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☆ FDIC Chairman Denies Being Investigated, Then Changes Testimony
▼ + stars: | 2023-11-15 | by ( Rebecca Ballhaus | ) www.wsj.com time to read: +1 min

Federal Deposit Insurance Corp. Chairman Martin Gruenberg denied being subject to investigations for inappropriate workplace conduct at a House hearing, but later recanted his testimony, citing a 2008 investigation. Photo: Alex Wong/Getty ImagesFederal Deposit Insurance Corp. Chairman Martin Gruenberg testified before a House panel Wednesday that he had never been investigated for inappropriate conduct. But the FDIC tapped an external investigator more than a decade ago to examine complaints about his temperament, former officials said. In a previously scheduled hearing before the House Financial Services Committee that followed a Wall Street Journal report that found a toxic workplace culture at the agency, the panel’s chairman asked Gruenberg, “Since you’ve run the agency, you’ve been there for 20 years, have you ever been investigated for inappropriate conduct during your time at the FDIC?”

Persons: Martin Gruenberg, Alex Wong, Gruenberg, you’ve Organizations: Deposit Insurance Corp, Getty, FDIC, Financial Services Committee, Journal

☆ US lawmakers demand FDIC watchdog briefing on workplace culture
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Jason Reed/File Photo Acquire Licensing RightsNov 14 (Reuters) - Republican lawmakers on the House Financial Services Committee said Tuesday they were calling for an urgent briefing from a government watchdog to address reported allegations of pervasive sexual harassment at the Federal Deposit Insurance Corporation (FDIC). FDIC Chairman Martin Gruenberg was likely to face questioning on the matter during Congressional hearings with other top banking regulators this week, including a Wednesday appearance before the House Financial Services Committee. Gruenberg on Monday told staff the agency would not tolerate sexual harassment and announced that the agency had hired an outside law firm to review its internal practices. The FDIC Office of Inspector General (OIG) reported in 2020 that the FDIC's efforts to prevent sexual harassment were inadequate. "As is our practice, we will continue to monitor management challenges at the FDIC as they are brought to the attention of the OIG, including matters related to sexual harassment," said FDIC Chief of Staff Jon Lebruto.

Persons: Sheila Bair, Jason Reed, Patrick McHenry of, Martin Gruenberg, Tyler Smith, Jon Lebruto, Douglas Gillison, Anna Driver Organizations: Federal Deposit Insurance Corp, REUTERS, Republican, Financial, Federal Deposit Insurance Corporation, Street Journal, Financial Services Committee, FDIC, Monday, Reuters, Thomson Locations: Washington, Patrick McHenry of North Carolina

☆ FDIC Chair takes heat over stunning allegations of sexual harassment and discrimination at agency
▼ + stars: | 2023-11-14 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

New York CNN —Federal Deposit Insurance Corporation Chair Martin Gruenberg testified Tuesday that he was unaware of the allegations of widespread sexual harassment and discrimination at the agency detailed in a Wall Street Journal investigation. “I did not know about the individual cases,” Gruenberg told him. Martin Gruenberg, chair of the Federal Deposit Insurance Corporation, told senators on Tuesday he was troubled by the allegations detailed in a Wall Street Journal investigation. The report also referenced a 2019 survey conducted by the inspector general that found 8% of the 2,376 respondents experienced sexual harassment between January 2015 to April 2019. The 2020 inspector general report made 15 recommendations to prevent and address sexual harassment at the agency, which Gruenberg said in his testimony on Tuesday had been implemented but acknowledged “didn’t change the culture” at the FDIC.

