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☆ Scapegoating the Supreme Court
▼ + stars: | 2023-07-06 | by ( Daniel Henninger | ) www.wsj.com time to read: 1 min

Daniel Henninger's weekly column, “Wonder Land,” appears in The Wall Street Journal each Thursday. Mr. Henninger was a finalist for a Pulitzer Prize in editorial writing in 1987 and 1996, and shared in the Journal's Pulitzer Prize in 2002 for the paper's coverage of the attacks on September 11. In 2004, he won the Eric Breindel Journalism Award for his weekly column. He has won the Gerald Loeb Award for commentary, the Scripps Howard Foundation's Walker Stone Award for editorial writing and the American Society of Newspaper Editors' Distinguished Writing Award for editorial writing. He is a weekly panelist on the "Journal Editorial Report" on Fox News.

Persons: Daniel Henninger's, ”, Henninger, Eric Breindel, Gerald Loeb, Scripps Howard Foundation's Walker Organizations: Scripps, American Society of Newspaper, Fox News, Georgetown University’s School of Foreign Service Locations: Cleveland

Finding it and nurturing it remain entirely consistent with the mission of higher education and, indeed, vital to our democracy. More than in any other setting, students who are raised in homogenous neighborhoods and schools first encounter difference — class, racial, ethnic and religious — in college. We should remember that these sorts of learning opportunities are relatively new in the history of higher education. For hundreds of years, many universities that today proudly champion a diverse society promoted and perpetuated class, racial and gender hierarchies. Like Bard College, schools could create early college programs, which allow high school students to take and earn college credits.

Persons: —, I’ve, William, Mary, Johns Hopkins, Sonia Sotomayor, Ketanji Brown Jackson, U.N.C, LaDale C, Brett Kavanaugh’s, Angela Duckworth Organizations: Ivy League, Yale Law School, Brown University, University of Virginia, Rutgers, Princeton Theological Seminary , Yale, University of North, Harvard, Bard College, University of California Locations: Georgetown, University of North Carolina, America

☆ Social Class Is Not About Only Race
▼ + stars: | 2023-07-05 | by ( David Leonhardt | ) www.nytimes.com time to read: +1 min

The same is true at some other public universities, including Auburn, Georgia Tech and William & Mary. It is also true at a larger group of elite private colleges, including Bates, Brown, Georgetown, Oberlin, Tulane and Wake Forest. Nearly every college with an affluent enrollment has historically used race-based admissions policies. Those policies often succeeded at producing racial diversity without producing as much economic diversity. And whether they figure out how to do so is important (as I’ve previously covered).

Persons: Mary, Bates, Brown Organizations: University of Virginia, UVA, Grants, Georgia Tech, Oberlin, Tulane, Wake Locations: Auburn, Georgetown

REUTERS/Bobby Yip/File PhotoHONG KONG, July 3 (Reuters) - Hong Kong police on Monday accused eight overseas-based activists of serious national security offences including foreign collusion and incitement to secession and offered rewards for information leading to any arrest. "They have encouraged sanctions ... to destroy Hong Kong and to intimidate officials," Steve Li, an officer with the police's national security department, told reporters. Chinese and Hong Kong authorities say the law has restored the stability necessary for preserving Hong Kong's economic success. "I miss Hong Kong but as things stand, no rational person would be going back." British-based rights group Hong Kong Watch said in a statement Britain, the U.S. and Australia should issue statements "guaranteeing the safety of those activists named and the wider Hong Kong community living overseas".

Persons: Nathan Law, Bobby Yip, Anna Kwok, Finn Lau, Dennis Kwok, Ted Hui, Kevin Yam, Mung Siu, Yuan Gong, Steve Li, Hong Kong, Yam, Li, James Pomfret, Jessie Pang, Robert Birsel Organizations: REUTERS, HK, Hong, Reuters, Georgetown University's Center, Asian Law, Police, Kong's Security, Hong Kong Watch, Thomson Locations: Hong Kong, China, HONG KONG, United States, Britain, Australia, Beijing, British, Hong, Asia, U.S

☆ Mark Zuckerberg reportedly wants to follow in Elon Musk and Tim Cook's footsteps, and sell products in China — but his past criticisms of China could haunt him
▼ + stars: | 2023-07-03 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Meta is in talks with Chinese tech company Tencent to bring its VR headsets to the country, WSJ reported. But CEO Mark Zuckerberg's past criticisms of China's policies may pose a challenge to his plans. Mark Zuckerberg will likely not be getting a royal welcome in China — like the one Elon Musk got in May — anytime soon. Meta is reportedly in talks with Chinese tech giant Tencent Holdings to bring its Quest virtual-reality headsets to the country, The Wall Street Journal first reported. In that same speech, Zuckerberg said he was worried that China's values could spread to other parts of the world.

