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☆ China would be among first paid under GOP debt limit plan, Treasury Secretary Yellen says
▼ + stars: | 2023-03-16 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

The GOP plan places a higher priority on making public debt obligations and Social Security payments than other types of government obligations. House Republicans are holding up a bill to raise the U.S. debt ceiling, which hit its $31.4 trillion borrowing limit in January. "If Treasury follows this Republican plan, bearing in mind that China holds about $1 trillion in U.S. debt, who would get paid first?" "I cannot give any assurances about the technical feasibility of such a plan," Yellen told lawmakers. She said lawmakers needed to recognize that "raising the debt ceiling is their responsibility to protect the full faith and credit in the United States."

WASHINGTON — Treasury Secretary Janet Yellen sought to reassure markets and lawmakers on Thursday that the federal government is committed to protecting U.S. bank deposits following the failure of Silicon Valley Bank and Signature Bank over the weekend. "Our banking system remains sound and Americans can feel confident that their deposits will be there when they need them," Yellen said. Yellen has been at the center of emergency federal efforts this past week to return deposits to account holders at two failed banks, the California-based Silicon Valley Bank and the crypto-heavy Signature Bank, based in New York. "This week's actions demonstrate our resolute commitment to ensure that depositors' savings remain safe," Yellen told the senators. "I'm concerned about the precedent of guaranteeing all deposits and the market expectation moving forward," said Sen. Mike Crapo, R-Idaho.

☆ Top Senate Democrats press DOJ, SEC to investigate whether Silicon Valley Bank executives broke any laws
▼ + stars: | 2023-03-15 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

California bank regulators shuttered SVB on Friday and the FDIC set up an intermediary bank to take over the bank's insured deposits. By Sunday, New York state bank regulators and the FDIC did the same to Signature Bank, which was a major source of lending for the cryptocurrency industry. The letter came on the heels of a joint announcement by the Justice Department and the SEC about the pending investigation into the SVB failure. Bank officials also lobbied Congress for exemptions to federal oversight regulations. "I am not prejudging this matter, and am not in position to do so," the lawmakers wrote to Gensler and Garland.

☆ Sen. Warren urges Fed Chair Powell to recuse himself from review of Silicon Valley Bank collapse
▼ + stars: | 2023-03-14 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — Sen. Elizabeth Warren on Tuesday pushed Fed Chair Jerome Powell to remove himself from the central bank's review of the Silicon Valley Bank collapse, accusing him of allowing dangerous practices that helped to cause its failure. The Massachusetts Democrat contended Powell's "actions to allow big banks like Silicon Valley Bank to boost their profits by loading up on risk directly contributed to these bank failures." "For the Fed's inquiry to have credibility, Powell must publicly and immediately recuse himself from this internal review," Warren said in a statement. "The events surrounding Silicon Valley Bank demand a thorough, transparent, and swift review by the Federal Reserve," Powell said in a statement Monday. The agency created the Deposit Insurance National Bank of Santa Clara to hold the insured deposits from SVB.

Silicon Valley Bank's collapse could have ramifications for the technology landscape over the coming years, analysts and investors said. Senate Majority Leader Chuck Schumer will give campaign contributions from former Silicon Valley Bank CEO Greg Becker and the bank's PAC to charities, according to a person with direct knowledge of the matter. Schumer received the maximum individual contribution of $5,800 from Becker in June 2021, according to the Federal Election Commission. The campaign received $2,700 from the bank's political action committee in 2015, per an FEC filing. Rep. Maxine Waters, D-Calif., said she will return the contribution she received from Becker, according to reporting from Politico.

☆ House Republicans target the CFPB as the agency takes aim at 'junk fees'
▼ + stars: | 2023-03-09 | by ( Chelsey Cox | ) www.cnbc.com time to read: +7 min

WASHINGTON — Lawmakers discussed ways to reform, or altogether defund, the nation's foremost consumer protection agency on Thursday, as the regulator takes aim at illegal "junk fees" levied on consumers. GOP lawmakers in the hearing criticized the Biden administration's push to eradicate "junk fees," largely regulated by the CFPB. On Wednesday, the agency released a list of illegal junk fees encompassing deposit accounts; auto and mortgage loan servicing; and payday and title lending. Subcommittee member Rep. Blaine Luetkemeyer, R-Mo., said Chopra has used junk fees as an excuse to expand his authority. The CFPB's working definition of junk fees is "any fee they don't like," argued Devin Watkins, an attorney at the conservative-leaning Competitive Enterprise Institute.