Persons: Martin Gruenberg, Gruenberg, “, we’ve, ”, Mike Rounds, Thom Tillis, ” Gruenberg, Michael Barr, Michael Hsu, Urban Affairs Gruenberg, Jelena McWilliams Organizations: New, New York CNN, Federal Deposit Insurance, Street, Senate, Street Journal, FDIC, Federal Reserve, Federal Deposit Insurance Corporation, Banking, Housing, Urban Affairs, Financial Locations: New York, South Dakota, North Carolina, “, U.S

☆ House Financial Services Cmte. vice chair Rep. Hill on ICBC cyberattack, looming government shutdown
▼ + stars: | 2023-11-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHouse Financial Services Cmte. vice chair Rep. Hill on ICBC cyberattack, looming government shutdownHouse Financial Services Committee vice chairman Rep. French Hill (R-Ark.) joins 'Squawk Box' to discuss protecting U.S. financial infrastructure, after news of a cyberattack on the American arm of China's largest commercial lender ICBC, looming government shutdown, and more.

Persons: ICBC cyberattack Organizations: House, Services, Financial Locations: ICBC

☆ SEC Chair Gensler says rebooted FTX run by ex-NYSE chief is possible if done 'within the law'
▼ + stars: | 2023-11-08 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

WASHINGTON — A revived FTX could work if new leadership does so with a clear understanding of the law, SEC chair Gary Gensler told CNBC on the sidelines of DC Fintech Week. "If Tom or anybody else wanted to be in this field, I would say, 'Do it within the law,'" Gensler said on Wednesday. Alameda was a market maker for the FTX exchange, and was given privileges, such as a $65 billion line of credit requiring no collateral. "We would never let the New York Stock Exchange also operate a hedge fund and trade against their members or trade against customers in the market," said Gensler. "FTX and Alameda had an extremely problematic relationship," Castle Island Venture's Nic Carter told CNBC.

Persons: Gary Gensler, Emanuel Cleaver, WASHINGTON —, Gensler, Tom Farley, Farley, FTX, Sam Bankman, Fried, Nic Carter Organizations: Financial, Securities and Exchange Commission, SEC, CNBC, DC, New York Stock Exchange, Alameda Research Locations: Rayburn, Alameda, FTX

When cryptocurrencies collapsed and a number of companies failed last year, Congress considered multiple approaches for how to regulate the industry in the future. Ironically, the failure of Bankman-Fried's FTX and his subsequent arrest late last year may have contributed to the momentum for regulation stalling out. Before FTX imploded, Bankman-Fried spent millions of dollars — illegally taken from his customers it turns out — to influence the discussion around cryptocurrency regulation in Washington and push for action. “Moreover, almost everything the crypto industry does is clearly covered by existing securities and commodities laws that every other law-abiding financial firm in the country follow," he said. Bartlett Collins Naylor, a financial policy advocate for Public Citizen's Congress Watch said “laws on fraud and securities are currently sound.”__Hussein reported from Lewiston, Maine

Persons: Sam Bankman, cryptocurrencies, FTX, Fried, “, Sens, Debbie Stabenow, John Boozman, Sen, Sherrod Brown, Brown, He’s, ” Brown, can’t, Joe Biden, Dennis Kelleher, Bartlett Collins Naylor, __ Hussein Organizations: Securities and Exchange Commission, Coinbase, PayPal, SEC, Commodities Futures Trading Commission, Agriculture Committee, U.S ., Financial Services, White, Federal Reserve, Consumer, Better, Public Citizen's, Watch Locations: PALM SPRINGS, Calif, Washington, Ohio, stablecoins, Lewiston , Maine

☆ US House blocks rebuke of Tlaib over Israeli-Palestinian rally
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +4 min

Republican Representative Marjorie Taylor Greene introduced the resolution on Oct. 26, accusing Tlaib of "antisemitic activity, sympathizing with terrorist organizations, and leading an insurrection at the U.S. Capitol Complex." Greene's resolution refers to a peaceful demonstration in a House office building, during which hundreds of protesters were arrested. The corruption charges against Santos also include reporting a false $500,000 campaign loan and lying to the House about his assets. The former treasurer for Santos' campaign pleaded guilty on Oct. 5 to a conspiracy charge for inflating fundraising numbers. "Mr. Santos is a stain on this institution and not fit to serve his constituents in the House of Representatives," Anthony D'Esposito, one of the House Republican lawmakers behind the resolution, said on the House floor.