Persons: Mark Zuckerberg's, Zuckerberg, Mark Zuckerberg, Elon Musk, Meta, Tencent didn't Organizations: Morning, Elon, Holdings, Street Journal, Apple, Georgetown University, Facebook, Quest Locations: China, —, Hong Kong, TikTok

☆ Supreme Court's affirmative action decision sets 'race-neutral' standard in college admission decisions
▼ + stars: | 2023-07-01 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +8 min

CNN —When the Supreme Court cut affirmative action out of college admissions programs Thursday, it did not outlaw the goal of achieving diversity, but it set a new “race-neutral” standard for considering applicants. Justice Clarence Thomas, who wrote his own concurring opinion, uses the term “race neutral” repeatedly, offering it as an antidote to affirmative action. For more on this view, read this piece in The Atlantic by scholars Uma Jayakumar and Ibram Kendi: “‘Race Neutral’ Is the New ‘Separate but Equal.’”What have race-neutral admissions policies accomplished? They can, presumably, still utilize affirmative action even though they are the higher learning institutions over which the federal government has the most control. Multiple corporations – from Apple to IKEA – asked the Supreme Court to allow affirmative action to continue so that their potential workforce is more diverse.

Persons: John Roberts, Roberts, they’ve, Clarence Thomas, Thomas, Sonia Sotomayor, ”, Uma Jayakumar, Laura Coates, CNN’s Nicquel Terry Ellis, Zack Mabel, Terry Ellis, CNN’s Leah Asmelash, Ronald Brownstein Organizations: CNN, Public, Institute of California, University of California’s, UC, UC enrollees, UC Berkeley, Harvard University, Georgetown University Center, Education, Workforce, Georgetown’s Center for Education, IKEA –, Republican Locations: California, Michigan, Thomas, California In California, enrollees, UC enrollees, American, America, Apple

Georgetown University in Washington, D.C. Not everyone with debt would have been covered under the Biden administration’s student loan forgiveness plan. The Supreme Court has barred the Biden administration from carrying out its plan to extinguish up to $20,000 in federal student loan debt, and millions of borrowers will continue to struggle under the weight of their loans. Ms. Schmidt owes $64,000 in student debt, more than half of which is for her graduate work in nursing. But she’s already contemplating how she’ll finance her dream of becoming a civil rights lawyer, which typically requires an additional six figures in student debt. Yet her mother is still paying down student debt of her own.

Persons: Biden, Gina McDavitt, weren’t, Pell, “, ”, McDavitt, ” Ms, Ms, Monica Schmidt, Schmidt, Kevin Serna, Dorien Rogers, Rogers, Asha Anthony, she’s, —, Anthony, Mr, don’t, Joanna Leiserson, Brian Kaiser, “ I’m, Leiserson Organizations: Georgetown University, Biden, College of San, San Francisco State University, The New York Times, University of Phoenix, Northern Illinois University, Public, Schaun, Tax, Howard University, Salisbury University, The New York, Republicans Locations: Washington ,, College of San Mateo, Bay, Vallejo , Calif, Genoa, Ill, Germantown, Md, Credit, Montgomery County, Mesa, Maryland, Spokane, —, forbearance

☆ The Supreme Court Wrestles the Rights Monster
▼ + stars: | 2023-06-29 | by ( Daniel Henninger | ) www.wsj.com time to read: 1 min

☆ Austin, home to Elon Musk's Tesla, is the best city to start your career, a study has found. See the top 5.
▼ + stars: | 2023-06-29 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Financial services company Bankrate ranked the best and worst cities for young professionals. Austin, Texas, took the top spot and ranked highly for year-on-year job growth. Bankrate, a financial services company, put together a list of the best and worst cities for professionals who are just starting out. The city is known as "Silicon Hills" and serves as a base for major companies such as Elon Musk's Tesla. Some of the worst cities to launch a career were Birmingham, Memphis, and New Orleans, the study found.

