Politics

The Senate voted 80-19 Thursday to confirm Powell to the top spot on the Federal Reserve Board of Governors. He joins Philip Jefferson, who was confirmed by the Senate to serve on the board Wednesday night, and Lisa Cook, who was confirmed Tuesday night.

Treasury Secretary Janet Yellen said a recent sell-off in crypto markets justifies the need for stablecoins to be issued by banks.

A bipartisan group of senators is calling for a bill allowing banks to serve the legal cannabis industry to be included in the U.S.-China trade bill, ending a yearslong blockade of the popular legislation.

Lorie Logan manages the Fed’s System Open Market Account and played key roles in the central bank’s crisis responses in 2020 and 2008. She replaces Robert Kaplan, who resigned amid a stock trading scandal last fall.

The banks have reportedly facilitated trades of Russian sovereign and corporate debt. Two Democrats in Congress want more information, saying that the dealings, though legal, may undermine efforts to hold Russian President Vladimir Putin accountable for the invasion of Ukraine.

Consumer Financial Protection Bureau Director Rohit Chopra is pushing the envelope of the bureau's power and jurisdiction in untested ways. More companies are disputing the CFPB’s allegations, refusing to pay large fines or admit wrongdoing, and vowing to defend themselves in court. 

The Michigan State University economist endured a grueling political fight over her nomination and secured a party-line vote in her favor on Tuesday night. 

The Federal Reserve governor said it isn't the central bank’s place to set regulations for specific risk scenarios, and he downplayed the risk that climate change poses to financial stability.

The head of Wall Street’s top derivatives regulator said that financial market regulators are considering steps to rein in the crypto market if Congress doesn’t pass legislation.

A bipartisan group of senators Tuesday urged the Treasury Department and the Financial Crimes Enforcement Network to speed up implementation of the Corporate Transparency Act. It's only the latest of several efforts by lawmakers urging regulators to move faster since Fincen missed the statutory implementation deadline in January.

Treasury Secretary Janet Yellen pointed to a recent implosion of the experimental TerraUSD stablecoin — which uses an algorithm rather than fiat currency pegging to maintain its value — as the latest evidence for urgently needed regulation in the sector.

JPMorgan Chase and Goldman Sachs Group are being pressed to hand over extensive information on clients trading Russian debt, as U.S. Sen. Elizabeth Warren and Rep. Katie Porter expand efforts to pry into whether Wall Street is profiting on the invasion of Ukraine.

In “The Journey of Humanity,” the economics professor Oded Galor explores the complex question of why some countries have flourished while others continue to struggle.

Senate Democrats plan to hold votes to confirm Lisa Cook’s nomination to be a Federal Reserve governor on Tuesday, they announced Monday night.

Borrowers must be protected against discrimination at all steps of the credit process — including after they’ve already been granted credit, the regulator affirmed.

The rule, which runs well over 500 pages, is expected to meet resistance from bankers worried about the regulatory burden of calculating the carbon emissions from their borrowers.

The acting comptroller rejected a moratorium on bank mergers, but reiterated concerns about the resolvability of large regional banks.

Facing a crackdown from regulators in Washington, the crypto industry is turning to New York Sen. Kirsten Gillibrand for help.

The Consumer Financial Protection Bureau filed more actions against redlining and discriminatory practices in 2021 and is skeptical that that predictive analytics will reduce bias.

Citing inflation’s effect on rising payment card pricing, the senator convened a Judiciary Committee hearing to reassess rules that resulted in caps on debit transaction fees 11 years ago.