WASHINGTON - (04/21/05) -- Independent James Jeffords, whoroiled Republican plans when he defected the party to hand briefcontrol of the Senate to the Democrats four years ago, announcedhis retirement Wednesday, paving the way for the only Socialist inCongress, Rep. Barnard Sanders, to run for the seat. Sanders wasclose-lipped about his plans Wednesday, handing The Credit UnionJournal a prepared statement praising Jeffords, but harking back toprevious comments he made expressing interest in Jefford's seat.The popular Sanders, who won an eighth House term last year withmore than 65% of the vote, is the only Independent in the House butserved as mayor of Burlington as an avowed Socialist. He has been along-time support of credit unions and was one of the leadingadvocates of HR 1151, the CU Membership Access Act, but opposed therecently passed bankruptcy reform bill, which he called a give-awayto big banks and credit card companies.
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The embattled Long Island bank unveiled a turnaround plan that involves selling non-core assets and diversifying its commercial loan book. But first, it will need to sort through credit-related challenges in its large commercial real estate portfolio.
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During this week's Federal Open Market Committee meeting, officials voted to lower the cap on the amount of Treasury securities that can roll off the central bank's books each month from $60 billion to $25 billion.
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House Republicans held a subcommittee hearing on reforming bank merger M&A, laying the groundwork to counter Biden administration efforts to make it more difficult for mergers to be approved.
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Bolstered by healthy first-quarter global card-spending trends, Mastercard is focusing on opportunities outside the U.S., including a unique card-processing arrangement beginning this month in China.
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A new policy directive aims to fortify critical infrastructure by enhancing collaboration between U.S. intelligence agencies and systemically important financial entities.
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Mark Warren and Thom Tillis have introduced the Secure Artificial Intelligence Act of 2024 to address the unique risks of AI.
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