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That special fee, which the FDIC proposed in May, would be assessed based on their uninsured deposits at the end of 2022. The regulator said some banks were "not reporting estimated uninsured deposits in accordance with the instructions." A July 6 report by S&P Global noted 55 banks restated their fourth-quarter uninsured deposits in FDIC reports, more than twice the norm. Specifically, the FDIC reminded banks they must report uninsured deposits backed by pledged assets as well as uninsured deposits held at their own subsidiaries. “Earlier this year, we identified certain internal or intra-bank accounts that shouldn’t have been reported,” Bank of America spokesman Bill Halldin said.

Persons: Zions, Paul Burdiss, Bill Halldin, Bank spokespeople, Niket, Pete Schroeder, Tatiana Bauzer, Shweta Agarwal, Megan Davies Organizations: U.S, Federal Deposit Insurance Corporation, Valley Bank, FDIC, P Global, Bank of America, ” Bank of America, P, Huntington National Bank, Bank, Bank Policy Institute, Thomson Locations: Bengaluru, Washington

☆ Fed fines UBS $268.5 mln for Credit Suisse missteps with Archegos
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, July 24 (Reuters) - The U.S. Federal Reserve announced Monday it had fined UBS Group AG $268.5 million for Credit Suisse's misconduct around its dealings with the defunct investment firm Archegos Capital Management. The Fed said Credit Suisse, which UBS acquired in June, repeatedly failed to address risk management shortcomings in its dealings with the firm, and lost $5.5 billion when it collapsed in 2021. UBS will pay a total of roughly $387 million in fines as Swiss and British authorities also took actions against the bank. Reporting by Pete Schroeder; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Pete Schroeder, Chizu Organizations: U.S . Federal Reserve, UBS, Archegos Capital Management, Fed, Credit Suisse, Thomson

“After examining several hints, there was not a single indication concerning a lioness or a wild animal in the area,” Michael Grubert, the mayor of Kleinmachnow, an area on the city’s southwest outskirts, told reporters. Michael Grubert, mayor of Kleinmachnow, holds a picture of the suspected animal. A major search involving 100 police officers was conducted. Grubert had said Thursday that the animal spotted was believed to be a lioness. That is to say, we checked zoos, animal parks and other animal-keeping facilities and made inquiries.

Persons: ” Michael Grubert, Michael Grubert, Annegret Hilse, Christian Mang, Grubert, Kerstin Schroeder, “ Organizations: CNN, Local, “, Reuters Authorities, Getty Images Police, ” Locations: Germany, Berlin, Kleinmachnow

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

WASHINGTON, July 19 (Reuters) - The Federal Reserve said on Wednesday it fined Deutsche Bank and its U.S. affiliates $186 million for failing to sufficiently address money laundering and other shortcomings flagged by the U.S. central bank. The Fed identified the previous issues in 2015 and 2017 consent orders, which stemmed from deficient controls in Deutsche's relationship with the Estonian branch of Danske Bank which ended in 2015. In December, Danske Bank pleaded guilty to a bank fraud conspiracy and agreed to forfeit $2 billion to settle a long-running Department of Justice probe into billions of dollars of illicit payments. In its latest order, the Fed said it found a "significant portion" of the $276 billion in transactions Deutsche cleared for Danske involved "high-risk non-resident customers." Shortcomings in Deutsche's policies on money laundering persisted after its relationship with Danske ended in 2015, the Fed said.

Persons: Biden, Danske, Pete Schroeder, Richard Chang Organizations: Federal, Deutsche Bank, U.S, Fed, Danske Bank, of Justice, Danske, Thomson Locations: Estonian, Estonia, Russia

Potential buyers and sellers are also being deterred by the long wait for deal approvals by regulators, the experts said. The uncertainty over capital rules has created a "chilling effect" that could put a lid on mergers, while rising interest rates and a looming economic downturn could also damp activity, Adams said. That compares to $3.9 billion in bank deals for non-stressed institutions, the lowest seen over the first half of a year since 2010. "Instead of evaluating mergers based on competition and the needs of the community, political factors have become too important," she said. Regional banks will "have incentives to merge and reach larger scale since they will be subject to more regulatory scrutiny and capital,” Johnson said.