Persons: Rashida Tlaib, Sam Bankman, Sarah, Marjorie Taylor Greene, Tlaib, Greene, George Santos, Santos, New York, Kevin McCarthy, Mike Johnson, McCarthy, Mr, Anthony D'Esposito, Makini Brice, Scott Malone, Jonathan Oatis, Lisa Shumaker, Diane Craft Organizations: U.S, . House Financial, Capitol, REUTERS, U.S . House, Representatives, Democratic, Republican, U.S . Capitol, Republicans, White, Thomson Locations: Washington , U.S, WASHINGTON, COVID, Nazi Germany, York, New York City, Santos, New

☆ Who is Rep. Tom Emmer, the House GOP’s new speaker nominee?
▼ + stars: | 2023-10-24 | by ( Piper Hudspeth Blackburn | ) edition.cnn.com time to read: +3 min

CNN —Rep. Tom Emmer, the House majority whip whose bid for House speaker was thrown into immediate jeopardy Tuesday afternoon, has tried to balance an at-times moderate voting record while trying to appeal to the Donald Trump-aligned base of the Republican Party. The Minnesota Republican emerged Tuesday afternoon as House Republicans’ new speaker nominee in the scramble to succeed Kevin McCarthy. Several Republicans who oppose Emmer told CNN Tuesday they will not change their stance and are calling for a new candidate. As majority whip, Emmer has experience with keeping the GOP’s narrow majority in line. McCarthy has backed the Minnesota Republican for speaker and urged the conference to elect him by the end of the week.

Persons: Tom Emmer, Donald Trump, Kevin McCarthy, Emmer, CNN’s KFile, Joe Biden, Patrick McHenry, McCarthy, Tom, ”, Steve Scalise, Ralph Norman, “ didn’t, ” Norman Organizations: CNN —, Republican Party, The, The Minnesota Republican, Republicans, Trump, CNN, Republican, Minnesota, Financial Services, Minnesota Republican, Press, GOP, South Carolina Rep, Caucus Locations: The Minnesota, Minnesota, “

☆ Bitcoin jumps as ETF hopes drive the token to $30,000
▼ + stars: | 2023-10-20 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The token spiked 10% briefly on Tuesday after a false report said the SEC approved BlackRock's spot bitcoin ETF. Bullishness around a the spot bitcoin ETF is high, with calls growing for the SEC to sign off on a first-ever fund. AdvertisementAdvertisementBitcoin moved above $30,000 on Friday, spiking above the closely watched threshold before paring some gains, as a week of bullishness around a spot bitcoin ETF helps push the token higher. Hopes for a spot bitcoin exchange-traded fund have helped fuel the latest rally. The SEC has already approved bitcoin futures ETFs, though regulators have turned down bitcoin spot ETF applications repeatedly in recent years.

Persons: Bitcoin, —, Mike Novogratz, Novogratz, Gary Gensler Organizations: SEC, Service, Securities and Exchange Commission, Fidelity, Galaxy Digital, House Financial Services Locations: New York, BlackRock

☆ CFPB pushing to give consumers more control over their financial data
▼ + stars: | 2023-10-19 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

The Personal Financial Data Rights rule would ensure consumers' legal right to their checking and prepaid account, credit card and digital wallet history and require fee-free data sharing among financial institutions, according to a release. It also includes restrictions on the monetization of sensitive consumer data by banks and tech companies and permits customers to revoke access to their data. "When it comes to our financial lives, a handful of very large banks and financial firms control much of the market," CFPB Director Rohit Chopra told reporters Thursday. If adopted, the rule would reactivate a statute of the 2010 Dodd-Frank Act tasking the CFPB with ensuring fair competition for consumer financial products. Biden "encouraged the CFPB to consider issuing rules to make it easier for consumers to take their financial data to a new financial services provider," Brainard told reporters Thursday.

