BANKING/REGULATIONS/TRUMP ADMIN: “Some critics have blamed the failure of SVB, and the subsequent collapse of cryptocurrency-focused Signature Bank and Silvergate Capital, on the Trump administration’s easing of rules aimed at ensuring financial institutions can withstand serious economic shocks. Other economists have argued the regulations that existed would have done little to save SVB, which collapsed […]
Category: Banking
3/12/2023
BANKING/BERNIE SANDERS/REGULATIONS: “Let’s be clear. The failure of Silicon Valley Bank is a direct result of an absurd 2018 bank deregulation bill signed by Donald Trump that I strongly opposed. Five years ago, the Republican Director of the Congressional Budget Office released a report finding that this legislation would ‘increase the likelihood that a large […]
1/12/2021
BANKING/TRUMP BUSINESS: “Deutsche Bank, one of President Donald Trump’s main lenders… will no longer do business with Trump or his company going forward, according to a person familiar with the matter. Trump owes the bank more than $300 million… The moves by Trump’s banks are the clearest signs yet of looming financial blowback to his […]
5/24/2018
BANKING/FDIC/SENATE/TRUMP PEOPLE: “The U.S. Senate voted on Thursday [5-24-18] to confirm former banker Jelena McWilliams to serve as chair of the Federal Deposit Insurance Corporation (FDIC), completing President Donald Trump’s team of key banking regulators. Her appointment nearly 18 months into Trump’s administration will allow financial regulators to accelerate efforts to fulfill his pledge to […]
5/24/2018
BANKING/ECONOMY/TRUMP AS PRESIDENT: “Today, it was my honor to sign #S2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act.” Read more: https://t.co/sYZ4PzzxxW https://t.co/gi0qGe6ukX“ -Donald Trump, Twitter.com, May 24, 2018 12:54 pm […]
5/24/2018
BANKING/DODD-FRANK/TRUMP AS PRESIDENT: “U.S. President Donald Trump signed into law on Thursday [5-24-18] a bill that would ease rules on most banks for the first time since the 2007-2009 financial crisis. The legislation eases regulations on all but a handful of the nation’s largest banks, and marks a significant victory in Trump’s efforts to cut […]
5/22/2018
BANKING/DODD-FRANK/GOP/HOUSE OF REPS/TRUMP AS PRESIDENT: “The U.S. House of Representatives passed on Tuesday [5-22-18] bipartisan legislation that would ease bank rules introduced in the wake of the 2007-2009 financial crisis, giving President Donald Trump a major legislative victory. Tuesday’s vote rolls back some of the 2010 Dodd-Frank rules that restricted operations by smaller banks and […]
3/7/2018
BANKING/DEBT/EDUCATION: “Private lenders are pushing to break up the government’s near monopoly in the $100 billion-a-year student-loan market. The banking industry’s main lobbying group, the Consumer Bankers Association, is pressing for the government to instate caps on how much individual graduate students and parents of undergraduates can borrow from the government to cover tuition. That […]
3/6/2018
BANKING/TREASURY: “Bipartisan legislation expected to clear the Senate as early as this week has just one provision that is set to directly benefit the nation’s megabanks: a section aimed at making it easier for them to buy state and local bonds. The provision, championed by Citigroup Inc. and other large banks, would ease a new […]
3/6/2018
BANKING/DEMS/GOP: “Sen. Elizabeth Warren (D-Mass.) on Tuesday [3-6-18] blasted Republicans and fellow Democrats for backing a sweeping rollback of banking regulations that the Senate will likely pass as soon as this week. Lawmakers will vote to begin debate on the legislation on the Senate floor later this morning, a move that will expose a long-simmering […]
3/5/2018
BANKING/LEGAL/TREASURY/TRUMP PEOPLE: “The bank used by President Donald Trump’s personal lawyer to wire $130,000 to a former adult-film actress flagged the transaction as suspicious and reported it to the Treasury Department, according to a person familiar with the matter. The lawyer, Michael Cohen, wired the money to a lawyer for former actress Stephanie Clifford, known […]
3/5/2018
BANKING/DEMS/GOP: “Republicans and Democrats in the Senate are poised to pass a bill this week that would relax key banking regulations, steamrolling opposition from outspoken liberals like Sen. Elizabeth Warren who have built their careers calling for tougher oversight of Wall Street. A core group of moderate Democrats is brushing off an escalating opposition campaign […]
