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The crypto industry has been in the regulatory crosshairs since investors were burned last year by sudden collapses of Celsius Network, Voyager Digital, FTX and other companies. Still, it remains to be seen if the bills will garner any Democratic support, a factor seen by many as crucial to the bills' ultimate chances of becoming law. His committee is expected to consider that bill during a markup on Wednesday, while the House Agriculture Committee will consider the same bill on Thursday. The bill has galvanized many in the crypto industry, who say that with Democrats' support, the bill could have a shot in the Senate. That effort escalated last month when the SEC sued crypto exchanges Coinbase (COIN.O) and Binance for failing to register some crypto tokens.
Persons: we've, Kristin Smith, Sherrod Brown, Patrick McHenry, Miller Whitehouse, Levine, Maxine Waters, Waters, McHenry, Hannah Lang, Matthew Lewis Organizations: Capitol, Voyager, Financial, U.S ., Representatives, Blockchain Association, Democratic, Banking, Trading, Securities, Exchange, DeFi, SEC, Financial Services, Politico, Thomson Locations: Washington
Almost immediately after Dr. King’s death, Mr. Jackson moved to fill the vacuum that was left in the civil rights movement. Mr. Jackson’s efforts to register voters in Chicago helped propel Harold Washington into office in 1983, making him the first Black mayor of that city. Mr. Jackson traversed the country to register voters, especially across the South. Mr. Jackson never actually pastored a congregation but ministered to a roving flock, preaching the virtues of civic engagement. Among them: cabinet members like former Labor Secretary Alexis Herman, Representative Maxine Waters, the political strategist Donna Brazile and Housing and Urban Development Secretary Marcia Fudge.
Persons: Jackson, Jesse Jackson, King’s, Harold Washington, South Carolina drawl, Goliath, Alexis Herman, Maxine Waters, Donna Brazile, Marcia Fudge Organizations: South, Labor, Urban Locations: America, Chicago, South Carolina, Southern
Saudi golf shot plays through CFIUS hazards
  + stars: | 2023-07-14 | by ( Jennifer Saba | ) www.reuters.com   time to read: +8 min
U.S. congressional lawmakers scrutinized PGA Tour officials on Tuesday this week about the group’s tie-up with a rival golf tournament owned by Saudi Arabia. Enter the Saudis, who launched an upstart golf tournament last year, LIV Golf, that competed with the U.S.-based PGA Tour and its European counterpart DTP. There are worries that Saudi Arabia, a regime viewed as hostile to women and LGBTQ groups, would have significant sway over golf’s culture. LIV Golf is owned by Saudi Arabia Public Investment Fund. Former AT&T Chief Executive Randall Stephenson resigned from the PGA Tour policy board, the Washington Post reported on July 9.
Persons: State Condoleezza Rice, Darla Moore, Covid, LIV Golf, Phil Mickelson, Brooks Koepka, Yasir Al, Ed Herlihy, Wachtell, Lipton, Katz, hasn’t, Randall Stephenson, Jamal Khashoggi, , Richard Blumenthal, , Sherrod Brown, Maxine Waters, Janet Yellen, LIV Golf’s, Joe Biden hasn't, Saudi Arabian Crown Prince Mohammed bin Salman, Khashoggi, Uncle Sam, Refinitiv, China’s ByteDance, LIV, Stephenson, Lauren Silva Laughlin, Sharon Lam Organizations: YORK, Reuters, Public Investment Fund, Augusta National Golf Club, State, U.S, PGA, LIV, Rosen, Breakingviews, Former AT, PGA Tour, Saudi, Department of Justice, Foreign Investment, U.S . Treasury, Saudi Arabian Crown, Walmart, Visa, Uber Technologies, Nation Entertainment, National Basketball League, Houston Rockets, People’s, NBA, backtrack, FIFA, Qatar, The Justice Department, Treasury, Committee, Homeland Security, Governmental Affairs, Saudi Arabia Public Investment Fund, T, Washington Post, Thomson Locations: Saudi Arabia, United States, American, U.S, South Carolina, Iran, China, Saudi, Hong Kong, People’s Republic, Beijing
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMaxine Waters responds to ESG backlash: We're going to fight back in order to save this planetRep. Maxine Waters (D-Calif.) joins, 'Squawk on the Street' to discuss Democrats fighting for ESG initiatives.
