Home
"House Financial Services Committee Chairman French Hill (AR-02) today released the following statement in response to Acting FDIC Chairman Travis Hill's outline of several priorities that echo calls from Chairman French Hill's Making Community Banking Great Again (MCBGA) principles.
'I congratulate Travis Hill on his designation as Acting Chairman of the FDIC," said Chairman Hill. "The priorities Acting Chairman Travis Hill outlined this week demonstrate that he understands how critically important it is that the FDIC focus on its mission of maintaining stability and public confidence in our nation's financial system. I look forward to working with the FDIC to ensure that banks of all sizes can serve communities across our nation and remain a source of strength for our economy.'"
"Treasury Secretary Scott Bessent has shut down a wide variety of operations inside the Consumer Financial Protection Bureau in his new role as acting director.
Bessent ordered the CFPB to stop all rulemaking, communications, litigation, and other activities, according to a Monday email to staff obtained by Bloomberg Law.
Bessent took over the CFPB as acting director after President Donald Trump fired Biden-era Director Rohit Chopra."
"President Donald Trump's budget office on Wednesday rescinded a memo freezing spending on federal loans and grants, less than two days after it sparked widespread confusion and legal challenges across the country.
The memo, which was issued Monday by the Office of Management and Budget, had frightened states, schools and organizations that rely on trillions of dollars from Washington."
"The Federal Reserve has put its monetary-easing campaign on hold until further notice.
The Federal Open Market Committee opted to keep the target range for the federal funds rate between 4.25% and 4.5% during its meeting this week, ending its streak of cuts over the past three meetings.
The move, which had unanimous support from the FOMC's 12 voting members, was clearly signaled through speeches and public remarks in the weeks leading up to the meeting. Fed futures markets had largely priced in no change to the policy rate."
"The U.S. Senate on Monday confirmed Scott Bessent to be President Donald Trump's Treasury secretary, giving the billionaire hedge fund manager a central role in shaping the new administration's policy ambitions around tax cuts and spending and managing economic relationships with allies and adversaries alike.
As the 79th Treasury secretary, Bessent will have sway over the nation's tax collections and its $28 trillion Treasury debt market, with vast influence over fiscal policy, financial regulations, international sanctions and investments from overseas.
The vote was 68-29, with 16 Democrats supporting the nomination."