☆ House Democrats push back against GOP bill to abolish IRS, impose national sales tax
▼ + stars: | 2023-03-08 | by ( Chelsey Cox | ) www.cnbc.com time to read: +5 min

WASHINGTON — Three Democrats in the U.S. House introduced a measure to push back against a controversial Republican tax proposal that would abolish the IRS, eliminate income taxes and impose a national sales tax. House Republicans introduced the Fair Tax Act in January shortly after Kevin McCarthy, R-Calif, was voted in as speaker. The three Democrats introduced a House resolution opposing a national sales tax on working families and, instead, supporting a tax cut to benefit middle-class families. Buddy Carter, R-Ga., who introduced the Fair Tax Act, said it would simplify the tax code. Pettersen said the sales tax would hurt the most those who are unable to save, such as seniors and low-income families.

☆ Oklahoma Republican tells Teamsters president 'shut your mouth' in terse exchange at Senate hearing
▼ + stars: | 2023-03-08 | by ( Chelsey Cox | ) www.cnbc.com time to read: +5 min

WASHINGTON — A Republican lawmaker Wednesday told Teamsters General President Sean O'Brien to "shut your mouth" in a terse exchange at a hearing examining so-called union busting by U.S. companies. O'Brien said the International Brotherhood of Teamsters had examples of employers illegally pressuring workers not to join unions. When O'Brien said Mullin was out of line, the lawmaker shot back: "You need to shut your mouth." "You think you're smart? You think you're funny?

☆ Economists, activists warn lawmakers of looming debt default if Congress cannot agree to raise the debt ceiling
▼ + stars: | 2023-03-07 | by ( Chelsey Cox | ) www.cnbc.com time to read: +5 min

Mark Zandi, chief economist at Moody's, said an impending default would "be a catastrophic blow to the already fragile economy." "Given the dramatic reduction in government spending in this scenario and the already fragile economy, the economy suffers a recession in 2024. "Bond investors, unsure of how this legal uncertainty would be resolved would demand a much higher interest rate in compensation. In his opening remarks, Holtz-Eakin also said that skirting default would have "serious and adverse economic effects." "House Republicans don't seem concerned about the upcoming debt limit deadline," Warren said in her opening remarks.

☆ SEC Chair Gensler says 'Scope 3' emissions disclosures aren't 'well developed,' hinting they could be scaled back in climate rule
▼ + stars: | 2023-03-06 | by ( Chelsey Cox | ) www.cnbc.com time to read: +5 min

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler, testifies before the Senate Banking, Housing and Urban Affairs Committee during an oversight hearing on Capitol Hill in Washington, September 15, 2022. WASHINGTON — SEC Chair Gary Gensler hinted again Monday that the agency was considering scaling back its emissions disclosure rule. The SEC received a record 15,000 or so comments on the rule, "more than we've gotten on any other role in the history of our commission," Gensler said. Gensler has previously said the agency was considering making "adjustments" to the rule, given the volume of public comments. But a group of Democratic lawmakers are pressing Gensler not to drop Scope 3 disclosures from the final rule.

☆ Companies that give up stock buybacks for 5 years will get preferential treatment in $52 billion CHIPS program, Commerce Secretary Raimondo says
▼ + stars: | 2023-03-06 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

WASHINGTON — U.S. Commerce Secretary Gina Raimondo said companies that voluntarily agree to forgo stock buybacks for five years will get preferential treatment when the agency doles out $52 billion authorized under the CHIPS and Science Act. Raimondo said stock buybacks is one factor being taken into consideration as part of a $39 billion manufacturing subsidy program. The law also creates a 25% investment tax credit for building chip plants, estimated to be worth $24 billion. Beyond that, we're giving a preference to companies who voluntarily say they won't do a buyback for five years," Raimondo told CNBC's Sara Eisen on Monday. The Commerce Department began accepting applications for CHIPS funding at the end of February.

☆ Senators press crypto exchange Binance on potentially illegal business practices after FTX collapse
▼ + stars: | 2023-03-02 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

WASHINGTON — A bipartisan group of senators asked Binance, the world's largest cryptocurrency exchange and once-competitor to bankrupt crypto giant FTX, for detailed information on its business operations amid accusations of illegal practices. A spokesperson for Binance told CNBC that the company looks forward to "correcting the record" about its operations. Binance has become the definitive leader in the digital currency exchange industry since FTX filed for bankruptcy and its founder, Sam Bankman-Fried, stepped down in November. In their letter, the senators outlined the Justice Department's allegations against Binance, and contended the company has showed a lack of transparency. FTX's collapse, which affected over 1 million investors, highlighted "the need for real transparency and accountability in the crypto industry," the senators wrote.

