In a recent session, Chairman McHenry delivered remarks at the markup of regulatory oversight legislation by the House Financial Services Committee. The Committee discussed various measures aimed at nullifying regulatory oversteps, promoting innovation, and correcting existing law provisions.Chairman McHenry welcomed participants to the markup, stating, "Good morning, everyone. Welcome back to another Financial Services Committee markup." He emphasized the importance of the day's agenda by mentioning, "Today we will consider several regulatory oversight measures. This...
The European Commission has proposed a directive aimed at establishing minimum regulatory requirements for mutual banks concerning covered deposits. The directive is part of a broader effort to enhance the stability and resilience of the banking sector within the European Union.
The European Banking Authority (EBA) has announced the launch of a public consultation on its draft Guidelines regarding minimum regulatory requirements relating to covered deposits. This initiative is part of the EBA's ongoing efforts to ensure harmonization across the EU in the application of these requirements.
Nicholas Anthony, a policy analyst at the Center for Monetary and Financial Alternatives of the Cato Institute, stated that "it should not be a surprise that Nigerian citizens have turned to cryptocurrencies" in light of the Nigerian government's provision of an "unreliable store of value." This statement was shared in his April 11 commentary titled "Nigeria’s Government Is Blaming Binance for Its Own Mismanagement," which was published on the Cato Institute's website.
Washington D.C., Apr 16 2024 - Today, on the House floor, Chairman of the House Financial Services Committee, Patrick McHenry, advocated for H.R. 6323, the Iran Counterterrorism Act of 2023. McHenry expressed concern over Iran's recent aggression towards Israel, stating, "Mr Speaker, over the weekend, we witnessed Iran’s unprecedented attack on our greatest middle eastern ally and the lone democracy in the region—Israel."Highlighting the seriousness of the situation, McHenry pointed out, "Tehran struck our friends in Israel with a swarm of missiles and drone attacks...
Representative Andy Barr (KY-06) led the House Financial Services Subcommittee on Financial Institutions and Monetary Policy in a hearing to review the financial reporting and transparency of the Consumer Financial Protection Bureau (CFPB).During the hearing, Chairman Barr expressed concerns about the lack of transparency and accountability within the CFPB, stating, “The CFPB is increasingly out of control and lacks transparency because there are virtually no checks on the agency’s power.” He also highlighted the agency's refusal to provide a witness for the hearing,...
The U.S. House of Representatives recently passed a series of bipartisan financial services bills aimed at holding Iran accountable for its acts of international aggression and financing of terrorism. The legislation includes four key bills sponsored by various representatives.One of the bills, H.R. 5923, the "Iran-China Energy Sanctions Act of 2023," sponsored by Rep. Mike Lawler (NY-17), expands the secondary sanctions regime involving Iran to include transactions between Chinese financial institutions and sanctioned Iranian banks handling the purchase of petroleum and...
The House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions, led by Subcommittee Vice Chair Young Kim, convened a hearing titled “Held for Ransom: How Ransomware Endangers Our Financial System” on April 16, 2024.During the hearing, Vice Chair Young Kim expressed gratitude to the witnesses and colleagues present, stating, "I would like to begin by thanking our witnesses for taking the time to be here today. I am delighted to sit right next to my friend and colleague, Representative Beatty. Additionally, I would...
Representative Young Kim (CA-40) testified before the House Committee on Rules in support of her bill, H.R. 6323, the Iran Counterterrorism Act of 2023. The bill aims to address Iran's support for international terrorism and the need for greater congressional oversight on U.S. sanctions waivers for Tehran.Kim emphasized the urgency of the situation, stating, "Israel is confronting a critical moment as it fights for its right to exist. Iran and its proxies continue to attack our greatest ally in the middle east and the lone democracy in the region." She highlighted Iran's...
The Governing Council of the European Central Bank (ECB) has decided to maintain the three key ECB interest rates. This decision was based on data that "broadly" confirms a continuing decline in the medium-term inflation outlook, aligning with a previous assessment suggested to the council.
