The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced a forthcoming hearing titled "The Federal Reserve’s Semi-Annual Monetary Policy Report." The full committee hearing is scheduled for 10:00 AM ET on Wednesday, July 10, 2024. It will take place at 2128 Rayburn House Office Building.
The Johannesburg Interbank Average Rate (JIBAR) is a money market term reference rate used in South Africa. JIBAR is constructed using quoted rates for Negotiable Certificates of Deposit (NCD) by JIBAR contributing banks. The South African Reserve Bank (SARB) serves as the administrator of JIBAR, holding primary responsibility for all aspects of the determination process and ensuring the integrity of the reference rate.
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced a field hearing on financial institutions and monetary policy. The hearing is titled “Financial Institution-Fintech Partnerships: Leveraging Third-Party Relationships to Increase Access to Financial Services.”
On July 3, 2024, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, called for transparency from Uber and Lyft regarding their use of surge pricing to set fares. In letters addressed to the CEOs of both companies, Brown expressed concern over frequent and opaque price changes and diminishing competition in the ride-hailing market.
The Bank of Russia has advised market participants to exercise caution when disseminating information concerning investors' rights and legitimate interests. The bank emphasized that communications to customers should be comprehensive and clearly worded to prevent any incorrect or ambiguous interpretations.
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced a forthcoming hearing titled “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System.”
Russians brought over 31 million coins to banks during Coin Week, which took place from May 20 to June 2. This figure is almost 1.5 times more than last year. In total, people put ₽135 million back into circulation, exchanging coins for banknotes or depositing them in their bank accounts.
Some major Russian banks have reported a significant increase in credit concentration on corporate borrowers over recent years. However, based on international and Russian experience, even large companies can become insolvent. The potential default of such borrowers may cause banks to lose their financial stability and pose risks to the financial system as a whole. Therefore, the Bank of Russia believes it is important to regulate concentration risks.
At its meeting on 27 June 2024, the National Financial Board (NFB) considered the Bank of Russia Annual Report for 2023, information from the Bank of Russia Board of Directors on key issues of the regulator’s activities in Q1 2024, as well as the report of Limited Liability Company Fund of Banking Sector Consolidation Asset Management Company for 2023.
The Bank of Russia will increase risk-weight add-ons for unsecured consumer loans starting September 1, 2024. This measure aims to curb the rise in household debt and strengthen banks' macroprudential capital buffers.
The Bank of Russia has identified instances of market manipulation in on-exchange trading at Moscow Exchange and PJSC SPB Exchange involving 19 issues of corporate high-yield bonds over the period from December 12, 2018, to April 13, 2023. The issuance of these bonds was organized by Limited Liability Company UniService Capital (LLC USC).
The total cost of credit (TCC) under consumer loan and microloan agreements signed or amended in the third quarter of 2024 may not exceed the market averages calculated by the Bank of Russia for respective loan categories by more than one-third. The market averages of the TCC were published on the regulator’s website in May.
South Africa’s positive net international investment position (IIP) increased from a revised R2 028 billion at the end of December 2023 to R2 537 billion at the end of March 2024. The increase in the positive net IIP in the first quarter of 2024 was due to a significant increase in foreign assets, mainly emanating from strong growth in foreign share market indices, while foreign liabilities decreased during the period.
Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), issued a statement regarding two landmark Supreme Court decisions. These decisions overturned the deference precedent set forth in Chevron v. Natural Resources Defense Council and reined in the Securities and Exchange Commission’s in-house courts in SEC v. Jarkesy.
Economic activity in South Africa decreased slightly in the first quarter of 2024 as real gross domestic product (GDP) contracted by 0.1% after expanding by a revised 0.3% in the previous quarter. The real gross value added (GVA) by the secondary sector contracted in the first quarter of 2024, along with stagnant economic activity in the tertiary sector, while the real output of the primary sector expanded further. Despite the marginal contraction in the first quarter of 2024, the level of real GDP was 0.5% higher than a year earlier.
Today, the House Financial Services Subcommittee on Capital Markets, led by Chairman Ann Wagner (MO-02), held a hearing entitled “Solutions in Search of a Problem: Chair Gensler’s Equity Market Structure Reforms.”
Today, the House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions, led by Chairman Blaine Luetkemeyer (MO-03), is holding a hearing entitled “The Role of the Export-Import (Ex-Im) Bank of the United States Amid Intensifying Economic Competition with China.”