Persons: Maxine Waters Organizations: Rep
Lawmakers tussle over GOP efforts to thwart ESG investing
  + stars: | 2023-07-12 | by ( Chelsey Cox | ) www.cnbc.com   time to read: +4 min
WASHINGTON — House lawmakers clashed Wednesday over federally mandated environmental, social and governance disclosure requirements for companies rolled out amid concerns over growing climate disasters. The GOP majority committee members decried the disclosure rules as part of a broader push to discourage ESG investing nationwide. Democrats defended them as necessary to promote responsible investing to reduce inequities and curb climate change. "These politically motivated regulations not only discouraged private companies from going public but also hinder the competitiveness of American public companies." Democratic Rep. Maxine Waters, meanwhile, criticized Republicans' attempts to undermine what she called the federal government's responsibility to hold public companies accountable for ESG.
Persons: Patrick McHenry, Maxine Waters, David Marcus, Facebook’s Calibra, Biden, Waters, Gary Gensler, Joe Biden, Andy Barr, Benjamin Zycher, Zycher, Juan Vargas, Vargas Organizations: Financial, Consumers, Investors, American, WASHINGTON —, Republican, Financial Services, GOP, Securities and Exchange, SEC, Democratic, ESG, European Union, Labor Department, Republicans, American Enterprise Institute Locations: Washington , U.S, McHenry, R, Ky
WASHINGTON – As Republicans in the House dig in to investigate environmental, social and governance, or ESG, investing, a major industry group that represents thousands of companies is urging them to make reforms. The letter is addressed to committee Chairman Rep. Patrick McHenry, R-N.C., and ranking member Rep. Maxine Waters, D-Calif. The letter underscores the business muscle behind the GOP's battle against policies that back ESG investing. ESG investing has become a heated policy battleground. Progressive Democratic lawmakers have pushed back, arguing that considering ESG makes investors more aware of potential risks and opportunities.
Persons: Patrick McHenry, Maxine Waters, David Marcus, Facebook’s Calibra, McHenry, ESG Organizations: Financial, Consumers, Investors, American, WASHINGTON –, National Association of Manufacturers, Financial Services Committee, SEC, CNBC, NAM, Johnson, Exxon Mobil, Pfizer, Progressive Democratic Locations: Washington , U.S, R
That effort escalated last month when the SEC sued crypto exchanges Coinbase and Binance for failing to register some crypto tokens. Most crypto companies dispute the SEC's jurisdiction. It would expand the Commodity Futures Trading Commission's (CFTC) oversight of the crypto industry, while clarifying the SEC's jurisdiction. With Democrats' support, the bill could have a shot in the Senate. McHenry and Thompson are discussing the proposal with crypto companies, regulators and Democrats, and hope the committees will vote on it before the August recess, senior Republican policy staff said.
Persons: Cody Carbone, Patrick McHenry, Glenn Thompson, Brett Quick, McHenry, Thompson, Maxine Waters, David Scott, Scott, Vicente Gonzalez, Sylvia Garcia, Carbone, Spokespeople, Waters, Gonzalez, Garcia, Sam Bankman, Fried, Kristin Smith, Coinbase, spender, Kara Calvert, It's, Michelle Price, Hannah Lang, Douglas Gillison, Richard Chang Organizations: U.S . Securities, Exchange Commission, SEC, Capitol, Blockchain Association, Chamber of Digital Commerce, Crypto, Innovation, Coinbase, Financial Services, Agriculture, Trading, Republican, Thomson Locations: Washington, United States
Rep. Maxine Waters, a California Democrat, introduced a trio of bills addressing the housing crisis. They would expand housing vouchers and send $100 billion to help first-generation homebuyers. The legislation — which includes expanding housing vouchers and sending $100 billion to help first-time, first-generation homebuyers — is focused on reducing the racial wealth gap. One bill — the Housing Crisis Response Act of 2023 — includes over $150 billion in funding for affordable housing and investments in closing the racial housing gap. Overall, just one in six eligible families live in public housing, receive a rent-reducing voucher, or live in a subsidized multifamily unit, according to the US Census Bureau.