2/28/2018
BANKING/TRUMP FAMILY/JARED KUSHNER: “The New York State of Department of Financial Services asked several banks for information about their relationships with Jared Kushner and his finances, people familiar with the information requests said. The DFS, which regulates New York banks and some international banks that do business in the state, sent inquiries last week to […]
2/22/2018
BANKING/FOREIGN POLICY/NORTH KOREA/TREASURY: “A Latvian bank threatened with U.S. sanctions for allegedly conducting a global money laundering scheme, including for companies connected to North Korea’s missile program, is seeking more than a half billion dollars in government bailout money in an effort to stay afloat. The accusations against ABLV Bank by the U.S. Treasury Department […]
1/19/2018
BANKING/BUSINESS/TAXES/TRUMP AS PRESIDENT: “The new U.S. tax law has eroded the value of an incentive that developers have long used to help finance renovations of historic buildings around the country, raising worries about the prospects for future projects. The law, signed by President Donald Trump last month, changed the federal historic tax credit, which provides […]
1/16/2018
BANKING/DEMS/DODD-FRANK/GOP/TAXES: “The most significant attempt to loosen rules imposed in the wake of the 2008 financial crisis is underway in Congress as the Senate looks to pass legislation within the next month that would roll back restrictions on swaths of the finance industry. Buoyed by their success in rewriting the tax code, the Trump administration […]
1/10/2018
BANKING/TREASURY: “The Trump administration plans to unveil a major revision to decades-old banking rules that mandate lending to poor borrowers. Changes to the regulations of the Community Reinvestment Act—a law first enacted in 1977—could potentially transform the way banks make billions of dollars in loans, investments and donations to poorer customers. In all, they could […]
1/9/2018
BANKING/LEGAL: “Efforts to overhaul U.S. anti-money-laundering laws are gathering steam, as large banks, anticorruption groups and law-enforcement authorities coalesce around the idea of creating a national database of corporations and their true owners… The financial industry’s support for the plan, which would require new and existing corporations to register with the Treasury Department’s Financial Crimes […]
12/19/2017
BANKING/EX-IM BANK/NOMINATIONS/TRUMP AS PRESIDENT: “The U.S. Senate Banking Committee rejected U.S. President Donald Trump’s nominee to head the U.S. Export-Import Bank, but approved four other board nominees, enough to restore the trade bank’s full lending powers upon their confirmation by the full Senate. The committee voted 13-10 against Scott Garrett as EXIM president. Garrett is […]
12/15/2017
BANKING/FEDERAL RESERVE: “Federal Reserve Vice Chairman for Supervision Randal Quarles will recuse himself from participating in matters specific to Wells Fargo & Co., ‘to avoid even the potential appearance of a conflict of interest,’ the central bank said Friday [12-15-17]. The Fed said Mr. Quarles’s decision to recuse himself is voluntary and not legally required. […]
12/8/2017
BANKING/LEGAL/TRUMP AS PRESIDENT: “President Donald Trump on Friday [12-8-17] said his administration will continue pursuing sanctions against Wells Fargo, notably dismissing news reports indicating otherwise as inaccurate reporting instead of ‘fake news.’ Reuters reported Thursday that White House budget director Mick Mulvaney, who is doubling as acting director of the Consumer Financial Protection Bureau, is […]
12/8/2017
BANKING/LEGAL/TRUMP AS PRESIDENT: “Fines and penalties against Wells Fargo Bank for their bad acts against their customers and others will not be dropped, as has incorrectly been reported, but will be pursued and, if anything, substantially increased. I will cut Regs but make penalties severe when caught cheating!” -Donald Trump, Twitter.com, Dec. 8, 2017 10:18am […]
12/5/2017