Persons: ”, Timothy Adams, Adams, Michael Barr, “, Meg Tahyar, Davis Polk, Janet Yellen, Tim Johnson, ” Johnson, Tatiana Bautzer, Saeed Azhar, Nupur Anand, Pete Schroeder, Lananh Nguyen, Deepa Babington Organizations: YORK, Institute of International Finance, Global, Federal, Treasury, Dominion Bank, First, KPMG, Thomson Locations: U.S, Canada's Toronto

Federal banking regulators are expected to introduce proposals in the coming weeks requiring banks to keep more cash on hand to ensure the financial system remains stable. The nation's largest lender may increase prices or abandon some products as a way to offset the higher capital costs, Barnum said. One key new expected rule would require banks to hold more capital against certain trades. Meanwhile, banks are staying cautious and preserving capital until there is more clarity around the rules. Wells Fargo was expecting capital requirements to climb and weighing the potential effect on stock buybacks, CEO Charlie Scharf told investors on its call.

Persons: Michael Barr, Jeremy Barnum, Barnum, Jane Fraser, Wells Fargo, Charlie Scharf, Blackstone, Jamie Dimon, Pete Schroeder, Nupur Anand, Saeed Azhar, Tatiana Bautzer, Lananh Nguyen, Megan Davies, Susan Heavey Organizations: WASHINGTON, Federal, JPMorgan Chase's, JPMorgan, U.S, Treasury, Industry, Blackstone, Apollo, JPMorgan Chase, Thomson Locations: Washington, New York

Tom Schroeder, the whistleblower accusing Medtronic of a kickback scheme, left, is interviewed by Morgan Brennan, in Kansas City, Missouri. Schroeder said rumors circulated that Medtronic sales representatives were bribing VA staff to purchase an excessive amount of the company's inventory. The veterans hospital purchased more devices than some of the largest veterans medical facilities, according to data the VA's investigation gathered. Medtronic also said that Schroeder has "admitted under oath that he has no firsthand knowledge of any problematic procedure involving Medtronic devices." Douglas Winger, one of the Medtronic sales representatives named as a defendant in Schroeder's lawsuit, won a Medtronic President's Club award in 2016 for his sales.

Persons: Tom Schroeder, Schroeder, Becton Dickinson, Medtronic, Morgan Brennan, Schroder, Boua Xiong, Robert J, texted, Rick Ament, Ament, filet mignon, …, I'm, Brendan Donelon, Donelon, CNBC Donelon, Xiong, Douglas Winger, Winger, Kim Hodgson, Hodgson, Dole, ProPublica, John Laird Organizations: Inc, CNBC, Dole Veterans Affairs Medical Center, Dole VA, Department of Veterans Affairs, United, VA's, Department of Justice, Covidien, Dole, Medtronic, Society for Vascular, Drug Administration, FDA Locations: Kansas, United States, Kansas City , Missouri, Dublin, Ireland, Medtronic's, Wichita ., Dole, Covidien, Medtronic, Dole VA

☆ Fed plans to boost US banks' reserve requirements; industry gripes
▼ + stars: | 2023-07-10 | by ( Pete Schroeder | ) www.reuters.com time to read: +5 min

The banking industry called the effort misguided and economically harmful. ‘HOLISTIC REVIEW’Barr’s speech served as a comprehensive update on a “holistic” review of bank capital rules that he launched shortly after joining the U.S. central bank in 2022. He said he will seek to apply stricter capital rules to banks with more than $100 billion in assets, expanding the pool of firms that must comply. Dashing industry hopes for any rules relief, Barr also said he did not plan to weaken an existing surcharge on large global banks or leverage rules which the industry argued hampered Treasury market functions. The Fed has itself come under criticism for its oversight of banks involved in this year’s banking crisis.