Persons: Maxine Waters, , Waters Organizations: California Democrat, Service, Interagency, Homelessness, Census Bureau, Financial Services Locations: California
Lawmakers and federal regulators are contemplating changing the definition of "accredited investor." There's a philosophical debate raging in Washington that could transform the multitrillion-dollar capital markets and change the way startups raise money. The origins of the definition of "accredited investor" trace back to the Great Depression and the Securities Act of 1933. And since the Reg D exemption's creation, private markets have become the dominant way for most issuers to access capital markets. According to analysis from the Brookings Institution, in 2020, 13.85% of US households qualified as accredited investors, compared with just 1.8% in 1983.
Persons: Gary Gensler, Elizabeth Holmes, Sam Bankman, Ronald Reagan, Reg D, Maxine Waters, Elizabeth Warren of Massachusetts, Micah Hauptman, Hauptman, haven't, Marcia Dawood, Dawood, Tyler Gellasch, Gellasch, Theranos Organizations: Securities and Exchange Commission, SEC, Apple, Securities, Financial Services, Politico, Consumer Federation of America, Yale Endowments, Brookings Institution, Angel Capital Association, ACA, Healthy Markets Association Locations: Washington, of Arkansas, California
Mike Pence, who served as Donald Trump’s vice president and is vying to helm the White House, is campaigning on eliminating the Fed’s employment mandate. And what would change if the employment mandate is done away with, if anything? Lawmakers on Capitol Hill, with the sitting president’s approval, can simply amend the Federal Reserve Act to eliminate the employment mandate or even add another one. In CNN’s town hall with Pence earlier this month, the former vice president again floated the idea of eliminating the employment mandate. It seems clear that Democrats would take issue with any attempts to rid the Fed of its employment mandate.
Persons: Mike Pence, Donald Trump’s, Jerome Powell’s, Jimmy Carter, Powell, , Peter Ireland, Laurence Meyer, ” Adriana Kugler, Joe Biden, , ” Meyer, Ben Bernanke, Pence, we’ve, ” Pence, Maxine Waters Organizations: DC CNN, Federal Reserve, Fed, CNN, Reserve, Boston College, Relief, Economic Security, Fed’s, of Governors, Committee, Lawmakers, Capitol, , Financial Locations: Washington, Ireland, CNN’s
House Democrats release wave of bank reform bills
  + stars: | 2023-06-21 | by ( Chelsey Cox | ) www.cnbc.com   time to read: +7 min
WASHINGTON — House Democrats on Wednesday will release a slate of reform bills in response to the recent bank failures that triggered the worst crisis for the sector since 2008. "The failures of Silicon Valley Bank, Signature Bank, and First Republic Bank make clear that it is past time for legislation aimed at strengthening the safety and soundness of our banking system and enhancing bank executive accountability," she said. President Joe Biden called for these actions shortly after the FDIC took over SVB and Signature Bank in March. The bill would have prevented SVB bank executives from cashing out after repeated warnings by regulators, according to Democrats. Neither Signature Bank nor SVB had a bank holding company before they collapsed.
