Showing posts with label finance. Show all posts
Showing posts with label finance. Show all posts

Friday, April 26, 2019

Banking and Finance

Today's News about Banking and Finance Issues




As House Convenes on Predatory Lending, Consumer Advocates Press for Congressional Action on Payday Debt Traps
Source: Americans for Financial Reform
April 25, 2019
The hearing on payday lending comes at a time when the Consumer Financial Protection Bureau is nearing the end on a public comment period on its plan. The CFPB is proposing to rescind key consumer protections on payday lending, namely the ability-to-repay provision that mandates that lenders offer affordable loans.

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Foster Introduces Bipartisan Resolution to Promote Financial Literacy for Students
Source:
April 25, 2019
“In our increasingly complex financial marketplace, young people often find themselves lacking the knowledge to make tough financial decisions that can have profound effects on their futures,” Congressman Foster said. “Studies have shown that promoting financial literacy at an early age helps equip young people to make sound financial decisions that will set themselves up for success.”

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Friday, December 8, 2017

House Votes on Continuing Resolution

Washington, D.C. - December 7, 2017 - (The Ponder News) -- The House voted on preventing a government shutdown on Thursday. Some House Representatives had something to say about it, though:

Bill Foster (D-IL, 11th)

This resolution is yet another last minute stopgap measure that fails to provide solutions that hardworking Americans need from the people who represent them. We still have a long list of priorities to resolve. Congress has not voted on the DREAM Act to allow individuals who were brought to the United States through no fault of their own to stay in the country. We need to provide funding to combat the opioid and heroin crisis, and we need to stabilize health care marketplaces so that premiums do not skyrocket. We also need an immediate reauthorization of Children’s Health Insurance Program (CHIP) funding for the millions of children who rely on the program for health insurance, including nearly 326,000 children in Illinois. I am disappointed we did not use the last two months of the previous continuing resolution to find solutions to these issues and represent the interests of hardworking Americans. Rather than engaging in serious bipartisan discussions, Republicans worked behind closed doors on their tax plan that would harm the middle class and pass on debt to the next generation, and they tried yet again to repeal the Affordable Care Act, a move that would take away health care from millions of Americans. The public deserves better.


Gene Green (D-TX, 29th)

"Mr. Speaker, I rise to urge my colleagues to act and pass much needed supplemental appropriations to help victims of the recent hurricanes in Texas, Florida, Puerto Rico, and the U.S. Virgin Islands.

Hurricane Harvey brought unprecedented destruction to the Texas Gulf Coast, dropping a record 52 inches of rain and causing catastrophic flooding in Houston and all along the Gulf Coast.

Earlier this week, a report released by the Kaiser Family Foundation and Episcopal Health Foundation found that one in nine Texas Gulf Coast residents remain displaced, three months after Harvey’s landfall. Four in ten Texas Gulf Coast residents report sustained damage to their homes and nearly half of affected Texas Gulf Coast residents said they are not receiving the help they need to recover from the hurricane.

To date the federal government has provided $10 billion in aid to Harvey victims in Texas, mostly advance payments through the National Flood Insurance Program. However, far more federal aid is needed to rebuild Houston, Harris County, and the Texas Gulf Coast.

After Hurricane Katrina hit Louisiana and Mississippi, and Hurricane Sandy impacted New York and New Jersey, Congress responded by passing substantial disaster supplemental bills. In 2013, Congress provided over $50 billion for recovery and rebuilding efforts as a result of Sandy, and $120 billion to rebuild New Orleans and surrounding areas.

I cannot and will not vote for a continuing resolution until House leadership puts disaster relief front and center and passes a substantial supplemental disaster bill that will help Texans fully recover from Harvey’s destruction and prepare the Texas Gulf Coast before the next major storm strikes.

We cannot continue to kick-the-can down the road while thousands of families in Texas and other parts of our country continue to suffer, months after these terrible storms made landfall.

