citing two people familiar with the preparations. The planned recommendations for Democratic U.S. President Joe Biden would push for rules to be reinstated for banks with between $100 billion and $250 billion that were deregulated by Congress and the Federal Reserve during former Republican President Donald Trump's administration, the Post said. Representatives for the White House could not be immediately reached for comment on the reported plans. Potential moves include requiring banks to have higher capital requirements, more safe assets relative to riskier loans, and crisis-ready plans for dissolution as well as more frequent so-called stress tests, the Post reported. Writing by Susan Heavey in Washington; additional reporting by Shivani Tanna in Bengaluru; Editing by Jan Harvey and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

[1/2] The White House is seen from the top of the Washington Monument April 3, 2003. REUTERS/Molly RileyWASHINGTON, March 29 (Reuters) - The White House made an emotional plea on Wednesday for Republican action to curb mass shootings, criticizing conservative lawmakers for saying nothing can be done after the nation's latest high-profile mass shooting at a school in Tennessee this week. "It's unacceptable that Republicans are saying there is nothing that we can do," White House spokesperson Karine Jean-Pierre told reporters at a briefing on Wednesday. He told reporters this week he has done what he could through executive action but needs Congress to step up. Senator Marsha Blackburn of Tennessee, who has often been a harsh critic of his administration, according to the White House.

☆ Biden pushes for Republican proposal in U.S. debt-ceiling standoff
▼ + stars: | 2023-03-28 | by ( David Morgan | ) www.reuters.com time to read: +3 min

Biden urged the top congressional Republican to spell out his proposals before lawmakers leave Washington for a two-week recess set to start on Thursday. McCarthy told CNBC earlier that he was prepared to lay out $4 trillion in spending cuts for Biden, if he would agree to meet. Republicans have not yet produced a budget plan of their own and could be weeks or months away from doing so. McCarthy's proposals, though lacking detail, paralleled the demands of hard-right House Republicans far more closely than ideas put forward by moderate Republicans. Republicans have sought to blame Biden, but only Congress has the authority to raise the debt ceiling.

☆ Pence must testify in Jan. 6 attack probe, judge rules -source
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, March 28 (Reuters) - A federal judge has ruled that former U.S. Vice President Mike Pence must testify to a grand jury about conversations he had with former President Donald Trump leading up to the Jan. 6, 2021, attack on the U.S. Capitol, a source familiar with the ruling said on Tuesday. In a ruling that remains under seal, the judge also said that Pence can still decline to answer questions related to Jan. 6, the source said, adding that Pence can still appeal the ruling. The appeal option is being evaluated, the source said. "I'm pleased that the court accepted our argument and recognized that the Constitution's provision about speech and debate does apply to the vice president," he said. In February, a source told Reuters Pence was preparing to resist a grand jury subpoena to secure his testimony.

☆ Pence must testify in Jan. 6 attack probe, judge rules -reports
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, March 28 (Reuters) - A federal judge has ruled that former U.S. Vice President Mike Pence must testify to a grand jury about conversations he had with former President Donald Trump leading up to January 6, 2021 attack on the U.S. Capitol, according to media reports. In a ruling that remains under seal, the judge also said that Pence can still decline to answer questions related to Jan. 6, CNN reported, citing unnamed sources, adding that Pence can still appeal the ruling. NBC separately reported the judge's split decision citing sources familiar with the ruling, saying it compels Trump former vice president to appear before the federal grand jury but shields him from testifying about Jan. 6, 2021. Pence, who is exploring a challenge to Trump for the Republican presidential nomination in 2024, is fighting a grand jury subpoena to secure his testimony, sources have told Reuters. Reporting by Sarah N. Lynch; additional reporting Kanishka Singh; writing by Susan Heavey and Paul Grant Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ McCarthy urges Biden to start debt talks, Democrats say he has no plan
▼ + stars: | 2023-03-28 | by ( David Morgan | ) www.reuters.com time to read: +2 min

In a letter to Biden, McCarthy proposed scaling back domestic spending, clawing back unspent COVID-19 relief funds and other changes that he said would save trillions of dollars. But his Republicans have not yet produced a budget plan of their own and could be weeks or months away from doing so. Biden, a Democrat, has insisted that Republicans who control the House instead raise the $31.4 trillion debt ceiling without conditions and produce a fiscal 2024 spending plan before he will engage in talks about spending. Republicans have sought to blame Biden, but only Congress has the authority to raise the debt ceiling. "The only thing missing is a real plan," Democratic Senate Majority Leader Chuck Schumer said in a floor speech.