Persons: —, Alex Gailey, Austin, Elon Musk's Tesla, Musk, Franklin Nashville , Tennessee Michael Warren, Cary, DANIEL SLIM, Bellevue Seattle , Washington spotmatik Organizations: Financial, Bankrate, Service, Elon, Birmingham, Nashville, Davidson, Franklin, Getty, Raleigh, Austin, Georgetown Locations: Austin , Texas, Texas, California, Memphis, New Orleans, Murfreesboro, Franklin Nashville , Tennessee, Cary Raleigh , North Carolina, Salt Lake City Salt Lake City , Utah, AFP, Seattle, Tacoma, Bellevue Seattle , Washington

☆ The mosquito era: As the world warms, these insects are thriving – and bringing disease
▼ + stars: | 2023-06-29 | by ( Laura Paddison | ) edition.cnn.com time to read: +9 min

James Gathany/CDC/Handout/ReutersWhile serious mosquito-borne diseases remain rare in the US, other countries are not so lucky. While scientists are yet to assess the role climate change has played in the outbreak, Carlson said the links seem clear. But the shift of mosquito-borne diseases into regions like the US and Europe is still likely to be a shock. Scientists are working to develop tools to be able to better assess the link between mosquito-borne diseases and climate change. The path the world takes on reducing planet-heating pollution will lead to very different futures for mosquito-borne diseases, Brady said.

Persons: it’s, Edgar Su, ”, Oliver Brady, –, James Gathany, Colin Carlson, Carlson, I’m, Ernesto Benavides, Celine Gossner, ” Brady, “, Shannon LaDeau, they’ve, ” LaDeau, Jon Cherry, Gossner, Brady Organizations: CNN, US Centers for Disease Control, London School of Hygiene, Medicine, Climate Central, Georgetown University, Getty, European Centre for Disease Prevention, Carey Institute of Ecosystems Studies, Louisville Metro Department of Health, Wellness Locations: United States, Singapore, zika, West, Saharan Africa, Peru, Piura, AFP, Europe, “, Western Europe, China, Texas , Florida, Hawaii, Arizona, India, Louisville , Kentucky, Florida

Banks' commercial real estate portfolios performed better than expected, showing $65 billion in losses or 8.8% of average loan losses, slightly down on last year's 9.8%, the Fed said. "Some may ask how all the banks can get a regulatory thumbs-up when the industry just went through a period of turmoil. The test assesses whether banks would stay above the required minimum 4.5% capital ratio. The average capital ratio for the 23 banks was 10.1%, the Fed said. That compares with 9.7% last year, when the central bank tested 34 lenders against a slightly easier scenario.

Persons: Morgan Stanley, Goldman Sachs, Charles Schwab, Michael Barr, ” Barr, Banks, Barr, Lindsey Johnson, Dennis Kelleher, Ian Katz, Pete Schroeder, Caroline Valetkevich, Deepa Babington, Stephen Coates Organizations: Federal, JPMorgan Chase, Bank of America, Citigroup, Charles Schwab Corp, Deutsche Bank's, Financial Corp, U.S . Bancorp, Valley Bank, Wells, JPMorgan, Industry, Consumer Bankers Association, U.S, Treasury, T Bank, PNC Financial, Citizens Financial, Better, Fed, Capital Alpha Partners, Thomson Locations: Big U.S, Wells Fargo, U.S

Under the "stress test" exercise, the Fed tests big banks' balance sheets against a hypothetical severe economic downturn, the elements of which change annually. WHY DOES THE FED 'STRESS TEST' BANKS? It announces the size of each bank's stress capital buffer in the subsequent months. For example, the 2022 stress test envisioned a 5.8 percentage point jump in unemployment under a "severely adverse" scenario. This extra test will not count towards banks' capital requirements but will allow the Fed to explore applying multiple adverse scenarios in future.

Persons: Banks, Wells, Goldman Sachs, Morgan Stanley, Michael Barr, Pete Schroeder, Michelle Price, Andrea Ricci Organizations: U.S . Federal, Big, Fed, Citigroup, Bank of America, JPMorgan Chase &, Goldman Sachs, Deutsche Bank's U.S, JPMorgan Citigroup, Wells Fargo & Co, Bank, U.S, Treasury, Thomson Locations: Big U.S, Silicon

☆ Putin is facing a new threat at home while Russia's military is making itself 'vulnerable globally,' experts say
▼ + stars: | 2023-06-27 | by ( Christopher Woody | ) www.businessinsider.com time to read: +8 min

It comes as Russia's military is tied down in Ukraine and less able to respond to crises elsewhere. Those questions come as a Ukrainian offensive bears down on Russia's military, which since late last year has been replenishing its forces in Ukraine with aging equipment and under-trained personnel. These efforts have bolstered Russian units in Ukraine but left the Russian military more vulnerable elsewhere and undermined its ability to respond to other crises, experts say. Russia's military has tried to show it still has muscles to flex, mostly with air and naval forces that are largely undamaged by the war. Russian troops board a military aircraft on their way to Kazakhstan in January 2022.