I urge my colleagues, regardless of state and party, to join me in standing up for disaster victims and calling on House leadership to pass a substantial emergency supplemental.

Vicky Hartzler (R-MO, 4th)

“The measure we passed today is only a temporary solution. My hope is that we can use this two-week extension to focus on finishing tax reform for the American people, then reach a long-term deal to increase funding for our men and women in uniform. A continuing resolution that extends through next year would be devastating for our Armed Forces and is unacceptable. This year alone, 77 U.S. service members have been killed in readiness related accidents — we must invest in our forces now so that we’re equipped to effectively respond to and deter our enemies in the future.”

French Hill (R-AR, 2nd)

“We’ve already done our job in the House by passing all twelve government funding bills this year, but the Senate hasn’t done their job by passing any of them. In addition to these twelve funding bills, the House has also successfully passed reforms to the National Flood Insurance Program (NFIP) and reauthorized the critically important funding for the Children’s Health Insurance Program (CHIP).

“I have said it many times and I will say it again, Continuing Resolutions are no way to govern. They particularly punish our men and women in uniform who are actively engaged around the world protecting America’s interests. We must ensure our military, federal agencies, and other key government entities have the resources they need to fulfill their duties and serve hardworking Arkansans and Americans.”

Steny H. Hoyer (D-MD, 5th)

“Congress should be able to get its work done on time. While I am glad that Republicans in Congress did not shut down the government, it is inexcusable that Republicans have spent the past three months working on a bill to cut taxes for the wealthiest individuals instead of working with Democrats to responsibly fund the government.

“It is disappointing that we need another continuing resolution to fund the government – a result of Republicans wasting time on a bill that would raise taxes on thousands of families in Maryland and add $1.7 trillion to the national debt. Enough is enough – I urge my Republican colleagues to work in a bipartisan manner to fund the government and address the most pressing issues facing our nation, including passing the DREAM Act and reauthorizing the Children’s Health Insurance Program.”

Lynn Jenkins (R-KS, 2nd)

“I have often said that we need to stop kicking the fiscal can down the road, and enact broader spending reforms to the budget while Republicans control the House, Senate and the White House. It is my hope, that in these next two weeks, we can come together and get our budget on the right fiscal track while funding necessary programs. This Continuing Resolution also includes funding for the Children’s Health Insurance Program (CHIP) through the end of the year. While it is absolutely crucial this program be reauthorized on a more long-term basis in the near future, I want to be clear that no Kansas children who rely on CHIP are currently without health insurance coverage or are in imminent threat of losing it. The Kansas program has funds that will last well into 2018 and while it is absolutely crucial this program be reauthorized on a more long-term basis in the near future, I am confident Congress will do their job. As we near the end of 2017, I urge my colleagues to consider the importance of both fiscal stability and fiscal responsibility which, combined together, will have a positive impact on future generations.”

See more headlines at The Ponder News Web Site

Saturday, October 7, 2017

Treasury Recommendations Would Strengthen Banks’ Role in Financial Marketplace

Source: American Bankers Association

“The recommendations in today’s Treasury report are practical, reasonable and achievable. Building on the Treasury’s pro-growth report in June, these recommendations would promote economic growth by enhancing banks’ ability to serve their customers and reinforcing our industry’s role in supporting well-functioning financial markets.

“Treasury acknowledges the economic benefits gained by better focusing regulatory provisions to make them more workable. Key recommendations include broadening liquidity measures, better aligning capital requirements with securitization risks, facilitating banks’ ability to use swaps to manage their customers’ risks, and bringing more public transparency to global financial standard setting to ensure standards match the realities of U.S. markets.

“Many of the recommendations in the report would make it easier to raise capital, meet the needs of bank customers operating domestically and abroad, and focus regulatory processes on effective supervision without harming the economy. We encourage policymakers to take up these recommendations quickly, and look forward to working with them to ensure banks can continue to help our customers and the economy grow.”