Persons: Michael Barr, Evelyn Hockstein, ” Barr, Barr, Joe Biden, ”, Tim Adams, Jerome Powell Organizations: WASHINGTON, Federal, Federal Reserve, Banking, Housing, Urban Affairs Committee, Capitol, REUTERS, Center, Institute of International Finance, U.S, Silicon Valley Bank, Republican, House, Monday, Bank Locations: Washington , U.S, Washington, Basel, Silicon, U.S

☆ The US Army is looking for help from AI to predict what its enemies will do minutes or even hours before they do it
▼ + stars: | 2023-07-07 | by ( Michael Peck | ) www.businessinsider.com time to read: +5 min

The US Army wants help with "continuous, real-time predictive visualization" of enemy actions. The project is spurred by fears that human analysts won't be able to keep up with complex warfare. The Army wants the project to "take advantage" of emerging AI and/or machine-learning technologies. Military intelligence can't "assume an enemy whose behavior can be modeled via a doctrinal template," the Army RFI says. US Army military intelligence soldiers train at Camp Bullis in Texas in March 2019.

Persons: —, Daniel Schroeder, Melissa N, Lessard, ChatGPT, Michael Peck Organizations: US Army, Army, Service, Lewis, McChord, Army RFI, Britain's Royal United Services Institute, US Defense Department, RFI, Defense, Foreign Policy, Twitter, LinkedIn Locations: Washington, Nagorno, Karabakh, Ukraine, Russia, Bullis, Texas, Forbes

☆ Fed says 57 firms set to use 'FedNow' instant payments after late July launch
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, June 29 (Reuters) - The U.S. Federal Reserve announced on Thursday that 57 firms have been certified to utilize its "FedNow" instant payments system after it launches in late July. The Fed did not provide a specific date for the launch, but 41 banks and 15 service providers, including large firms like JPMorgan Chase (JPM.N), Bank of New York Mellon (BK.N), US Bancorp (USB.N) and Wells Fargo (WFC.N), have completed formal testing and will be ready to provide instant payments after the new service is live. Reporting by Pete Schroeder Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Persons: JPMorgan Chase, Wells, Pete Schroeder, Chris Reese Organizations: U.S . Federal Reserve, Fed, JPMorgan, Bank of New York Mellon, US Bancorp, Thomson

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

☆ Factbox: Big banks stand strong against Fed's commercial real estate gloom
▼ + stars: | 2023-06-28 | by ( Michelle Price | ) www.reuters.com time to read: +3 min

WASHINGTON, June 28 (Reuters) - Big U.S. banks' commercial real estate portfolios put in a surprisingly good performance during the Federal Reserve's annual health checks, with losses declining slightly on last year, the central bank said on Wednesday. With risks growing in the commercial real estate (CRE) sector globally, analysts and investors were looking to the Fed's "stress tests" for more insight on how exposed the country's lenders are to falling real estate prices. Commercial real estate (CRE), especially offices, has been hit by interest rates hikes and workers choosing to stay at home. The Fed's annual bank "stress tests" established following the 2007-2009 financial crisis probe how lenders would fare against an extreme scenario: a 40% decline in commercial real estate values. The average projected CRE loan loss rate across the group was 8.8% of average loan balances, compared with 9.8% last year, the Fed said.

Persons: Goldman Sachs, Morgan Stanley, Charles Schwab, Michelle Price, Pete Schroeder, Stephen Coates Organizations: Federal, Moody's Investors Service, Bank of America Corporation, of New York Mellon Corporation, Barclays US, BMO Financial Corp, Financial Corporation, Charles, Charles Schwab Corporation, Citigroup Inc, Financial Group, Inc, Suisse Holdings, DB USA Corporation, Goldman, Goldman Sachs Group, JPMorgan Chase & Co, T Bank Corporation, Northern Trust Corporation, PNC Financial Services Group, RBC US Group Holdings, Street Corporation, US Holdings, Truist Financial Corporation, UBS, Holding, . Bancorp, & Company, Thomson Locations: Big 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

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

Siemens Energy CEO Christian Bruch said on Friday that the takeover of Siemens Gamesa had not been a mistake and that the price had seemed right at the time when the offer was made. 'SO MANY QUESTIONS'Top-20 investor Deka Investment said "significantly greater efforts" were now needed by Siemens Energy, chaired by Siemens veteran Joe Kaeser, to restore trust. Berenberg analysts pointed out that Siemens Energy had given a fairly upbeat view on Siemens Gamesa along with second-quarter results only a month ago, and that Thursday's announcement did not fit with the recent communication. Siemens Energy CEO Bruch also cited the need to fix Siemens Gamesa's corporate culture, hinting at the fact that the company's merger never fully worked and that major management mistakes were made. When asked earlier this month on whether Siemens Energy was doing well enough to master the challenges of the energy transition, Kaeser said the management team led by Bruch was strong.

