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Search resuls for: "Senators Elizabeth Warren"


7 mentions found


☆ Senators Warren, Smith ask Fed for accounting of banks' crypto ties
  + stars: | 2022-12-08 | by ( ) www.reuters.com   time to read: +1 min
Senators Elizabeth Warren and Tina Smith are demanding an accounting from the Federal Reserve and other U.S. financial regulators of banks' cryptocurrency activity and ties to the industry following the implosion of crypto exchange FTX. "We write to express concern ... and to inquire about how your agency assesses the risks to banks and the banking system associated with those relationships," wrote the senators, both Democrats on the Senate Banking Committee. The letters asked for details on oversight of banks' cryptocurrency trading and loans to crypto firms, and asked if regulators plan to conduct a review of crypto firms' relationships with banks. They gave regulators two weeks to respond to their requests. Reporting by Ann Saphir; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.
☆ Smaller rate hikes are likely coming in December, says Fed Chair Powell
  + stars: | 2022-11-30 | by ( Alicia Wallace Lucy Bayly | Alicia Wallace | Lucy Bayly | ) edition.cnn.com   time to read: +5 min
CNN Business —The Federal Reserve could pull back on the pace of its aggressive rate hikes as soon as December, Fed Chairman Jerome Powell said Wednesday at an economic forum. The most recent Job Openings and Labor Turnover Survey showed Wednesday that there were almost 1.7 jobs available for every job seeker in October. The decline in job openings is a positive development, Powell said Wednesday. And the rate hikes could be doing more harm than good. Since rate hikes can take months, even years, to flow through the economy, the Fed now appears to be adopting a “lower and slower” model of smaller rate hikes over a longer period.
☆ Premarket stocks: What midterm elections could mean for the US economy
  + stars: | 2022-11-08 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +7 min
New York CNN Business —Tuesday’s midterm elections come at a time of economic vulnerability for the United States. Americans are feeling the pain of rising interest rates and are facing a winter filled with geopolitical tension. If Republicans get the House, tax hikes are dead in the water,” said David Wagner, a portfolio manager with Aptus Capital Advisors. Biden’s stock market record is the second worst since Jimmy CarterThe stock market under President Biden started with a boom, but as we head into midterm elections, markets are going bust, reports my colleague Matt Egan. By contrast, Biden’s two immediate predecessors headed into their first midterm election with stock markets surging.
☆ The Fed's last interest rate hike will be in December as it faces political pressure due to a weakening economy
  + stars: | 2022-11-03 | by ( Matthew Fox | ) www.businessinsider.com   time to read: +3 min
The Federal Reserve's last interest rate hike will be in December, according to investment strategist Louis Navellier. Navellier believes a weakening economy will spark tremendous political pressure on the Fed. Investors weighed new language in the FOMC statement against Powell's hawkish speech on Wednesday. Navellier said investors should focus more on the FOMC statement than comments from Powell during his press conference. "I want you to know that the FOMC statement is much more important than the Fed Chairman's doublespeak," Navellier said on Thursday.
☆ U.S. state attorneys general probing Kroger deal for Albertsons
  + stars: | 2022-10-26 | by ( ) www.reuters.com   time to read: +2 min
[1/2] A customer leaves an Albertsons grocery store, as Kroger agrees to buy rival Albertsons in a deal to combine the two supermarket chains, in Riverside, California, U.S., October 14, 2022. REUTERS/Aude GuerrucciWASHINGTON, Oct 26 (Reuters) - A half dozen state attorneys general are digging into Kroger's (KR.N) planned acquisition of rival grocery chain Albertsons (ACI.N), District of Columbia Attorney General Karl Racine said on Wednesday. read moreRacine, along with attorneys general from Arizona, California, Idaho, Illinois and Washington state, also urged the chief executive of Albertsons to delay $4 billion in payments to shareholders until the state merger review is done and the deal closes. Albertsons, which owns Safeway and other grocery chains, said on Oct. 18 it would give shareholders a special dividend of up to $4 billion. An Albertsons spokesperson said in an emailed statement that the special dividend allows the company "to return cash to all of Albertsons Companies’ shareholders," adding that it would continue to be well-capitalized after the dividend is paid.
☆ Bernie Sanders and Elizabeth Warren blast the $25 billion merger between grocers Kroger and Albertsons, one calling it an 'absolute disaster' for consumers
  + stars: | 2022-10-14 | by ( Avery Hartmans | ) www.businessinsider.com   time to read: +3 min
Senators Bernie Sanders and Elizabeth Warren blasted the Kroger-Albertsons merger. Sanders called it "an absolute disaster" for consumers that would result in higher grocery costs. The grocery store chains announced Friday that they've entered into a merger agreement that values the combined company at about $24.6 billion. "That's good for small businesses, it's good for consumers, and it actually, in many cases, reduces the need for regulatory oversight. And without local competition offering lower prices, consumers are stuck with nowhere else to stop.
☆ I was paying off school loans while I was the secretary of education under Obama. Here's why Biden needs to cancel student debt.
  + stars: | 2022-02-23 | by ( John B. King Jr. | ) www.businessinsider.com   time to read: +7 min
He says he was still paying off his student loans while serving as a Cabinet member. President Biden should use his executive authority to unilaterally cancel student debt for each borrower. I was still paying off my own student loans while serving as US Secretary of Education for President Obama. Some have argued that it would be odd to cancel student debt retroactively without solving the problem going forward. Republican A. Wayne Johnson, former Federal Student Aid chief, proposed canceling up to $50,000 of student debt for each borrower.
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