Claire Williams

The former Fed governor's upcoming confirmation hearing will test whether he can satisfy both a president demanding lower rates and a Congress demanding independence.

Office of Management and Budget Director Russell Vought told the House Budget Committee Wednesday that the Community Development Financial Institutions Fund is still a target for elimination by the administration because it promotes "woke" ideology.

Senate Banking Committee ranking member Elizabeth Warren, D-Mass., is pushing the Federal Reserve for records related to Fed chair-designate Kevin Warsh's actions as a member of the Fed board during the 2008 financial crisis.

Kevin Warsh's financial disclosures show significant wealth, likely well-over $100 million, beyond that of even Federal Reserve Chairman Jerome Powell, who came from the private equity world.

The White House Office of Management and Budget will issue paperwork allowing the Treasury Department to disburse congressionally appropriated funds through the Community Development Financial Institutions Fund, breaking an impasse that has stalled funding for months.

A new analysis from the White House's Council of Economic Advisers says the banking industry's fears about deposit flight are overstated. Experts familiar with the banking industry's concerns say the report's conclusions are beside the point.

Jamie Dimon said the revised Basel III plan still overstates risk and penalizes the largest banks.

The White House's proposed 2027 budget would slash funding to the Community Development Financial Institutions Fund, the latest in an ongoing campaign from the Trump administration to dismantle the politically popular program.

The stalemate over stablecoin yield leaves both sides uneasy, but ultimately favor banks.

The Department of Labor proposed a rule that would bring private credit more into retirement accounts, as pockets of the market bubble up and some point to contagion.

The legislation would grant the Consumer Financial Protection Bureau, among other agencies, more oversight of airline-branded credit cards and rewards schemes.

In a new legislative package offered Wednesday, House lawmakers halved the deposit insurance limit offered in earlier deposit insurance reform bills coming from the Senate.

Draft legislative language meant to break an impasse on stablecoin yield circulating among stakeholders includes a lengthy list of exceptions to a ban on rewards for stablecoin holdings, making it unlikely to satisfy banks as negotiations continue.

What was once a bipartisan and broadly popular housing bill has been weighed down with a pair of provisions that banks can't support. Even with those headwinds, the bill is more likely than not to pass, but not without drawn-out negotiations between the House and Senate.

Sen. Cynthia Lummis, R-Wyo., one of the most pro-crypto lawmakers in Washington, said any compromise on stablecoin yield would have to be limited to prohibiting rewards for stablecoin holdings rather than a broader ban.

Senate Banking Committee Chair Tim Scott, R-S.C., said Tuesday that he expects the committee to work out a compromise between banks and crypto firms on yield-like rewards — a major sticking point in a market structure bill — by Friday.

A White House executive order issued Friday afternoon directing regulators to ease Dodd-Frank compliance burdens comes as a bipartisan housing bill advances on Capitol Hill.

The Senate passed a bipartisan housing bill in an 89 to 10 vote, but how quickly and easily the bill can pass the House remains unclear.

The measure, led by Sens. Elizabeth Warren, D-Mass., and Josh Hawley, R-Mo., would require regulators to recoup compensation from bank executives during the five years prior to their bank's failure.

Comptroller of the Currency Jonathan Gould said that the Office of the Comptroller of the Currency would continue to pursue its view on federal preemption of state banking policy in court and in Congress.