Persons: Wagner, it's, Putin, —, Yevgeny Prigozhin, Vladimir Putin's, Russia's, Dara Massicot, Maxym, I've, there's, Massicot, Gorshkov, Kassym, Tokayev, Mark Galeotti, Galeotti, It's, Prigozhin, SERGEI GUNEYEV, Angela, John Kirby, Kirby Organizations: Service, Wagner Group, Rand Corporation, Georgetown University, Getty, Russia's, Fleet, Northern Fleet, Iranian Army, Anadolu Agency, Moscow, Russian Defense Ministry Press, Kremlin, SPUTNIK, Center for, East European Studies, Brookings Institution, National Security Locations: Moscow, Ukraine, Ukrainian, Russian, Ukraine's Kharkiv, Siberia, Norway, Georgia, Central Asia, Russia, Syria, Kazakhstan, Russia's, Armenia, Tajikistan

☆ More than 100 U.S. political leaders have ancestors who were slaveholders
▼ + stars: | 2023-06-27 | by ( Lawrence Delevingne | Thomson Reuters | Delevingne Works Primarily On Enterprise Stories Related To Finance. He Joined Reuters In | ) www.reuters.com time to read: +1 min

At least 100 members of the last sitting Congress are direct descendants of ancestors who enslaved Black people, representing at least 8% of Democrats in Congress and 28% of Republicans. President Joe Biden and every living former U.S. president except Donald Trump are direct descendants of slaveholders: Jimmy Carter, George W. Bush, Bill Clinton and Barack Obama. Governors of 11 of the 50 U.S. states in 2022 were descendants of slaveholders, as were two U.S. Supreme Court justices. The Congressional slaveholding ancestors were among the richest in America before the Civil War; three-quarters were among the richest 10%. In researching America’s political elite, Reuters found names of more than 700 people enslaved by ancestors of the leaders.

Persons: Black, Mitch McConnell, Lindsey Graham, Tom Cotton, James Lankford, Elizabeth Warren, Tammy Duckworth, Jeanne Shaheen, Maggie Hassan, Joe Biden, Donald Trump, Jimmy Carter, George W, Bush, Bill Clinton, Barack Obama Organizations: Governors, Supreme, Reuters Locations: U.S, America

☆ Anthony Fauci to Join Georgetown University Faculty
▼ + stars: | 2023-06-26 | by ( Jennifer Calfas | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones, anthony, 7a98fd98 Organizations: georgetown

Under the "stress test" exercise, the Fed tests banks' balance sheets against a hypothetical severe economic downturn, the elements of which change annually. WHY DOES THE FED "STRESS TEST" BANKS? It typically publishes aggregate industry losses, and individual bank losses including details on how specific portfolios - like credit cards or mortgages - fared. It announces the size of each bank's stress capital buffer in the subsequent months. For example, the 2022 stress test envisioned a 5.8 percentage point jump in unemployment under a "severely adverse" scenario.

Persons: Banks, Wells, Goldman Sachs, Morgan Stanley, Michael Barr, Pete Schroeder, Michelle Price, Andrea Ricci Organizations: U.S . Federal, Fed, Citigroup, Bank of America, JPMorgan Chase &, Goldman Sachs, Deutsche Bank's U.S, JPMorgan Citigroup, Wells Fargo & Co, Bank, U.S, Treasury, Thomson Locations: Silicon

The central bank on Wednesday will release the results of its bank "stress tests" which assess how much capital banks would need to withstand a severe economic downturn. The annual exercise, introduced following the 2007-2009 financial crisis, is integral to banks' capital planning, dictating how much cash they can return to shareholders via dividends and share buybacks. Despite the turmoil, and the exam being the hardest in years, bank analysts and executives expect the 23 lenders being tested will show capital in excess of regulatory minimums. While that will not affect capital, it will be used to assess potentially employing multiple scenarios in future stress test exercises. "In an environment of ever-changing risks, stress tests can quickly lose their relevance if their assumptions and scenarios remain static," said Barr in December.