☆ CFTC: U.S. regulators needed to step in aggressively on Binance
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, March 28 (Reuters) - Activity at Binance was a pretty clear case of evasion and U.S. authorities needed to step in aggressively and as quickly as possible, the chairman of the Commodity Futures Trading Commission said on Tuesday. The U.S. agency sued Binance, the world's largest crypto exchange, on Monday. Behnam said Binance was a common enterprise comprised of dozens and dozens of entities scattered across the globe. "Not having a headquarters, not having a location is not going to prevent the CFTC from coming after you," he said. "So we're going to vigorously continue and fight this case in court," he told the CFTC.

☆ US House Republicans launch investigation of Manhattan DA in Trump probe
▼ + stars: | 2023-03-20 | by ( David Morgan | ) www.reuters.com time to read: +3 min

His fellow Republicans including House Speaker Kevin McCarthy have accused Bragg, a Democrat, of abuse of power and using his office to pursue a political agenda. McCarthy had also said he would direct House committees to determine whether federal funds have been used in the district attorney's probe. The letter was signed by House Judiciary Committee Chairman Jim Jordan, House Oversight Committee Chairman James Comer and House Administration Committee Chairman Bryan Steil. "Congress has no jurisdiction to investigate the Manhattan DA, which receives no federal funding nor has any other federal nexus," added Goldman, who was lead counsel in a 2019 House impeachment of Trump. Trump, who is seeking the 2024 Republican presidential nomination, has said he would continue campaigning even if charged with a crime.

☆ Jury convicts four far-right Oath Keeper associates in US Capitol attack
▼ + stars: | 2023-03-20 | by ( Sarah N. Lynch | ) www.reuters.com time to read: +2 min

WASHINGTON, March 20 (Reuters) - Four associates of the far-right Oath Keepers group were found guilty on Monday for their roles in the Jan. 6, 2021, attack on the U.S. Capitol, but the Washington jury remained deadlocked on some serious charges for two other defendants who did not enter the building during the chaos. Michael Greene and Bennie Parker, the two who did not enter the Capitol building, were acquitted on the most serious felonies charges, though the jury remained deadlocked on one outstanding felony count for each man. U.S. District Judge Amit Mehta instructed the jury to go back and continue to deliberate on the two remaining counts. Greene and Bennie Parker were found guilty, however, on lesser misdemeanor charges of entering a restricted building or grounds. Then-president Trump, a Republican, fired up the crowd on Jan. 6 with false claims that his defeat was the result of widespread fraud.

WASHINGTON, March 20 (Reuters) - The United States has determined that all sides committed war crimes during the conflict in northern Ethiopia that killed tens of thousands of people, left hundreds of thousands facing hunger and displaced millions, U.S. Secretary of State Antony Blinken said on Monday. Members of the ENDF, Eritrean forces, and Amhara forces also committed crimes against humanity, Blinken told reporters, including murder, rape and other forms of sexual violence and persecution. Members of the Amhara forces committed the crime against humanity of deportation or forcible transfer and committed ethnic cleansing through their treatment of Tigrayans in western Tigray, Blinken said. "In terms of what happens next in Ethiopia, including what process they establish to provide for justice, for accountability, we'll see. The United States was outspoken in its criticism of alleged atrocities by Ethiopian forces and their allies from Eritrea and the Amhara region during the Tigray war.

"No one is above the law," Biden said in the statement, "and strengthening accountability is an important deterrent to prevent mismanagement in the future." The current law "limits the administration’s authority to hold executives responsible," he said. Specifically, Biden is asking Congress to give the Federal Depository Insurance Corp greater authority to claw back compensation, "including gains from stock sales – from executives at failed banks like Silicon Valley Bank and Signature Bank," the White House said in a second statement. "The President urges Congress to expand the FDIC’s authorities to expressly cover cases like this" the White House statement said, citing Becker's stock sales. The president is also asking Congress to give the FDIC more authority to ban bank executives from the industry when their banks go into receivership, and to fine bank managers whose banks fail.

