Politics

The high-profile members of the Senate Banking Committee have joined forces on legislation that would subject the Federal Reserve's 12 regional banks to the Freedom of Information Act and other disclosure mandates.

Rushing to create a central bank digital currency that is not permissionless and private would be dangerous to core American principles, according to a Minnesota Republican.

Sen. Pat Toomey, who is retiring from his post as the top Republican on the Senate Banking Committee, attached a provision to the bill that would force the Fed to disclose account holders and applicants.

China and other countries are already working on their own central bank digital currency. Creating an American CBDC would ensure the dollar's place as a global reserve currency, a Connecticut Democrat writes.

The House of Representatives adopted a defense authorization bill that includes a measure to make it easier for entry-level employees with criminal records to join a bank. Meanwhile, the Senate omitted a pot banking provision from its version of the must-pass spending legislation.

New York and California are among the states that have laws requiring lenders to make certain disclosures to small-business borrowers. The Consumer Financial Protection Bureau has reached a preliminary determination that a federal statute does not preempt those state laws.

A group of Hispanic lawmakers urged the Federal Reserve to appoint its first-ever Latino as a regional president after recent searches for the top roles at three other district banks resulted in the hiring of non-Latino candidates.

U.S. Sen. Elizabeth Warren wants an accounting from Federal Reserve Chair Jerome Powell and other top bank watchdogs on the links that major lenders have with the crypto industry following FTX's spectacular collapse.

U.S. Sens. Sherrod Brown and Patrick Toomey have asked Sam Bankman-Fried to testify at a hearing on Dec. 14 about the cryptocurrency exchange FTX's collapse, according to a letter issued Wednesday.

A former Federal Reserve official argues that current rules allow banks to begin trading in crypto assets with virtually no oversight.

An end-of-year push to attach a marijuana banking bill to a must-pass defense measure is facing stiff resistance from Senate Republicans and complicating the delicate lame-duck endgame for Democratic leaders soon to lose control of the House.

Federal law requires one Federal Deposit Insurance Corp. board member to have state bank supervisory experience, but if no one takes that requirement seriously it should be scrapped.

The crypto bank Silvergate Capital was asked by three U.S. senators to release all records about transfers of funds for the collapsed FTX empire of Sam Bankman-Fried.

Since her 20s, Wechter has served as a sounding board to Chairmen Richard Parsons and Mike O'Neill and CEOs Michael Corbat and now Jane Fraser. Wechter, 41, eventually took over the human resources department, where she has set in motion changes reshaping life at the bank for its 238,000 employees.

Most theories of the case for ESG investing demand that companies act in ways that are counter to the interests of their shareholders.

Institutions outside the U.S. are holding an estimated $65 trillion in "missing" dollar debt off their balance sheets through currency derivatives, making it harder for global policymakers to anticipate the next financial crisis.

A new business group led by Republican heavyweights will launch its first seven-figure ad campaign this week. The target: legislation taking aim at a key source of revenue for Visa and Mastercard.

The Federal Reserve Board of Governors voted 6-1 to seek public comment on a new regulatory framework for climate-related financial risks. The requirements would add to existing risk management standards.

There's an opening for Congress to pass a narrow digital-asset regulation bill before the year's end after the collapse of the crypto exchange FTX, Sen. Pat Toomey said.

Protecting depositors' stablecoin holdings could be the difference between providing the economy with a new boost and creating unnecessary drag.