Persons: Nick Zieminski WASHINGTON, JPMorgan Chase, Goldman, Morgan Stanley, jitters, Wells, Jefferies, Randal Quarles, Michael Barr, Barr, Pete Schroeder, Michelle Price, Deepa Babington Organizations: Citibank, REUTERS, Big U.S, Bank, U.S, Treasury, Citigroup Inc, Bank of America, JPMorgan, Goldman Sachs, Capital, U.S . Bancorp, Citizens, Fed, Bank Policy Institute, RBC, Thomson Locations: Jackson, Queens, New York City, U.S, Big, Silicon, Wells Fargo, Washington

☆ Guyana not interested in joining OPEC, VP says
▼ + stars: | 2023-06-26 | by ( Kiana Wilburg | ) www.reuters.com time to read: +2 min

[1/2] Guyana's Vice President Bharrat Jagdeo poses for a photo during an interview with Reuters in Georgetown, Guyana, February 16, 2022. REUTERS/Sabrina ValleGEORGETOWN, June 26 (Reuters) - Nascent oil producer Guyana is not interested in joining the Organization of the Petroleum Exporting Countries (OPEC), Guyanese Vice-President Bharrat Jagdeo said on Monday, as the South American country looks to rapidly boost production and attract new operators. The Wall Street Journal reported on Monday that Saudi Arabia's energy minister, Abdulaziz bin Salman, and Haitham al-Ghais, OPEC's secretary-general, have invited Guyana to join the cartel. Guyana is planning an oil auction within a couple of months in hopes it can bring in other oil and gas companies. "We are committed to responsibly developing the resources offshore Guyana to maximize value for all stakeholders, including the government and people of Guyana," said Exxon spokesperson Meghan Macdonald in response to questions about the country and OPEC.

Persons: Bharrat Jagdeo, Sabrina Valle GEORGETOWN, Jagdeo, Abdulaziz bin Salman, Haitham, Meghan Macdonald, Kiana Wilburg, Sabrina Valle, Julia Symmes Cobb, Sandra Maler Organizations: Reuters, REUTERS, Organization of, Petroleum, OPEC, The, Natural Resources, Street, Exxon Mobil Corp, Exxon, Thomson Locations: Georgetown, Guyana, American, Vienna, Saudi

☆ The Little-Known Way Parents Are Beating College Tuition Hikes
▼ + stars: | 2023-06-23 | by ( Ashlea Ebeling | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/tuition-saving-private-529-plan-stanford-georgetown-princeton-2e19eca7

Persons: Dow Jones, 2e19eca7 Organizations: stanford, georgetown, princeton

☆ US House Republicans seek to expunge Trump impeachments
▼ + stars: | 2023-06-23 | by ( David Morgan | ) www.reuters.com time to read: +4 min

Trump was just the third U.S. president to be impeached by the House and is the only one in U.S. history to have been impeached twice. Georgetown University Law Professor Jonathan Turley, whose expert advice Republicans sometimes seek, noted that the U.S. Constitution contains no provision for expunging impeachments. Greene's two-page resolution would expunge the 2019 impeachment, saying he was "wrongfully accused of misconduct." That won't stop the Republicans from doing it, and it's just further placating Donald Trump," said Representative Dan Goldman, who was lead Democratic counsel in the 2019 impeachment. On Wednesday, House Republicans censured Democratic Representative Adam Schiff over his leading role in the 2019 Trump impeachment.

Persons: Elise Stefanik, Sarah Silbiger, Donald Trump's staunchest, Marjorie Taylor Greene, Trump, Jonathan Turley, Turley, expungement, it's, Donald Trump, Dan Goldman, Greene, Trump's, Joe Biden, Christopher Wray, Adam Schiff, Steve Scalise, Schiff, Lauren Boebert, David Morgan, Scott Malone, Daniel Wallis Organizations: GOP, Caucus, U.S, Capitol, Washington , D.C, REUTERS, WASHINGTON, Congress, Representatives Republican, Republicans, Democratic, Georgetown University, U.S . Constitution, Democrats, U.S . Capitol, Biden, Thomson Locations: Washington ,, Ukraine, U.S ., New York, U.S