☆ Biden says failed banks' executives should be fined, banned, stripped of compensation
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

"No one is above the law," Biden said in the statement, "and strengthening accountability is an important deterrent to prevent mismanagement in the future." The current law "limits the administration’s authority to hold executives responsible," he said. Specifically, Biden is asking Congress to give the Federal Depository Insurance Corp. greater authority to claw back compensation, "including gains from stock sales – from executives at failed banks like Silicon Valley Bank and Signature Bank," the White House said in a second statement. The president is also asking Congress to give the FDIC more authority to ban bank executives from the industry when their banks go into receivership, and fine bank managers whose banks fail. Reporting by Jeff Mason and Costas Pitas; writing by Susan Heavey and Heather Timmons; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

☆ Actions giving banks more time to address organization, US's Adeyemo says
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, March 17 (Reuters) - Global markets will need time to process actions by regulators and banks this week, U.S. Deputy Treasury Secretary Wally Adeyemo told CNBC on Friday, adding that U.S. officials will remain vigilant going into the weekend. Adeyemo said deposits have stabilized over the course of this week and backed actions by large U.S. banks on Thursday to give San Francisco-based First Republic Bank (FRC.N) a $30-billion lifeline. "The market is taking time to price in the actions that have been taken by regulators but also by the biggest banks," he told CNBC. Adeyemo said a number of U.S. banks pre-positioned themselves by utilizing the Federal Reserve's discount window, but they have been taking less funds as the week progressed. "What we expect to see over time, is that they're going to need less liquidity from the discount window," he told CNBC.

☆ U.S. to pledge over $171 mln in aid for Venezuela -US official
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, March 17 (Reuters) - The United States plans to pledge over $171 million in funding for Venezuela at a donor conference on Friday in Brussels, a U.S. official told Reuters, as the country's opposition awaits U.S. moves to process frozen Venezuelan government funds. The pledge is expected to come at a European Union-backed conference focused on building solidarity with Venezuelan refugees and migrants. The U.S. official did not provide details on the funding, which builds on a further $376 million in funding Washington pledged last year. Washington backs Venezuela's opposition, recognizing its parallel legislature and decrying what it says is President Nicolas Maduro's dictatorship. Under the administration of former President Donald Trump, the United States intensified its sanctions against the South American country.

☆ UN backs Turkey, Ukraine in call for 120-day grain deal rollover
▼ + stars: | 2023-03-16 | by ( Michelle Nichols | ) www.reuters.com time to read: +3 min

UNITED NATIONS, March 16 (Reuters) - The United Nations backed Turkey and Ukraine on Thursday by calling for a 120-day rollover of an agreement allowing the safe export of grain from several Ukrainian Black Sea ports after Russia said it would only extend the pact for 60 days. "For us, the text in the agreement is clear and it calls for a 120-day rollover," U.N. spokesman Stephane Dujarric told Reuters when asked about remarks by Turkey. Turkey said on Wednesday that it would continue talks to extend the deal for 120 days rather than 60 days. Senior U.N. and Russian officials met in Geneva on Monday to discuss extending the grain deal. Ukraine has so far exported nearly 25 million tonnes of mainly corn and wheat under the deal, according to the United Nations.

☆ U.S. Senate banking panel to hold hearings on sector's woes, chair says
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, March 15 (Reuters) - The Democratic head of the U.S. Senate Banking Committee on Wednesday said the panel would hold hearings on the bank industry's problems but that any new legislation was unlikely to pass the Republican-controlled U.S. House of Representatives. The panel's chairman, Sherrod Brown, speaking to reporters, did not give a date for any hearings but said they would provide "oversight." Reporting by Richard Cowan; writing by Susan Heavey; editing by Tim AhmannOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. drone may not be recovered from Black Sea after Russian interception -White House
▼ + stars: | 2023-03-15 | by ( Doina Chiacu | ) www.reuters.com time to read: +3 min

In the first such incident since the Ukraine war began, Russian Su-27 jets struck the propeller of the unmanned drone and made it inoperable, the Pentagon said. Russia's defense ministry blamed "sharp maneuvering" of the drone for the crash and said that its jets did not make contact. The State Department on Tuesday summoned Russia's ambassador to the United States, Anatoly Antonov, to express U.S. concerns over the encounter. Antonov after the meeting said that the drone "deliberately and provocatively was moving toward Russian territory with transponders turned off." American officials have stressed that the United States would continue to fly over international waters in the area.

WASHINGTON, March 14 (Reuters) - The White House on Tuesday welcomed the "landmark" deal between Saudi Arabia and the Boeing Co (BA.N), saying it will support U.S. jobs and marked a milestone in cooperation between Saudi Arabia and American industry. Boeing Chief Executive Dave Calhoun said in an interview the planemaker got "support from the Biden administration and from key members of Congress every step of the way... The Biden Administration has done a terrific job in moving the ball forward and was instrumental in landing this purchase." A U.S. official said the Saudi contract was a "white whale" for Boeing, something the planemaker pursued for several years. Senior U.S. officials have been in regular engagement with the Saudis over the deal, but Biden did not have any direct talks with Saudi leaders.