☆ Watch live: U.S. House China panel holds first hearing after lawmakers push seven bills targeting Beijing
▼ + stars: | 2023-02-28 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

Gallagher and Rep. Raja Krishnamoorthi, D-Ill., ranking member of the select committee, called the balloon a "violation of American sovereignty" in a joint statement. The administration's move prompted the advancement of several bills designed to bolster U.S. national security against China. Seven out of 10 bills passed by the House Financial Services Committee Tuesday addressed China or its neighbor, Taiwan. The Select Committee will not allow the CCP to lull us into complacency or maneuver us into submission." Matthew Pottinger, former U.S. Deputy national security adviser; former U.S. National Security Adviser H.R.

☆ Top Senate Democrats press Chamber of Commerce on threat to sue FTC over noncompete clause ban
▼ + stars: | 2023-02-28 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

Signage is seen on the Chamber Of Commerce Building in the Manhattan borough of New York City, New York, U.S., April 21, 2021. WASHINGTON — Two top Senate Democrats on Tuesday will press the largest U.S. business advocacy organization on its threat to sue the Federal Trade Commission over a plan to ban noncompete clauses. Elizabeth Warren, D-Mass., and Sheldon Whitehouse, D-R.I., are requesting detailed information from the U.S. Chamber of Commerce about its plan to sue the FTC to halt the proposal. The new rule that would bar employers from imposing noncompete clauses could increase workers' wages by $300 billion a year, according to the FTC. A ban in Oregon helped raise wages for lower wage workers by 2% to 3%, according to a 2021 study.

☆ U.S. will create at least two semiconductor manufacturing clusters by 2030, Commerce Secretary Gina Raimondo says
▼ + stars: | 2023-02-23 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

Commerce Secretary Gina Raimondo testifies before a Senate Appropriations Subcommittee on Commerce, Justice, Science, and Related Agencies hearing on Capitol Hill in Washington, D.C., U.S., February 1, 2022. WASHINGTON — The U.S. will use funds from the $52 billion CHIPS and Science Act to create at least two large-scale logic fabs for the manufacture of semiconductors, along with multiple high-volume advanced packaging facilities, by 2030, Commerce Secretary Gina Raimondo announced Thursday. U.S.-based manufacturing plants, known as "fabs," will produce advanced memory chips "on economically competitive terms," Raimondo said. "This is fundamentally a national security issue," she said. The Commerce secretary reiterated the government's plans to invest $11 billion in what it calls a National Semiconductor Technology Center.

☆ Republicans seek records on SEC's climate proposal as part of push against ESG investing plans
▼ + stars: | 2023-02-22 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

Gensler recently announced that the agency is considering adjustments to the proposal, first introduced in March 2022, after pushback from investors. Gensler told CNBC's "Squawk Box" earlier this month that the proposal simply required a clear climate transition plan from public companies. Earlier this month, McHenry formed a Republican working group on environmental, social and governance, or ESG, plans in part to target the rule disclosure. ESG platforms broadly apply to taking into account the environmental and social implications of a company's decisions, and not just its financial performance, as part of investing decisions. Many House Republicans have criticized ESG plans — but some of them have received campaign contributions from the very financial firms they are targeting.

☆ Mormon church, affiliated nonprofit to pay $5 million to settle SEC charges alleging disclosure failures
▼ + stars: | 2023-02-21 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

The forms were filed in the name of the shell companies, instead of Ensign Peak Advisers. Ensign Peak Advisers agreed to pay a $4 million penalty to the SEC, while the church agreed to pay $1 million, the agency said. "Since 2000, Ensign Peak received and relied upon legal counsel regarding how to comply with its reporting obligations while attempting to maintain the privacy of the portfolio. As a result, Ensign Peak established separate companies (LLCs) that each filed Forms 13F instead of a single aggregated filing. Ensign Peak and the Church have cooperated with the government over a period of time as we sought resolution," Moore added.

☆ Top House Republicans scrutinize SEC investigation of failed crypto exchange FTX
▼ + stars: | 2023-02-10 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

Rep. Patrick McHenry, a Republican of North Carolina and ranking member of the House Financial Services Committee, speaks during a hearing in Washington, D.C.Top House Republicans on Friday sent a letter to the Securities and Exchange Commission as Congress scrutinizes the agency's actions against Sam Bankman-Fried, the former CEO of failed cryptocurrency exchange FTX. Bankman-Fried was scheduled to testify before the committee on Dec. 13, a day after he was arrested by Bahamian officials. FTX filed for Chapter 11 bankruptcy and Bankman-Fried stepped down as its CEO in November. The committee's request comes a week after McHenry announced the panel will examine certain so-called overreaches by financial oversight agencies. The Financial Services Committee requested communications between the SEC's enforcement division, specifically its director, Gurbir Grewal; communications among Gensler's direct staff and records and communications between SEC and the Justice Department over the last few months by 5 p.m. on Feb. 23.

