The House Financial Services Committee announced that Rep. Andy Barr (KY-06), chairman of the Financial Institutions and Monetary Policy Subcommittee, and Rep. Bill Huizenga (MI-04), chairman of the Oversight and Investigations Subcommittee, are demanding that Martin Gruenberg, Federal Deposit Insurance Corporation (FDIC) chair, recuse himself from the Committee on Financial Services’ independent investigation into alleged sexual harassment, misogyny and other misconduct at the agency.
The Central Bank of Ireland (CBI) announced a new report that highlights the resilience of Ireland’s economy in the midst of persistent inflation. However, it warns that the economy is still adjusting to high interest rates, and additional inflationary shocks may be down the road. The report was published in response to rising global economic concerns and increasing financial risks.
Opening up on the contents of their recent report,
In a letter to Federal Deposit Insurance Corporation (FDIC) Acting Inspector General Tyler Smith, U.S. Sen. Sherrod Brown (D-OH), chairman of the Senate Committee on Banking, Housing and Urban Affairs, and nearly a dozen members of the Senate Banking and Housing Committee demanded an independent investigation into reports alleging the agency has failed to address a toxic culture of sexual harassment and misconduct, discrimination and misogyny. The formal request was sent in response to allegations raised in several media reports over recent years.
The Australian Securities and Investments Commission (ASIC) and the Reserve Bank of Australia (RBA) issued a joint announcement to acknowledge an announcement made by the Australian Stock Exchange (ASX) on its product-based solution design to replace the Clearing House Electronic Subregister System (CHESS). This announcement is pivotal in the financial sector as it signifies a significant change in stock exchange systems.
European Central Bank President Christine Lagarde on Friday, November 17 proposed the creation of a European equivalent to the U.S. Securities and Exchange Commission to advance the European Capital Markets Union (CMU). In a speech at the European Banking Congress, she urged a shift in Europe's financial strategy to address the continent's upcoming economic challenges.
During her prepared remarks at the 2023 Freedman's Bank Forum on October 25, Secretary of the Treasury Janet L. Yellen underscored the significance of creating a fair and inclusive economy. "All of us here know that the U.S. economy has not historically worked well for Black,...
Assistant Secretary for Financial Institutions Graham Steele delivered remarks before the Amazon Web Services (AWS) Gov2Gov Summit on Responsible Artificial Intelligence Innovation for the Public Sector. In his speech, Steele discussed the significant role of artificial intelligence (AI) in the financial services sector and highlighted both the opportunities and challenges associated with its adoption.
On Oct. 25, 2023, the Biden-Harris administration and the Economic Opportunity Coalition (EOC) announced a landmark commitment to bolster community lenders. According to a press release, the EOC, which consists of nearly 30 private sector companies and foundations, aims to secure $3 billion in deposits for community development financial institutions (CDFIs) and minority depository institutions (MDIs), community lenders with a proven record of reaching low-income, rural, and other underserved communities.
Reserve Bank of India (RBI) Deputy Governor Shri M. Rajeshwar Rao is calling for global cooperation in managing climate risks and promoting sustainable finance at an IMF panel discussion, urging central banks to take proactive measures.
U.S. Sen. Sherrod Brown, D-Ohio, and colleagues recently urged the Federal Reserve to reevaluate big bank merger policies, emphasizing a review on financial stability impact amid failures of several prominent banks.
In a recent address, Federal Reserve Bank of Richmond President Tom Barkin offered insights into the possibility of a recession, highlighting resilience in the face of inflation and economic challenges.
The Federal Reserve recently unveiled the FedNow® Service, an instant payment system that offers customers and businesses immediate money transfers anytime and on any day.
The House Financial Services Subcommittee on Financial Institutions and Monetary Policy on July 20 conducted the hearing "Climate-Risk: Are Financial Regulators Politically Independent?" Republican legislators introduced four bills intended to limit federal regulators' ability to connect climate change to financial security.
During a recent address, Adeyemo highlighted the transformative potential of State and Local Fiscal Recovery Funds (SLFRF) for workforce development. He emphasized the urgency of utilizing the funds and the nearing deadline.
Consultation regarding the Elective Payment of Applicable Credits under the Inflation Reduction held on July 17 was reportedly met with excitement. The consultation addressed proposed regulations published by Treasury and the IRS.
Secretary of the Treasury Janet Yellen listed a Control and Command Center in Gandhinagar, India on July 16, where she emphasized the power of education supported by the World Bank. According to a release by the World Bank, this visit plays off the $500 million program focused on enhancing education in Gujarat.
Secretary of the Treasury Janet Yellen recently spoke at a press conference in Gandhinagar, India ahead of the third meeting of the G20 Finance Ministers and Central Bank Governors, where she reaffirmed the unwavering support for Ukraine and also condemned Russia's aggression. According to remarks Yellen at World Bank Supported Educational Site in Gandhinagar, the U.S. and coalition partners have a focus on bolstering Ukraine's defense against illegal actions by Russia, as well as assisting with their budget.
Secretary of the Treasury Janet L. Yellen recently concluded her third visit to India within a year's time, as she attended the third meeting of the G20 Finance Ministers and Central Bank Governors. The gathering had a theme of "One Earth, One Family, One Future", which prioritized the well-being of people and the planet, as well as emphasizing the international economic cooperation and sustainable growth, according to remarks she made in a press release.