Mike & Co. —
The November jobs report (200,000-plus net jobs added) is another key green light to a Fed primed to lift rates in two weeks.
FWIW, reported from Shelby last night re talks with Tester on Shelby 2.0: “We’ve been talking even tonight — we’re trying to see if we can work out some things with the Democrats. Haven’t been able to yet but still talking back and forth, specifics.”
If you were among those who wanted to know more about the “big parts” that Senate Banking’s Ranking Member Sherrod Brown meant he had successfully advocated for in the transportation bill now headed for the president’s desk, the Senator’s inventory of provisions and lightly edited remarks are below.
Dana
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Export-Import Bank Renewal
“The Export-Import Bank is one of the best tools we have to help businesses of all sizes in Ohio and across our country grow, create jobs, and compete in the global economy. Renewing the Ex-Im Bank will ensure that American businesses aren’t put at a disadvantage to our foreign competitors.”
Buy America Provisions
Brown pushed for a provision that would increase the amount of American-made steel and other components that will go into buses and subway cars. The bill requires transit rolling stock (buses and rail cars) to include 70 percent domestic content, such as steel, by 2020, up from 60 percent under current law.
Regulatory Relief for Community Banks and Credit Unions
The transportation bill “provides the kind of targeted relief for community banks and credit unions that Democrats and Republicans agree is long overdue. It will help America’s smallest financial institutions be more efficient, cut some of their administrative costs, and still protect consumers.”
Key provisions:
- Boosting the number of small banks that could be eligible for Federal Deposit Insurance Corporation examinations on an 18-month cycle, instead of an annual cycle.
- Eliminating the requirement that financial institutions send annual privacy notices to their customers, if their privacy policy hasn’t changed.
- Allowing privately insured credit unions to be eligible for membership in the Federal Home Loan Bank (FHLB) system and receive FHLB funding.
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