BANKING/FEDERAL RESERVE/NOMINATIONS/TRUMP AS PRESIDENT: “The Senate Banking Committee voted Tuesday [12-5-17] to advance the nomination of Federal Reserve governor Jerome Powell to be the next chairman of the U.S. central bank. All but one of the panel’s Democrats— Sen. Elizabeth Warren (D., Mass.)—joined Republicans to approve Mr. Powell’s nomination by a 22-1 vote. ‘His years […]
11/28/2017
BANKING/FEDERAL RESERVE/NOMINATIONS/TRUMP AS PRESIDENT: “Jerome H. Powell, nominated by President Trump to lead the Federal Reserve, presented himself as a pragmatic moderate who would largely continue the Fed’s current policies at a confirmation hearing before the Senate Banking Committee on Tuesday [11-28-17]. Mr. Powell, a Fed governor since 2012, defended the Fed’s approach to financial […]
11/27/2017
BANKING/FEDERAL RESERVE/NOMINATIONS/TRUMP AS PRESIDENT: “Federal Reserve governor Jerome Powell heads to Capitol Hill on Tuesday [11-28-17] for what could be one of the least contentious confirmation hearings for a Fed chair nominee since the financial crisis. The Senate Banking Committee is considering Mr. Powell’s nomination to succeed Fed Chairwoman Janet Yellen when her term as […]
11/17/2017
BANKING/DODD-FRANK/POLITICS: “On Halloween, Sen. Sherrod Brown of Ohio huddled with fellow Democrats in his Senate offices to make an announcement: months of talks between Mr. Brown and Senate Banking Committee Chairman Mike Crapo to roll back post-financial crisis rules had ended in failure. Unfazed, Sens. Heidi Heitkamp of North Dakota, Jon Tester of Montana and […]
11/16/2017
BANKING/FEDERAL RESERVE: “Federal Reserve Bank of Cleveland President Loretta Mester said Thursday [11-16-17] she believed inflation would continue to rise and eventually hit the Fed’s 2% target, making it appropriate for the central bank to continue gradually raising rates… In a question-and-answer session following a presentation at the Cato Institute in Washington, D.C., Ms. Mester […]
10/24/2017
BANKING/CONSUMER PROTECTION/MIKE PENCE/OBAMA/TREASURY: “Congress overturned a rule by an Obama-appointed financial regulator that would have made it easier for consumers to sue banks in groups, with Vice President Mike Pence casting a tiebreaking vote in the Senate. The 51-50 vote handed the financial industry its most significant legislative victory since President Donald Trump took office […]
8/27/2017
BANKING/ECONOMY/FEDERAL RESERVE/NATIONAL DEBT: “Central bankers have been looking forward for years to a moment when the world economy is growing steadily again, allowing them to unwind extraordinary monetary stimulus from global markets. They are now in such a moment, but at the Federal Reserve’s annual retreat here over the weekend they found their attention turned […]
8/24/2017
BANKING/DOLLAR/FOREIGN POLICY/LEGAL: “United States authorities on Thursday [8-24-17] charged two managers at the French bank Société Générale with taking part in a scheme to manipulate a global benchmark interest rate known as Libor. Danielle Sindzingre, 54, the bank’s former global head of treasury, and her subordinate, Muriel Bescond, 49, the bank’s former head of treasury […]
7/19/2017
BANKING/TRUMP AS PRESIDENT/TRUMP BUSINESS: “During the presidential campaign, Donald J. Trump pointed to his relationship with Deutsche Bank to counter reports that big banks were skeptical of doing business with him. After a string of bankruptcies in his casino and hotel businesses in the 1990s, Mr. Trump became somewhat of an outsider on Wall Street, […]
7/19/2017
BANKING/CONGRESS/POLITICAL FIGURES/TOM COTTON: “The U.S. Congress could act within weeks to kill a new rule that bars financial companies from blocking consumers who wish to file class-action lawsuits, according to a key Republican senator. Senator Tom Cotton, a member of the Senate Banking Committee writing legislation to tackle the rule, said Wednesday [7-18-17] he was […]
7/10/2017
BANKING/CONSUMER PROTECTION: “An Obama-appointed regulator on Monday [7-10-17] barred financial-services companies from requiring customers to use arbitration to resolve disputes, setting off a showdown with the Trump administration and congressional Republicans. Consumer Financial Protection Bureau Director Richard Cordray completed a rule proposed in May 2016 over the opposition of Trump administration officials and Republicans lawmakers. […]
6/20/2017