Persons: Rohit Chopra, Dodd, Biden, Chopra, Lael Brainard, Joe Biden's, Brainard Organizations: Financial, WASHINGTON, Consumer Financial, Frank, National Economic Council, CNBC Locations: U.S

☆ California lawmakers urge SEC to follow their lead in climate disclosure requirements
▼ + stars: | 2023-10-17 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +3 min

The law requires large businesses to report their scope 1, 2 and 3 emissions. Scope 1 emissions are those generated by fuel sources that a business owns, such as boilers, furnaces and vehicles. Scope 2 emissions are greenhouse gasses emitted to generate the electricity, steam, heat or cooling a business purchases. But the California lawmakers "strongly urge" the SEC "to follow California's lead and specifically include Scope 3 disclosure requirements in addition to Scope 1 and 2," they said in a letter dated Thursday. Also, the California lawmakers say that because California has passed SB 253 requiring large businesses in the state to report their Scope 3 emissions, the cost for California businesses to submit the same data to federal regulators is negligible.

Persons: Gary Gensler, Gavin Newsom, Gensler, We're, — Organizations: . Securities, Exchange, Financial, Capitol, Washington , D.C, California Democratic, U.S . Securities, Exchange Commission, SEC, Exxon Mobil, Walmart, National Cattlemen's Beef Association, National Cotton Council, Wisconsin Pork Association, CNBC, U.S . House, Financial Services Locations: Washington ,, California

☆ US House Republicans eye Scalise, Jordan for possible next speaker
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

2 House Republican and was long considered to be next in line after McCarthy. POSSIBLE: PATRICK MCHENRYRepresentative Patrick McHenry was named to step in as speaker pro tempore following McCarthy's ouster. Chair of the House Financial Services Committee, McHenry is a McCarthy ally who spoke in support of McCarthy before the ouster vote. POSSIBLE: KEVIN MCCARTHYThe former speaker has sent conflicting signals on whether he would seek a return, should Scalise and Jordan fail to capture support from 218 lawmakers. OUT: KEVIN HERNKevin Hern is chairman of the Republican Study Committee, a group of conservative Republicans.

Persons: Kevin McCarthy, STEVE SCALISE, Steve Scalise, McCarthy, JIM JORDAN, Jim Jordan, Jordan, Joe Biden, Donald Trump, Jordan's, PATRICK MCHENRY, Patrick McHenry, McHenry, KEVIN MCCARTHY, KEVIN HERN Kevin Hern, Makini Brice, Moira Warburton, Scott Malone, Howard Goller, David Gregorio, Jonathan Oatis Organizations: U.S . House, Republican, Democrat, Financial Services, Committee, Republicans, Thomson Locations: U.S, Louisiana, Ohio, North Carolina

REUTERS/Kevin Lamarque/ Acquire Licensing RightsWASHINGTON, Oct 9 (Reuters) - The U.S. Federal Reserve's top regulatory official defended a sweeping proposal to overhaul bank capital rules before the country's largest bank lobby on Monday, arguing the benefits of a bigger cushion outweigh any additional costs banks might face. The proposal implements international capital standards agreed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis. Barr's Monday speech, which is his first on bank regulation since the proposal came out, served as a broad-based defense of the effort. "The private costs of capital must be weighed against the social benefits of higher capital in creating a healthier, more resilient financial system," he said, according to prepared remarks. Barr also pushed back against the industry's refrain that higher capital costs for banks will mean curtailed lending and potential economic harm.