☆ U.S. House Financial Services chair urges confidence, says financial agencies acting within law
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +3 min

The FDIC is doing what the FDIC is supposed to do in conformance with the law," Representative Patrick McHenry told CNBC, adding Americans should "have confidence in their financial system." "You have the decisions of the institution, and you have decisions of the supervisors," the Republican committee chairman told Punchbowl late on Monday after briefing Republicans on the matter. His administration stepped in over the weekend to shore up the banks, with the FDIC taking over receivership. Biden also vowed new bank rules after regulations enacted after the 2008 financial crisis were rolled back under former Republican President Donald Trump. The panel's ranking Democrat, Maxine Waters, on Monday urged bipartisan work to ensure the stability of the financial system.

☆ U.S. House Financial Services chair to seek documents, hold hearing amid bank collapses -report
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, March 14 (Reuters) - The head of the U.S. House Financial Services Committee said he would request documents and hold a hearing after the collapse of two U.S. banks raised concerns about the banking sector and roiled world markets, according to a media report on Tuesday. McHenry spoke after briefing Republicans, who control the House of Representatives, about the weekend collapse of Silicon Valley Bank and Signature Bank, which continued to weigh on investors on Tuesday. "They currently have the tools, and they‘ve used them appropriately to resolve two banks," McHenry said. Biden also vowed new bank rules after regulations enacted after the 2008 financial crisis were rolled back under former Republican President Donald Trump. The panel's ranking Democrat, Maxine Waters, on Monday urged bipartisan work to ensure the stability of the financial system.

☆ Warren urges Powell to recuse from SVB probe, demands answers of ex-bank CEO
▼ + stars: | 2023-03-14 | by ( Pete Schroeder | ) www.reuters.com time to read: +3 min

Senator Elizabeth Warren on Tuesday called on Federal Reserve Chair Jerome Powell to recuse himself from an internal review of recent bank failures, saying his actions "directly contributed" to them. The Federal Reserve said on Monday it is reviewing its oversight of the bank in the wake of its abrupt failure Friday. Warren argued that Powell's prior support for easing bank rules indicates he should not participate in the review. For the Fed’s inquiry to have credibility, Powell must recuse himself from this internal review," she said in a Twitter post. Reporting by Doina Chiacu and Pete Schroeder; Editing by Susan Heavey and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

☆ Biden vows new bank rules after SVB collapse, cites Trump rollback
▼ + stars: | 2023-03-13 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +4 min

"Americans can have confidence that the banking system is safe. The managers of the banks will be fired, Biden noted, and investors will lose money. Biden also promised new regulation after the biggest U.S. bank failure since the 2008 financial crisis. The U.S. Federal Deposit Insurance Corporation on Monday said it had transferred all Silicon Valley Bank (SIVB.O) deposits to a newly created bridge bank and that all depositors would have access to their money beginning Monday morning. Silicon Valley bank had $209 billion in assets at the end of last year.

☆ Biden to defend U.S. banking system after SVB, Signature collapse
▼ + stars: | 2023-03-13 | by ( Simon Lewis | ) www.reuters.com time to read: +4 min

WASHINGTON, March 13 (Reuters) - President Joe Biden will on Monday address a banking crisis that led U.S. regulators to step in with a series of emergency measures after the collapses of Silicon Valley Bank (SIVB.O) and Signature Bank <SBNY.O> threatened to trigger a broader crisis. Biden on Sunday hinted at new regulation of big banks after the biggest U.S. bank failure since the 2008 financial crisis, but faces a divided Congress unlikely to approve tougher new rules. Biden will give remarks on Monday morning on additional plans to keep the economy on track amid a crisis sparked by the sudden collapse of Silicon Valley Bank (SVB) last week, he added. POTENTIAL BANK CHANGESIn coming days, rules introduced after U.S. banks sparked a global financial crisis in 2008 with aggressive mortgage lending may come under the spotlight. Silicon Valley bank had $209 billion in assets at the end of last year.

☆ China's Xi to speak with Ukraine's Zelenskiy -WSJ
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, March 13 (Reuters) - Chinese leader Xi Jinping plans to speak with Ukrainian President Volodymyr Zelenskiy for the first time since Russia's invasion of Ukraine, the Wall Street Journal reported on Monday. The newspaper, citing people familiar with the matter, said the call was likely to take place after Xi's visit to Moscow next week to meet with Russian President Vladimir Putin. Reporting by Doina Chiacu; Editing by Susan HeaveyOur Standards: The Thomson Reuters Trust Principles.

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