☆ SEC weighs making 'adjustments' to controversial climate risk disclosure rule, Chairman Gensler says
▼ + stars: | 2023-02-10 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

Gary Gensler, chairman of the Securities and Exchange Commission, at the SEC headquarters in Washington, on July 22, 2021. The Securities and Exchange Commission is considering easing a controversial climate risk disclosure rule it issued last year after receiving pushback from companies and investors. "Investors are making investments based on these disclosures," Gensler said. "The SEC's climate disclosure rule is a prime example of this overreach that would have a wide-ranging impact on hard-working Americans across all walks of life," McHenry said in a Feb. 3 statement. Gensler said the proposed disclosures asked for a straightforward climate transition plan from companies.

The suspected Chinese spy balloon drifts to the ocean after being shot down off the coast in Surfside Beach, South Carolina, U.S. February 4, 2023. The U.S. slapped sanctions against six Chinese aerospace companies that it said supported the Beijing's reconnaissance balloon program, adding them to a list of companies the U.S. considers a significant national security threat. We will not hesitate to use the Entity List and our other regulatory and enforcement tools to protect U.S. national security." Last weekend, a high altitude Chinese surveillance balloon was shot down off the coast of South Carolina. "Today's action makes clear that entities that seek to harm U.S. national security and sovereignty will be cut off from accessing U.S.

☆ Watch live: Senate Foreign Affairs Committee holds a hearing on U.S.-China policy and competition
▼ + stars: | 2023-02-09 | by ( Chelsey Cox | ) www.cnbc.com time to read: 1 min

The Senate Foreign Relations Committee is holding a hearing titled "Evaluating U.S.-China Policy in the Era of Extreme Competition." The hearing comes two days after President Joe Biden highlighted China's increasingly aggressive tactics as a threat to the sovereignty of the U.S. during his State of the Union address Tuesday night. The U.S. military last week shot down a suspected Chinese spy balloon that traversed the country for several days.

☆ White House economist Jared Bernstein defends Biden's billionaire tax outlined in State of the Union
▼ + stars: | 2023-02-08 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

A top White House economist defended tax proposals aimed at the wealthiest Americans outlined by President Joe Biden during his second State of the Union address. Bernstein also defended the president's tax rate on capital gains, which he initially proposed in 2021. The tax rate would apply to those earning over $1 million. "You called it a wealth tax on unrealized gains," Bernstein said of the capital gains tax proposal. "In fact, what it really is, or at least the way we see, it is a prepayment or withholding tax on future capital gains."

☆ U.S. explores working with India to increase economic competition against China, says Commerce Secretary Gina Raimondo
▼ + stars: | 2023-02-08 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — Commerce Secretary Gina Raimondo said Wednesday that the U.S. is considering collaborating with India on certain manufacturing jobs in order to boost competition against China. The Commerce Secretary also revisited some of President Joe Biden's comments on American manufacturing from his State of the Union address on Tuesday. In September 2021, India, Japan and Australia announced plans to establish a semiconductor supply chain initiative to secure access to semiconductors and their components. (A) lot of workers, skilled workers, English speakers, a democratic country rule of law," she said. And we're saying to them, look, sign up at the government-to-government level to labor standards, environmental standards, anti-corruption standards, rule of law standards.

☆ SEC to increase scrutiny of Crypto trading firms and ESG funds in 2023
▼ + stars: | 2023-02-08 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

The Securities and Exchange Commission will increase its scrutiny of crypto trading firms and investment advisers as well as Environmental, Social and Governance — or ESG — funds, among other issues on its list of top oversight priorities this year. This year, the SEC's examinations division will focus its attention on broker-dealers and registered investment advisers that use emerging financial technologies, including crypto. Registered investment advisers to private funds: To assess compliance and other risks as well as if advisers are adhering to their duties as fiduciaries. Retail investors and working families: Ensuring these groups receive advice in their best interests from broker-dealers and registered investment advisers. "In executing against the 2023 priorities, the Division will help ensure compliance with the federal securities laws and rules."

Sailors assigned to Explosive Ordnance Disposal Group 2 recover a high-altitude surveillance balloon off the coast of Myrtle Beach, South Carolina, Feb. 5, 2023. Sailors assigned to Explosive Ordnance Disposal Group 2 recover a high-altitude surveillance balloon off the coast of Myrtle Beach, South Carolina, Feb. 5, 2023. Sailors assigned to Explosive Ordnance Disposal Group 2 recover a high-altitude surveillance balloon off the coast of Myrtle Beach, South Carolina, Feb. 5, 2023. Sailors assigned to Explosive Ordnance Disposal Group 2 recover a high-altitude surveillance balloon off the coast of Myrtle Beach, South Carolina, Feb. 5, 2023. Sailors assigned to Explosive Ordnance Disposal Group 2 recover a high-altitude surveillance balloon off the coast of Myrtle Beach, South Carolina, Feb. 5, 2023.

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