Persons: Michael Barr, Kevin Lamarque, Michael Barr's, Barr, Jerome Powell, Powell, Isaac Boltansky, Pete Schroeder, Michelle Price, Josie Kao, Andrea Ricci Organizations: Financial, Valley Bank, Signature Bank, Capitol, REUTERS, Rights, U.S, Federal, Banking, Silicon Valley Bank, Thomson Locations: Washington , U.S, Silicon

☆ Who will be the next U.S. House speaker? A look at top candidates so far
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +3 min

[1/2] Former Speaker of the House Kevin McCarthy (R-CA) speaks to reporters after he was ousted from the position of Speaker by a vote of the House of Representatives at the U.S. Capitol in Washington, U.S. October 3, 2023. Jordan faces a challenge from Representative Steve Scalise, the No. 2 House Republican long considered to be McCarthy's heir apparent. IN: STEVE SCALISERepresentative Matt Gaetz, the lawmaker who spearheaded the push to oust McCarthy, has said he would support Steve Scalise taking over the role. Chairman of the House Financial Services Committee, McHenry is a McCarthy ally who spoke in support of McCarthy before the ouster vote.

Persons: Kevin McCarthy, Jonathan Ernst, Donald Trump, Jim Jordan, Jordan, Steve Scalise, JIM JORDAN, McCarthy, Joe Biden, Trump, STEVE SCALISE, Matt Gaetz, Scalise, David Duke, KEVIN HERN Kevin Hern, PATRICK MCHENRY, Patrick McHenry, McHenry, Makini Brice, Scott Malone, Howard Goller Organizations: U.S, Capitol, REUTERS, Republican, Ku Klux Klan, Committee, Republicans, Financial Services, Thomson Locations: Washington , U.S, Ohio, Louisiana, Oklahoma, North Carolina

☆ Who could succeed Republican Kevin McCarthy as speaker of the US House?
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +3 min

[1/2] Former Speaker of the House Kevin McCarthy (R-CA) speaks to reporters after he was ousted from the position of Speaker by a vote of the House of Representatives at the U.S. Capitol in Washington, U.S. October 3, 2023. 2 House Republican and has long been favored to take over the head of the Republican Party in the chamber after McCarthy's tenure ended. TOM EMMERRepresentative Tom Emmer is the House Republican whip and had headed the House Republicans' campaign arm during the 2022 midterm elections, when Republicans recaptured the House majority from President Joe Biden's Democrats. Chair of the House Financial Services Committee, McHenry is a McCarthy ally who spoke in support of McCarthy prior to the vote. KEVIN MCCARTHYRepresentative Kevin McCarthy told reporters on Tuesday he would not make another run for speaker.

Persons: Kevin McCarthy, Jonathan Ernst, McCarthy, STEVE SCALISE, Matt Gaetz, Steve Scalise, Scalise, Tom Emmer, Joe Biden's, JIM JORDAN, Jim Jordan, Donald Trump, BYRON DONALDS, Byron Donalds, PATRICK MCHENRY, Patrick McHenry, McHenry, DONALD TRUMP, Biden, Gaetz, Andy Ogles, Trump, HAKEEM JEFFRIES, Hakeem Jeffries, KEVIN MCCARTHY, Makini Brice, Scott Malone, Howard Goller Organizations: U.S, Capitol, REUTERS, U.S . House, Republican, Republican Party, TOM, Republicans, Committee, Financial Services, Trump, Democratic, Thomson Locations: Washington , U.S, U.S

☆ Supreme Court case may gut the CFPB: Consumer watchdog's ‘future is on the line,’ group says
▼ + stars: | 2023-10-03 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Visitors walk across the U.S. Supreme Court plaza on the first day of the court's new session on Oct. 2, 2023. Bill Clark | Cq-roll Call, Inc. | Getty ImagesWhy the CFPB's funding may be unconstitutionalThe Consumer Financial Protection Bureau headquarters in Washington. Lawmakers created the federal agency to protect consumers from predatory financial practices. The Supreme Court ruled against the agency in a 2020 case, Seila Law v. CFPB, finding part of its structure to be unconstitutional but ultimately keeping the agency intact. Instead, the CFPB's funding isn't authorized by Congress each year.