Persons: Felix Schroeder, Schroeder, Christian Bruch, Siemens Gamesa, Jochen Eickholt, Spain's, Joe Kaeser, Bruch, Kaeser, Christoph Steitz, Christina Amann, Susan Fenton, Louise Heavens Organizations: Siemens Energy, Siemens, Siemens Gamesa, Union Investment, Deka Investment, Deutsche Bank, Thomson Locations: FRANKFURT, BERLIN, Bray, European

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 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

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

REUTERS/Brian SnyderWASHINGTON, June 20 (Reuters) - The head of the U.S. Justice Department's antitrust division on Tuesday urged the government to update bank merger guidelines to reflect "current market realities," in a sign authorities are likely to cast a wider net in scrutinizing deals in the sector. “There are good reasons ... to question whether the 1995 guidance sufficiently reflects current market realities," he said in a speech at the Brookings Institution, a think tank. "What we're saying is market realities have shifted, and when we apply the law, we have an obligation to ensure we are addressing the world as it exists today." President Joe Biden signed an executive order in 2021 directing the Justice Department to work with bank regulators to update merger guidelines and heighten scrutiny of deals. In his remarks, Kanter said he was focused on the antitrust implications of any bank mergers, and that broader factors were best left to the primary bank regulators to consider.

Persons: Brian Snyder WASHINGTON, Jonathan Kanter, Biden, Kanter's, Kanter, hasn't, Joe Biden, Pete Schroeder, Deepa Babington Organizations: Bank, REUTERS, U.S . Justice, Brookings Institution, Department, Justice Department, Silicon Valley Bank, Thomson Locations: U.S, Wellesley , Massachusetts, Silicon

WASHINGTON, June 16 (Reuters) - The U.S. Senate Banking Committee will consider a bill Wednesday that would allow regulators to claw back compensation for executives at failed banks. The bill, which also would require banks to include in their bylaws standards around responsible bank management, comes in response to the abrupt failures of Silicon Valley Bank and other banks in recent months, which set off broader turmoil in the banking sector. "Americans have watched executives take their money, run banks into the ground, and get away with it too many times before. It’s time for CEOs to face consequences for their actions, just like everyone else," said Brown in a statement. Reporting by Pete Schroeder, editing by Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

Persons: Sherrod Brown, Tim Scott, Brown, Pete Schroeder, Deepa Babington Organizations: U.S . Senate, Republican, Valley Bank, Thomson

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

☆ Russia's Putin calls Berlusconi a dear, wise friend and statesman
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

June 12 (Reuters) - Russian President Vladimir Putin called Italy's Silvio Berlusconi a dear friend and an outstanding politician in a tribute to the former prime minister who died on Monday aged 86. "For me, Silvio was a dear person, a true friend. Berlusconi will be remembered in Russia as a "consistent and principled supporter of strengthening friendly relations between our countries", he said. Like former German chancellor Gerhard Schroeder, Berlusconi cultivated close relations with Moscow during Putin's first years in the Kremlin from 2000 onwards. In a Russian TV interview on Monday, Putin called Berlusconi "a world-class politician, there are few such people in the international arena now".

Persons: Vladimir Putin, Italy's Silvio Berlusconi, Silvio, Putin, Berlusconi, Gerhard Schroeder, Putin's, Schroeder, Yulia Kuznetsova, Alexei, Mark Trevelyan, Gareth Jones Organizations: NATO, Reuters, Thomson Locations: Russia, Moscow, Kremlin, Crimea, Ukraine, Kyiv, Russian, Europe

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