Persons: Maxine Waters, Dodd, Frank, Waters, Joe Biden, Nydia Velazquez, Brad Sherman, Juan Vargas, David Scott, Al Green, Sylvia Garcia of, Emanuel Cleaver, Joyce Beatty, Steven Horsford, Rashida, Velazquez, Sherman, Cleaver, Beatty, Frank Act's, SVB, Vargas, Garcia, Tlaib, Banks, Sean Casten, Josh Gottheimer, Ritchie Torres, Wiley Nickel, Stephen Lynch, Brittany Pettersen Organizations: Financial Services, Washington , D.C, WASHINGTON —, Democrats, Financial Services Committee, Treasury Department, Federal Deposit Insurance Corporation, Silicon Valley Bank, Signature Bank, Banking Committee, Valley Bank, First Republic Bank, FDIC, Democratic, Sylvia Garcia of Texas, Republicans, Sound Banking, Prudential, prudential, Bank, Green, Sherman, Rep, Federal, Office, Federal Reserve, FAIR, Tlaib, Safety, Sherman . Locations: California, Washington ,, New York, Georgia, Missouri, Ohio, Michigan, Green, Horsford, H.R, Silicon, Illinois, New Jersey, North Carolina, Colo
CNN —Lawmakers’ calls to investigate the proposed merger between the US-based PGA Tour and Saudi Public Investment Fund–backed LIV Golf are escalating. An investigation by CFIUS would not be the first probe into the surprise merger between the PGA Tour and LIV Golf, formerly bitter rivals. The Senate Finance Committee and the Senate Permanent Subcommittee on Investigations have also opened separate probes into the deal. Waters and Brown acknowledged the multiple investigations in their letter, writing, “We understand and appreciate that CFIUS is, by statute, an authority of last resort. Before the deal announcement, PGA Tour and LIV Golf were locked in a legal battle and traded barbed accusations of unfair competition, but the two organizations agreed to drop all pending litigation under the new agreement.
Persons: LIV, Maxine Waters, Sen, Sherrod Brown, Waters, Brown, , Mohammed bin Salman, bin Salman, Jamal Khashoggi, Bin Salman, CFIUS, LIV Golf Organizations: CNN, Tour, Saudi Public Investment Fund, Financial Services Committee, Banking, Housing, Urban Affairs Committee, US Treasury Department, Foreign Investment, Treasury, PGA, Wall Street Journal, US Department of Justice, Finance, Investigations Locations: Ohio, United States, “ Saudi Arabia, Saudi, Saudi Arabia
WASHINGTON, June 13 (Reuters) - A key House Republican lawmaker said Tuesday that he intends to hold a committee vote on a comprehensive bill to establish a regulatory framework for cryptocurrency products in the coming weeks. Representative Patrick McHenry, chairman of the House Financial Services Committee, said he expects to put a bill forward for the panel to consider after lawmakers return to work on July 11. McHenry has been leading an effort by some Republicans in Congress to pass a bill establishing clear rules for the crypto industry. Democrats on the panel say they are considering the measure but have concerns. And in the Senate, which must also pass any crypto legislation, key lawmakers like Senators Sherrod Brown and Elizabeth Warren have expressed even more skepticism about crypto products.
Persons: Patrick McHenry, McHenry, Maxine Waters, Sherrod Brown, Elizabeth Warren, Pete Schroeder Organizations: Republican, Financial Services, Securities and Exchange Commission, Thomson
WASHINGTON — Over 140 current and former Democratic lawmakers filed an amicus brief in the Supreme Court on Monday to defend the country's leading consumer protection agency from challenges to its regulatory authority. Brown chairs the Senate Banking Committee while Waters is the ranking member of the House Financial Services Committee. The Supreme Court agreed to hear arguments in the case in February, four months after a federal appeals court panel unanimously ruled that the CFPB's funding method was unconstitutional. The Biden administration appealed the 5th Circuit's decision to the Supreme Court, but a final decision could be delayed until June 2024 to hear other arguments in the case. In the brief, lawmakers said succinctly that "the judgment should be reversed."
WASHINGTON — Lawmakers who sit atop key banking committees praised the federal takeover of First Republic Bank on Monday, and held up the sale of its assets to JP Morgan Chase as a successful public-private collaboration to protect the U.S. financial system. His statement contrasted from the reaction of the Senate banking committee's chairman, Democratic Sen. Sherrod Brown of Ohio. He did not directly respond to the federal intervention, choosing instead to direct his ire at the failed bank. "First Republic Bank's risky behavior, unique business model, and management failures led to significant problems, and it's clear we need stronger guardrails in place," Brown said in a statement. "We must make large banks more resilient against failure so that we protect financial stability and ensure competition in the long run."
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. Maxine Waters says government intervention in regional banks 'is not a bailout at all'Rep. Maxine Waters (D-Calif.) joins 'Last Call' to discuss the regional banking crisis, the government's efforts to intervene in the sector, and the approaching debt ceiling deadline.