Persons: Bill Clark, Washington . Samuel Corum, Dodd, Frank, —, John Coleman, Orrick, Coleman, Rohit Chopra, Tom Williams Organizations: U.S, Supreme, Cq, Inc, Getty, Financial, Bloomberg, Lawmakers, U.S ., Appeals, Circuit, Congress, Federal Reserve, 5th Circuit, Congressional Research Service, Mortgage Bankers Association, National Association of Home Builders, National Association of Realtors Locations: Washington .

CNN —Following Kevin McCarthy’s historic ouster as House speaker, names have started to emerge as possible successors to take over the gavel. Jordan replied “yes,” when asked if he is running for speaker and said he had just talked to House Majority Leader Steve Scalise, the No. Anna Moneymaker/Getty Images/FILELouisiana Rep. Steve Scalise, who serves as House majority leader, announced on Wednesday his intention to succeed McCarthy. As he exited a GOP meeting, he told reporters, “Steve Scalise has been a friend for a long time. Kevin HernRep. Kevin Hern leaves a meeting of the House Republican Conference at the Capitol Hill Club on Wednesday, July 26, 2023.

Persons: Kevin McCarthy’s, McCarthy, Tuesday’s, Jim Jordan Rep, Jim Jordan, Anna Moneymaker, Jim Jordan of Ohio, Jordan, “, Steve Scalise, Fani Willis, Attorney Alvin Bragg, Trump, Hunter Biden, ” Scalise, Scalise, ”, David Duke, Tom Emmer, Tom Williams, Emmer, “ Steve Scalise, Kevin Hern, ”, I’ve, ” Hern, Hern Organizations: CNN, GOP, Republican, Committee, Manhattan, Attorney, Justice Department, Freedom Caucus, Building, Congress, Ku Klux, House Republican Conference, Capitol, Minnesota Republican, Louisiana Rep, Minnesota, Financial Services, Capitol Hill Club, Oklahoma Republican, Caucus, McDonalds, Small Business Locations: Washington , DC, Benghazi, Trump, Fulton County, Louisiana, Alexandria , Virginia, New Orleans ’, Minnesota, Texas

☆ A government shutdown isn’t good for Republicans like me
▼ + stars: | 2023-09-29 | by ( Anna Lee | Opinion Mike Lawler | ) edition.cnn.com time to read: +6 min

Reckless spending and radical policies created near-record inflation, soaring grocery bills, rising energy costs and skyrocketing interest and mortgage rates. That’s why we are barreling toward a shutdown rather than agreeing on a spending package to keep the federal government working. Worse, they seemingly live in an alternate reality where Republicans control the White House and the US Senate as well as the House of Representatives. My constituents sent me here to represent their interests, and let me tell you, no one wins in a government shutdown. Bipartisanship isn’t a sign of weakness, and it isn’t something to be derided; it’s a sign of a functional democracy.

Persons: Mike Lawler, Michael V, Bidenomics ”, Biden, Newsflash, Matt Gaetz, –, Kevin McCarthy, Let’s Organizations: New, Congressional, Financial Services, House Foreign Affairs, SALT Caucus, Caucus, Scenic Trails Caucus, Moldova Caucus, CNN, Lawler, Republican Conference, Republican, GOP, White, Senate, Representatives, Biden, New York Locations: United States, Washington, New York, Florida, New, New York’s

Crypto companies have been expanding in Washington to combat growing regulatory scrutiny, especially from the SEC which says the industry has been flouting its rules. "Everybody wants to make sure that what they're doing isn't going to be erased by the government," said Kara Calvert, head of U.S. policy at Coinbase, referring to the crypto industry. A House vote before year-end is possible, but the outlook is dimmer in the Senate, where industry-friendly crypto bills have failed to gain traction. And Senate Banking Committee Chair Sherrod Brown of Ohio has shown little interest in making it a priority to advance the House bills. "The last thing we need is for the crypto industry to write their own rulebook — too many Ohioans have been burned by fraud and scams," said Brown in a statement to Reuters.