☆ The Talented Mr. Obama
▼ + stars: | 2023-06-22 | by ( Daniel Henninger | ) www.wsj.com time to read: 1 min

WASHINGTON, June 22 (Reuters) - The head of the Federal Deposit Insurance Corporation said Thursday that bank regulators are considering applying an upcoming set of stricter capital rules to banks with over $100 billion in assets. "If we had any doubt that the failure of banks in this size category can have financial stability consequences, that has been answered by recent experience," he said in prepared remarks. "The lesson to take away is that banks in this size category can pose genuine financial stability risks." He added agencies will propose new capital rules to implement an international bank rule agreement in the near future, but will likely not complete the rules before the middle of 2024. But Gruenberg argued it was critical, particularly in the wake of the spring bank failures, for regulators to get tougher rules in place.

Persons: Martin Gruenberg, Gruenberg, Pete Schroeder, Nick Zieminski Organizations: Federal Deposit Insurance Corporation, Thomson Locations: Basel, U.S

Bank regulators led by the U.S. Federal Reserve are finalizing the proposal which would implement international capital standards agreed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis. On Wednesday, Fed Chair Jerome Powell told Congress it was critical banks have strong capital, but regulators must be mindful of the tradeoffs. Republican officials at the agencies have flagged similar concerns, two people said, while Republican lawmakers on Wednesday also raised worries over capital rules with Powell. The Fed is drafting the Basel rules with the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corp. (FDIC). Speaking to reporters last week, acting Comptroller Michael Hsu said banks had "not been shy about sharing their concerns" which regulators were taking into account.

Persons: Morgan Stanley, Andrew Kelly, Jerome Powell, Michael Barr, Isaac Boltansky, jitters, Powell, “, Kevin Fromer, It's, Michael Hsu, Pete Schroeder, Niket Nishant, Lananh Nguyen, Tatiana Bautzer, Michelle Price, David Gregorio Organizations: New York Stock Exchange, REUTERS, WASHINGTON, Bank, U.S . Federal, Banking, Bankers, Committee, American Express, U.S, UBS, Deutsche Bank, Barclays, Washington, Bank Policy Institute, WALL, Fed, Industry, Republican, Financial Services, Currency, Federal Deposit Insurance Corp, Regulators, FDIC, OCC, Thomson Locations: Manhattan , New York City, U.S, Basel, Silicon

WASHINGTON, June 21 (Reuters) - U.S. Federal Reserve Chair Jerome Powell on Wednesday said it is critical that banks have high levels of capital, but regulators must be mindful of the tradeoffs in ordering large reserves. Powell told the House Financial Services Committee that the Fed is considering multiple proposals on bank oversight, and struck a balanced tone on new capital requirements, saying healthy cushions are of "central importance," particularly for the largest global banks. We want banks to be able to lend in good and bad times," he said. Powell said the Fed has a "significant number of proposals in the works" on bank oversight, but none have been finalized or brought to the board for a vote yet. He also noted that higher capital requirements do come with tradeoffs, and the Fed will have to strike a balance between higher capital and how it could hinder bank lending.

Persons: Jerome Powell, Powell, Pete Schroeder, Mark Porter, Andrea Ricci Organizations: . Federal, Financial Services Committee, Fed, Thomson

[1/2] A U.S. flag flies outside a branch of the Silicon Valley Bank in Wellesley, Massachusetts, U.S., March 13, 2023. REUTERS/Brian SnyderWASHINGTON, June 20 (Reuters) - The U.S. Justice Department antitrust division plans to expand the scope of its bank merger review process, the department's chief said on Tuesday, in a sign the agency may get tougher when scrutinizing such deals. The comments are likely to disappoint the industry, which had been hoping Democratic President Joe Biden's administration would be more open to allowing deals after a spate of bank failures since March. Specifically, Kanter said any merger review for antitrust purposes must go beyond traditional factors like the impact on local depositors and branches, and consider a broader set of issues. "We believe this policy change will not be as negative for bank mergers as it may first appear," he added.

Persons: Brian Snyder WASHINGTON, Jonathan Kanter, Joe Biden's, Kanter, Biden, Isaac Boltansky, Cowen, Jaret Seiberg, Pete Schroeder, Deepa Babington, Michelle Price Organizations: Bank, REUTERS, U.S . Justice Department, Brookings Institution, Democratic, Justice Department, Silicon Valley Bank, DOJ, Thomson Locations: U.S, Wellesley , Massachusetts, Silicon

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