Wall Street is getting the Hollywood treatment again. - Paul Giamatti as AMC's Adam Aron (This guy knows his way around Wall Street.) For more on the upcoming GameStop movie, including who is set to play the "pot-smoking retail trader," click here. Here's why the rest of Wall Street might be motivated to help First Republic. Meet the new generation of the ultra-rich on Wall Street.
[1/4] A view of the Park Avenue location of the First Republic Bank, in New York City, U.S., March 10, 2023. FDIC regulators had raised the specter of systemic risk from the failure of large regional banks months before the SVB and Signature Bank collapses, records reviewed by Reuters show. SECRETS REVEALEDThe Fed will release its report on SVB at 11 a.m. EDT (1500 GMT) on Friday. FDIC Chair Martin Gruenberg has not provided much detail about the supervision of Signature, which like SVB had grown rapidly in recent years. The Fed's inspector general will have a report on each bank in the third quarter.
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 lawmakers tore into top U.S. bank regulators Wednesday, questioning their competency and saying examiners were asleep at the wheel, at a second day of congressional hearings this week about how Silicon Valley Bank and Signature Bank collapsed practically overnight on March 10 and March 12. "We need competent financial supervisors, but Congress can't legislate competence," House Financial Services chairman Rep. Patrick McHenry, R-N.C., told top officials at the Federal Reserve, Treasury and FDIC at the beginning the hearing. "The light touch cautions from the Fed to SVB management are clearly not what Congress intended for bank supervision," said Waters. Republican Rep. Bill Huizenga, Mich., demanded raw, confidential supervisory information about the banks, available to regulators ahead of the collapses. Members of the Republican majority House challenged many of the decisions made by regulators in the hours and days after SVB collapsed and Signature Bank followed 48 hours later.
WASHINGTON — A bipartisan group of lawmakers overseeing the recent turmoil in the banking sector said Wednesday that they aim to increase Americans' confidence in the banking industry after Silicon Valley Bank and Signature Bank collapsed over the last two weeks. Regulators and lawmakers are also trying to contain further damage to the economy and reinforce confidence in the banking system. Sen. Tim Scott, a South Carolina Republican and ranking member of the Senate Banking Committee, also said writing new laws should take a back seat at the hearings to investigating what happened. We can't legislate that either in the financial sector or among financial institutions management, nor with the regulators." Sen. Sherrod Brown, an Ohio Democrat and chairman of Senate Banking Committee, compared the SVB collapse to the devastating train crash in East Palestine, Ohio.
Republican Rick Scott and Democrat Elizabeth Warren blamed the collapse of the two banks on regulatory failures at the U.S. central bank, which has operated up to now with an internal inspector general who reports to the Fed board. "Our legislation fixes that by establishing a presidentially-appointed, Senate-confirmed inspector general at the Fed, like every other major government agency," Scott said in a joint release with Warren. Warren said this month's banking upheavals "have underscored the urgent need for a truly independent inspector general to hold Fed officials accountable for any lapses or wrongdoing." She sits on both the Senate Banking Committee and the Senate Finance Committee, and chairs subcommittees of both panels. Reporting by David Morgan and Heather Timmons; Editing by Scott Malone and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.
That’s the Federal Deposit Insurance Corporation’s standard limit, meaning any bank deposits up to that amount are protected by the independent government agency. But now there’s growing support for raising that insurance cap. A higher insurance cap doesn’t automatically mean banks will be subject to tighter regulations, Dollar noted, but there could be some call for it. The FDIC insurance limit has been raised seven times since 1950 — and $250,000 also isn’t a calculated number, Collins said. In 2008, the FDIC used the same system for temporary unlimited deposit insurance guarantee on certain accounts.
WASHINGTON — The House Financial Services Committee on Friday announced its first hearing on the failures of Silicon Valley Bank and Signature Bank. The announcement follows President Joe Biden's request to Congress on Friday to allow financial regulators more authority to claw back compensation from executives at failed banks. Committee Chairman Patrick McHenry, R-N.C., and Ranking Member Maxine Waters, D-Calif., said House Financial Services is "committed to getting to the bottom of the failures" of the banks. "As Chairman and Ranking Member, we take our oversight duties seriously. We will conduct this hearing without fear or favor to get the answers the American people deserve."
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.
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