BANKING/FED: “Federal Reserve Bank of Chicago President Charles Evans said Tuesday [6-20-17] that the U.S. central bank can wait until the end of the year before making the decision to raise rates again, while adding it could start reducing the size of its balance sheet before that. ‘We are now at a point where we […]
6/12/2017
BANKING/TREASURY/TRUMP AS PRESIDENT: “The Trump administration will recommend limits on the U.S. consumer-finance regulator and a reassessment of a broad range of banking rules in a report to be released as early as Monday [6-12-17], according to people familiar with the matter. The report from the Treasury Department, drafted in response to a February executive […]
5/18/2017
BANKING/CABINET/TREASURY/TRUMP PEOPLE/STEVEN MNUCHIN: “In 2008, as the financial crisis swirled, the federal government rushed Fannie Mae and Freddie Mac into conservatorship. The two giant mortgage-finance companies became wards of the state under a new regulator that would manage their affairs until they were healthy enough to stand on their own. Nearly nine years later, they’re […]
5/4/2017
BANKING/DODD-FRANK/POLITICS: “The House Financial Services Committee voted 34-26 along party lines on Thursday [5-4-17] to approve the first comprehensive congressional plan to undo Obama-era financial regulations. The committee sent the Financial Choice Act, a bill by the panel’s chairman that unwinds significant parts of the 2010 Dodd-Frank law approved after the financial crisis, to the […]
5/1/2017
BANKING/ECONOMY/TRUMP AS PRESIDENT: “President Donald Trump said he is actively considering breaking up giant Wall Street banks, giving a push to efforts to revive a Depression-era law separating consumer lending and investment banking. ‘I’m looking at that right now,’ Trump said Monday [5-1-17] in an interview with Bloomberg News in the Oval Office. ‘There’s some […]
2/14/2017
BANKING/DODD-FRANK: “Republican promises to dismantle the 2010 Dodd-Frank financial overhaul may prove good news for many financial firms. The bad news for Wall Street: A top target is a provision big banks would rather retain. ‘Orderly liquidation authority,’ or OLA, was an answer to the 2008 bailouts of Wall Street firms during the financial crisis. […]
2/14/2017
BANKING/DODD-FRANK/TRUMP AS PRESIDENT: “President Donald Trump accelerated his ambitious bid to roll back financial regulation Tuesday, signing into law a measure killing a Securities and Exchange Commission rule aimed at weeding out corruption in the energy industry. The rule in question is a requirement of the 2010 Dodd-Frank financial overhaul, and was completed in the […]
2/10/2017
BANKING/FEDERAL RESERVE: “Daniel K. Tarullo, the Federal Reserve official who has led its efforts to strengthen financial regulation, announced on Friday that he would resign in early April. Mr. Tarullo’s departure from the Fed’s board of governors will leave three vacant seats on the seven-member board, offering President Trump an immediate opportunity to reshape the […]
2/5/2017
BANKING/DODD-FRANK/ECONOMY: “The six biggest U.S. banks could potentially return more than $100 billion in capital to investors over time through dividends and share buybacks if the Trump administration succeeds in a push to loosen bank regulation. President Donald Trump on Friday signed a memorandum ordering a review of the Dodd-Frank Act, the postfinancial-crisis regulatory overhaul […]
4/18/2012
BANKING/ECONOMY/OBAMA: “Under @BarackObama, 5 major banks now control 56% of economy from 43% in 2007 http://t.co/41wJOjGu Another catastrophe is brewing.” [11:08:09 AM] – 4/18/2012, Donald Trump, Twitter.com, Trumptwitterarchive.com, 4/18/2012 […]
2/10/2012
BANKING: “The $25 Billion settlement with the banks on mortgages will slow the housing market down even more and create higher user fees. Stupid!” [5:43:47 PM] – 2/10/2012, Donald Trump, Twitter.com, Trumptwitterarchive.com, 2/10/2012 […]
1/31/2012
BANKING: “The banks need to start lending again otherwise the economy will continue its downturn. This is why we bailed the banks out!” [4:02:14 PM] – 1/31/2012, Donald Trump, Twitter.com, Trumptwitterarchive.com, 1/31/2012 […]
11/29/2011
BANKING: “The banks were bailed out by us. They should start lending to private entrepreneurs. The banks are slowing American growth.” [4:14:31 PM] – 11/29/2011, Donald Trump, Twitter.com, Trumptwitterarchive.com, 11/29/2011 […]