Mike and Co. — I hope you are well and had a change to get away during August. With Congress back in session, I’m resuming the daily write-ups of legislative developments in fiscal and financial policy. Following the write-up is a list of issues I plan to cover in the coming days. As always, thoughts …
Yesterday in midtown, 350 creditors, mainly hedge funds and money managers, gathered to hear from Puerto Rico Governor Alejandro García Padilla, who had announced two weeks ago that the Commonwealth is no longer be able to service its $72 billion debt. But Padilla promised them only that the government would soon offer formal recommendations for restructuring the debt outside …
Good catching up with you yesterday, Mike, and getting to meet and chat with you, Ed. Jake, sorry I missed your appearance at the Yale Club tonight. The Shelby bill was included as a rider on the Financial Services appropriations bill approved at a Senate Appropriations Subcommittee markup this morning. The full committee votes tomorrow. Dana ———- …
Hi Mike — I’d thought about sketching out the debt crisis in Puerto Rico and the policy options and prospects for relief or restructuring, but HRC “preempted” that, speaking to the issue earlier today and advocating access to Chapter 9 bankruptcy for the Commonwealth. If you want this issue tracked at all, I can come back …
Hi Mike — The House passed HFT as predicted yesterday, by a vote of 312-119, reauthorizing surface transportation programs through December 18 at $8.1 billion, paid for with seven revenue provisions. 132 Democrats supported the bill but 180 opposed it, most objecting to another temporary HFT re-up. Sen. Cruz is threatening to filibuster the bill in the Senate next …
Senate Banking has the ignominious distinction of being the only Senate committee to have not acted on a single nominee before it in the 114th Congress. There are currently 16 nominations waiting for Committee action. These aren’t small time positions — the logjam includes nominees to the Fed’s Board of Governors and senior Treasury, SEC, FDIC, and Ex-Im posts. For months, Chairman Shelby …
