Today, the House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion, led by Chairman French Hill (AR-02), is holding a hearing entitled “Dazed and Confused: Breaking Down the SEC’s Politicized Approach to Digital Assets.”
Today, Oversight and Investigations Subcommittee Chairman Bill Huizenga (MI-04) appeared before the House Committee on Rules to testify in support of H.R. 4790, the Prioritizing Economic Growth Over Woke Policies Act.
The Bank of Russia has established the procedure for insurance companies to obtain a management company license for providing voluntary life insurance services. This measure aims to facilitate unit-linked life insurance, a new investment product in the Russian market.
According to the Bank of Russia, proprietary trading companies are becoming increasingly active in on-exchange trading. A proprietary trading company is a legal entity whose core operations involve on-exchange trading with the involvement of traders to manage its own capital and conclude transactions on its behalf. The Bank of Russia is taking additional measures to monitor and investigate the trading activity of such entities.
The priority areas of financial market development for the next three years include enhancing the role of the capital market as a source of business financing, improving long-term saving and investment tools for individuals, boosting confidence in the market, and strengthening the protection of investors' rights.
House Financial Services Committee Chairman Patrick McHenry (NC-10) and Financial Institutions and Monetary Policy Subcommittee Chairman Andy Barr (KY-06) have requested the Government Accountability Office (GAO) to assist in evaluating federal banking agencies’ memberships in the Network of Central Banks and Supervisors for Greening the Financial System (NGFS).
The Business Climate Index (BCI) of the Bank of Russia eased to 5.7 points in September, compared to 6.8 points in August. Current output and demand estimates continued to decline, while short-term expectations were more optimistic than in August.
The Bank of Russia has announced changes to the parameters of FX swaps, effective from September 16, 2024. The new interest rates for CNY/RUB sell/buy swaps will be set as follows:
Bank of Russia Governor Elvira Nabiullina announced today that the central bank has decided to raise the key rate to 19% per annum. This decision follows a series of measures aimed at tightening monetary conditions in recent months.
The September 2024 results of the monitoring of maximum interest rates on deposits in Russian rubles by the top ten credit institutions attracting the largest amount of household deposits are as follows:
On September 13, 2024, the Bank of Russia Board of Directors decided to increase the key rate by 100 basis points to 19.00% per annum. Current inflationary pressures remain high. By the end of 2024, annual inflation is likely to exceed the July forecast range of 6.5–7.0%. Growth in domestic demand is still significantly outstripping the capabilities to expand the supply of goods and services. Further tightening of monetary policy is required to resume the disinflation process, reduce inflation expectations, and ensure the return of inflation to the target in 2025. The Bank of...
On September 12, 2024, the Bank of Russia issued a 10-ruble base metal commemorative coin titled ‘Teacher’ as part of The Man of Labour series (Catalogue No. 5714-0101).
By July 1, 2025, major banks will be required to offer their clients the ability to conduct transactions with digital rubles. This includes opening digital ruble accounts, depositing cash, making funds transfers, and receiving digital rubles through the relevant infrastructure. The Bank of Russia plans to initiate large-scale use of the digital national currency from that date. It is essential that the digital ruble is accessible to both individuals and businesses and can be used as freely as other forms of rubles (physical money or bank deposits).
Christine Lagarde, President of the European Central Bank (ECB), and Luis de Guindos, Vice-President of the ECB, addressed a press conference in Frankfurt am Main on September 12, 2024. The Governing Council has decided to lower the deposit facility rate by 25 basis points based on an updated assessment of the inflation outlook, underlying inflation dynamics, and monetary policy transmission strength.
House Financial Services Committee Chairman Patrick McHenry (NC-10) has sent a letter to Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg, demanding a transcribed interview following Gruenberg's failure to testify before the Committee on allegations of widespread workplace misconduct at the FDIC.
WASHINGTON, D.C. – U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, delivered an opening statement at a hearing titled “Protecting Americans’ Money: Combatting Scams and Frauds Against Seniors and Savers.”
Congressman Frank Lucas (OK-03) delivered remarks on the House floor in support of H.R. 9456, the Protecting American Agriculture from Foreign Adversaries Act. The legislation aims to make permanent policies enacted under the Consolidated Appropriations Act for Fiscal Year 2024.