Mike & Co., Last week, Sens. Warner and Warren, along with Rep. Elijah Cummings, announced the Derivatives Oversight and Taxpayer Protection Act (S. 3188, H.R. 5592), , a bill to strengthen the CFTC’s power to regulate derivatives transactions and increase the agency’s budget by changing the source of its appropriations. Yesterday, the bill’s three sponsors followed up …
The Warner-Warren Derivatives Reform Bill (July 6) Read More »
Mike & Co. — Late this afternoon, the Federal Reserve announced the results of its second round of stress tests – the CCAR. These tests authorize the banks that pass them to move forward with their plans to raise dividend payments or buy back stock. Earlier in the day, the FSOC announced that GE Capital will be the …
Mike & Co. — Prospects for productive activity in Congress seem to be slipping away palpably these days. There are far more significant examples, but we look at one relevant case of obstruction and delay that also foreshadows some central and fundamental differences that the fall campaign is likely to revolve around. The example is …
Mike & Co. — Last week, the House GOP capped off a month of policy events, announcing a new tax reform plan. The proposal is aimed not only at getting the fractious caucus on the same page on an issue long a top GOP priority but also at creating some space between Congressional Republicans and …
Mike & Co. — The renewed interest in the meaning of MetLife followed word yesterday that Sen. Elizabeth Warren and other Democrats including Chris Dodd and Barney Frank submitted amicus briefs arguing in favor of the government’s appeal. Meanwhile, the Fed announced the results of its most recent round of U.S. bank stress tests Thursday, finding that the 33 banks tested have …
Stress Tests: the Banks' 2016 Report Cards (June 24) Read More »
Mike & Co., While the world watches the “Brexit” vote tomorrow with rapt anticipation, closer to home, the centerpiece of America’s welfare system is being discussed and debated. The annual report by the Social Security and Medicare Board of Trustees issued this week this has once again made clear the gap between revenue and spending at those entities, …
The State and Politics of Social Security 2016 (June 23) Read More »
Mike & Co., This afternoon, the Fed announced that it would yet again defer a rate hike. The vote was unanimous. May’s dismal job report put an end to speculation that the Fed might raise rates during its June 14-15 meeting. Despite this delay, Fed watchers still expect that the current policy guidance, which predicts …
Fed's Non-move and 2016 Forward Calendar (June 15) Read More »
Mike & Co., This afternoon, Senate Majority Leader McConnell promised that the Senate would take up the Puerto Rico debt relief bill before the end of June, leaving hope that Congress can act in time to help the Commonwealth. Puerto Rico faces a $2 billion July 1 debt payment; a payment that the island’s Governor has stated …
Mike & Co., This afternoon, the House adopted a resolution 237-163 asserting that “a carbon tax would be detrimental to American families and businesses, and is not in the best interest of the United States.” This kind of preemptive strike is unusual — there isn’t any serious carbon tax proposal before Congress right now, and neither …
Mike & Co., House Appropriations cleared an FY17 spending bill today that would limit SEC and IRS funding, block financial regulations, and add a new section to the bankruptcy code. Today’s voting also included an amendment that restricts CFPB funding for its Pay Day Loan rules until the organization submits a report to Congress on …