The April 2024 euro area bank lending survey (BLS) conducted by the European Central Bank (ECB) reveals that euro area banks are persistently tightening their credit standards for enterprises. However, the quarterly survey also suggests a slight easing in progress for consumers.
Today, the Chairman of the House Financial Services Committee, Patrick McHenry, revealed a list of measures slated for a full committee markup. The Chairman disclosed that the markup would cover a range of legislative items, stating, "Full Committee Markup of H.R. 5535, H.R. 802, H.R. 7437, H.R. 7440, H.R. 7428, H.R. 4206, H.R. 4116, H.J. Res. 127, H.J. Res. 122, H.J. Res. 120, H.J. Res. 125, H.J. Res. 126, H.J. Res. 124."The markup is scheduled to take place at 10:00 AM ET on Wednesday, April 17, 2024, at the 2128 Rayburn House Office Building. Additional information...
The European Central Bank (ECB) has released the 30th round of the Survey on the Access to Finance of Enterprises (SAFE), indicating a further tightening in euro area firms' financing conditions in Q1 2024. However, this tightening was less severe than that reported in Q4 2023.
The Federal Open Market Committee (FOMC) recently conducted a joint meeting with the Board of Governors of the Federal Reserve System. This was the second of eight scheduled meetings for this year, during which members evaluated U.S. financial conditions and the nation's economic situation.
The Center for Microeconomic Data at the Federal Reserve Bank of New York has released its March 2024 Survey of Consumer Expectations, which suggests that U.S. consumers hold mixed expectations regarding inflation and the job market. The survey also indicates an increase in the number of Americans who anticipate being unable to meet debt payments.
House Financial Services Committee Chairman Patrick McHenry (R-NC) and U.S. Representative Brittany Pettersen (D-CO) have reintroduced the bipartisan Ransomware and Financial Stability Act, aimed at protecting America's critical financial infrastructure from ransomware attacks. The legislation seeks to deter hackers and establish guidelines for financial institutions to respond to such cyber threats effectively.Chairman McHenry emphasized the importance of the bill, stating, "Ransomware attacks pose a serious threat to the stability of our financial system." He...
Today, during a hearing on the Securities and Exchange Commission’s (SEC) climate risk disclosure final rule, Chairman Patrick McHenry expressed strong concerns about the potential impact of the rule on the American markets and competitiveness. McHenry emphasized that the finalized rule could have severe consequences, stating, "We’re here to discuss the SEC’s recently finalized climate disclosure rule, which will be disastrous for American markets, job creators, workers, and investors. It’s costly, complex, and against the public good."Highlighting recent...
The Bank of Canada has announced its decision to maintain the policy rate at 5% and continue its quantitative tightening strategy. The Bank Rate remains at 5¼% and the deposit rate at 5%. According to the Bank, the global economy is expected to grow at a rate of about 3%, with inflation in most advanced economies gradually easing. The US economy has shown strength, driven by resilient consumption and strong business and government spending. The euro area is projected to recover from weak growth, while global oil prices have increased above previous assumptions.In...
The Bank of Canada, in a Monetary Policy Report press conference, announced its decision to maintain the policy interest rate at 5%. Senior Deputy Governor Carolyn Rogers joined the speaker in discussing the policy announcement and report.The bank emphasized the effectiveness of monetary policy, noting a decrease in total consumer price index (CPI) and core inflation. They expect inflation to move closer to the 2% target throughout the year. Additionally, the bank highlighted positive economic growth trends, with expectations of solid GDP growth and further strengthening...
The Monetary Policy Report released on April 10, 2024, highlighted the positive impact of monetary policy on inflation reduction. According to the report, "monetary policy is working to reduce inflationary pressures and inflation is coming down, although it will take more time to see if this progress proves durable."The report also provided insights into the future trajectory of inflation, stating, "The Bank projects that inflation will stay around 3% into the second quarter of 2024, ease below 2.5% in the second half of the year and return to target in 2025."These...