Persons: Dado Ruvic, Katherine Dowling, Coinbase, OpenSecrets, Brian Armstrong, Kara Calvert, Mark Hays, Sherrod Brown of, Brown, Ian Katz, Hannah Lang, Michelle Price, Richard Chang Organizations: REUTERS, Coinbase, Financial, National Defense, U.S . Securities, Exchange Commission, SEC, Binance, Reuters, OpenSea, Financial Reform, Senate, Capital Alpha Partners, Thomson Locations: Washington, NFTs, Sherrod Brown of Ohio, Ohio

☆ Gensler is testifying before Congress and facing increasing lawsuits over his many rule changes
▼ + stars: | 2023-09-27 | by ( Bob Pisani | ) www.cnbc.com time to read: +7 min

Securities and Exchange Commission Chair Gary Gensler is testifying before the House Financial Services Committee today. Republicans are increasingly apoplectic about the more than 40 rules Gensler has been proposing, especially now that he has begun adopting them. Gensler grilled for proposed and adopted rulesRepublicans will be particularly keen to talk about some of the bigger issues Gensler has been tackling. Some are hoping that a few Democrats will join the Republicans and ask Gensler to slow down. Now that he has begun adopting many of these rules, the financial services industry seems to be saying, "See you in court."

Persons: Gary Gensler, Gensler, That's, Biden, Kirsten Wegner, Wegner, Virtu, Doug Cifu, Cifu, What's Organizations: U.S . Treasury, Washington , D.C, Securities, Exchange, Financial Services, Senate Banking, Republicans, Gensler, Commission, Modern Markets, Trader's Magazine, SEC, Virtu Locations: Washington ,

☆ US Representative Wexton won't seek reelection after new diagnosis
▼ + stars: | 2023-09-18 | by ( Katharine Jackson | ) www.reuters.com time to read: +2 min

REUTERS/Mary F. Calvert Acquire Licensing RightsWASHINGTON, Sept 18 (Reuters) - U.S. Representative Jennifer Wexton, a Virginia Democrat, on Monday said she would not seek reelection after doctors updated her diagnosis to a more serious condition, which she likened to "Parkinson’s (disease) on steroids." PSP is a neurological disorder that affects body movements, causing problems with walking, eye movement, and swallowing and worsens over time. The rare condition is characterized by symptoms that are similar to Parkinson's but more difficult to treat. Wexton flipped a seat held by Republicans for decades in 2018 as voters veered away from then-President Donald Trump. Reporting by Katharine Jackson; editing by Jonathan Oatis and Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

Persons: Jennifer Wexton, Steven Mnuchin, Mary F, Calvert, I’ve, I’m, Wexton, Donald Trump, Katharine Jackson, Jonathan Oatis, Bill Berkrot Organizations: Financial, Treasury, International, REUTERS, Rights, Virginia Democrat, National Institute of Neurological Disorders, Thomson Locations: Washington , U.S, Virginia, Northern Virginia, Washington

☆ US representative won't seek reelection after doctors say Parkinson's more serious
▼ + stars: | 2023-09-18 | by ( Katharine Jackson | ) www.reuters.com time to read: +2 min

REUTERS/Mary F. Calvert Acquire Licensing RightsWASHINGTON, Sept 18 (Reuters) - U.S. Representative Jennifer Wexton, a Virginia Democrat, on Monday said she wouldn't seek reelection after doctors updated her diagnosis to a more serious condition, which she likened to "Parkinson’s (disease) on steroids." The third-term congresswoman announced in April that she had been diagnosed with Parkinson's but would continue to work while being treated for the disease, which was affecting her speech. There is no ‘getting better’ with PSP," she said, announcing her decision on Monday. Wexton flipped a seat held by Republicans for decades in 2018 as voters veered away from then-President Donald Trump. Reporting by Katharine Jackson; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Jennifer Wexton, Steven Mnuchin, Mary F, Calvert, wouldn't, I’ve, I’m, Donald Trump, Katharine Jackson, Jonathan Oatis Organizations: Financial, Treasury, International, REUTERS, Rights, Virginia Democrat, Thomson Locations: Washington , U.S, Virginia, Northern Virginia, Washington