Related News:

Read the Treasury Press Release about the report HERE

Friday, October 6, 2017

Senator Warren to Wells Fargo CEO: "You should be fired."

Washington, D.C. - October 6, 2017 (The Ponder News) -- At the Senate Banking Committee hearing, United States Senator Elizabeth Warren (D-Mass.) asked Wells Fargo CEO Tim Sloan about his record at the company, including his actions as CFO during the fake accounts scandal. She also pressed him on his plans to cut $4 billion in expenses over the next several years, and whether those cuts would result in the firing of thousands of frontline Wells Fargo employees.

Senator Warren questioned Mr. Sloan, a Wells Fargo employee for thirty years, about his ability to reorient the company in the wake of the fake accounts scandal. Mr. Sloan served as CFO during a portion of the scandal, during which he aggressively promoted Wells Fargo's ability to open up new accounts for existing customers, according to transcripts from investor calls.

During her questioning, Senator Warren noted a 2013 article detailing the relentless pressure imposed on Wells Fargo employees to open new accounts. At the time, Mr. Sloan said he was "not aware" of any problem, and did not launch an investigation into the matter. Wells Fargo's own report noted that he was aware of the issues with sales practices at the time of the interview. The Senator also highlighted a 2016 interview during which Mr. Sloan, then the COO, was asked whether the bank had pushed sales goals and cross-selling too far and he responded "No" and "the fundamental strategy that we have is not going to change."

"You knew there was a problem and when you were asked about it, you lied. This is about personal responsibility. Wells Fargo cheated millions of people for years. The Federal Reserve should remove all of the current board members who served during the fake accounts scam. And Mr. Sloan, you say you've been making changes at Wells Fargo for thirty years, but you enabled this fake account scam, you got rich off it, and then you tried to cover it up," said Senator Warren. "At best you were incompetent, at worst you were complicit. Either way, you should be fired. Wells Fargo needs to start over and that won't happen until the bank rids itself of people like you, who led it into this crisis."

During a second round of questioning, Senator Warren pressed Mr. Sloan on the bank's new financial plan, which calls for $4 billion in cuts over the next several years. Senator Warren ran through the numbers, noting that in order to make the 8% reduction in non-interest expenses, Wells Fargo would likely have to fire as many as 20,000 of its 270,000 employees, whose compensation and benefits account for 60% of the bank's expenses.

"Given your statements about how much you value your employees, can you tell us today that you will not be firing any employees as part of this $4 billion cut?" asked Senator Warren. "I cannot," replied Mr. Sloan.

Senator Warren also noted that Mr. Sloan was calling for a $4 billion cut in expenses - and potentially firing thousands of employees - while simultaneously committing to spend $11.5 billion over the next year on stock buybacks.

"Now that the fake accounts scandal has tanked Wells Fargo's reputation, your way of pumping up the bottom line and keeping Wall Street investors happy is to slash costs by firing low level employees," said Senator Warren. "In these corporate scandals, it is almost always the frontline workers who pay the price - not the executives. The only way we're ever going to stop these scandals is to hold executives personally accountable - to fire the people who are responsible and, when they break the law, to march some of them out of the building in handcuffs. Until we do that, these scandals are going to continue, and working people are going to continue to take the brunt of it."

Watch video of Senator Warren's questioning of Mr. Sloan's record here. Watch the exchange over employee cuts here.

Thursday, April 6, 2017

Banking and Finance


Senators Cantwell, Warren, McCain, and King introduce 21st Century Glass-Steagall Act
Senator Maria Cantwell - (D - WA)
April 6, 2017

U.S. Senators Maria Cantwell (D-WA), Elizabeth Warren (D-MA), John McCain (R-AZ), and Angus King (I-ME) introduced the 21st Century Glass-Steagall Act, a modern version of the Banking Act of 1933 (Glass-Steagall) that reduces risk for the American taxpayer in the financial system and decreases the likelihood of future financial crises.
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