WASHINGTON (AP) — The Biden administration plans to increase scrutiny of the investment plans of foreign-owned companies operating in the United States. “National security is a foremost priority, and we deploy a wide range of tools to safeguard it,” Treasury Secretary Janet Yellen said Thursday. The federal government reviews and can block business activity of non-U.S. companies through the Committee on Foreign Investment in the United States, also known as CFIUS. At a conference dedicated to the committee, Yellen emphasized that CFIUS is adapting to a changing global economy as national security issues related to China are a primary consideration. “As new threats and vulnerabilities emerge, our national security priorities shift in response,” Yellen said.

Persons: —, Biden, Janet Yellen, Yellen, ” Yellen, “ We've, ByteDance, LIV, Paul Rosen, ” Rosen, Joe Biden, Donald Trump, ”, Patrick McHenry Organizations: WASHINGTON, Foreign Investment, State, Justice, Energy, Commerce, Twitter, PGA, U.S, Washington, Financial Locations: United States, U.S, China, Beijing, R

☆ Citigroup CEO Jane Fraser pushes biggest overhaul in almost two decades
▼ + stars: | 2023-09-13 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +3 min

Citigroup CEO Jane Fraser testifies during a U.S. House Financial Services Committee hearing titled “Holding Megabanks Accountable: Oversight of America’s Largest Consumer Facing Banks” on Capitol Hill in Washington, U.S., September 21, 2022. The bank is also planning to list its Mexican consumer unit, known as Banamex, after a sale process fell through. Scottish-born Fraser is the first woman to lead a Wall Street bank. She spoke in March about her life and career in a wide-ranging interview with Carlyle Group (CG.O) Co-Founder David Rubenstein. Reporting by Tatiana Bautzer; writing by Michelle Price; editing by Lananh Nguyen and Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Jane Fraser, Elizabeth Frantz, Jane Fraser's, we've, Fraser, Michael Corbat's, Sandy Weill, David Rubenstein, Goldman Sachs, Smith Barney, Tatiana Bautzer, Michelle Price, Lananh Nguyen, Josie Kao Organizations: Citigroup, . House Financial, REUTERS, Citi, JPMorgan Chase &, Bank of America, Banks, Carlyle Group, Cambridge University, Harvard Business School, McKinsey, Thomson Locations: Washington , U.S, U.S, New York, Scottish, Mexico

REUTERS/Kevin Lamarque/File Photo Acquire Licensing RightsWASHINGTON, Aug 29 (Reuters) - A top U.S. banking regulator is set on Tuesday to propose heightened rules to ensure regional banks can be safely dissolved in times of stress. Now, regulators are looking to toughen their rules, particularly for regional banks like PNC Financial Services Group Inc and Citizens Financial Group Inc."The failure of three large regional banks this spring...demonstrated clearly the risk to financial stability that large regional banks can pose," said FDIC Chairman Martin Gruenberg in a speech earlier this month previewing the proposals. The regulator is also set to propose an overhaul to "living will" rules for banks, which require firms to detail how they could be safely taken apart after failing. As banks failed last spring, the FDIC was unable to find immediate buyers for some firms, such as Silicon Valley Bank. The banking industry is already pushing back against the upcoming proposal and similar efforts, calling them unjustified and economically harmful.

Persons: Martin Gruenberg, Kevin Lamarque, Gruenberg, JPMorgan Chase, Ian Katz, ”, Rob Nichols, Pete Schroeder, Megan Davies, Andrea Ricci Organizations: Deposit Insurance, Financial, Valley Bank, Signature Bank, Capitol, REUTERS, Rights, Federal Deposit Insurance Corporation, Financial Services Group Inc, Citizens Financial, Inc, FDIC, Silicon Valley Bank, First Republic Bank, JPMorgan, FDIC’s, Insurance Fund, Capital Alpha Partners, American Bankers Association, Thomson Locations: Washington , U.S, Silicon

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