banking-and-finance

Elizabeth Warren wants big banks to give details of assistance to furloughed federal workers as shutdown continues
Democratic senator highlights more transparency from credit unions about help for the workers who are not being paid

Sen. Elizabeth Warren, D-Mass., wants details of what large banks are doing to help customers affected by the partial government shutdown. (Tom Williams/CQ Roll Call file photo)

Sen. Elizabeth Warren wants specifics from big banks about what they are doing to help federal workers who haven’t received paychecks due to the partial government shutdown.

The Massachusetts Democrat, who is often an adversary of large financial institutions, actually praised some of them for public statements expressing support for the furloughed federal employees (and those required to report to work without pay).

Fintech sector hurt by shutdown
Federal government’s influence more expansive than expected

The government shutdown is starting to create serious problems for financial technology firms and has put some policy development on hold. (Ethan Miller/Getty Images file photo)

ANALYSIS — The consequences of the partial government shutdown for the poor, the environment, federal employees and those relying on government services or benefits have become painfully evident, and are getting worse. The shutdown is also starting to create serious problems for financial technology firms — slowing dealmaking, impairing supervision and casting a pall over the presumed pre-eminence of the U.S. as a fintech superpower.

It’s coming as quite a surprise for many Silicon Valley investors and Wall Street firms that have long viewed the federal government as a drag on innovation rather than a facilitator of it.

EU reports on cryptoasset regulation could have global reverberations
Watchdogs urge EU-wide rules

A sign in a Berlin pub signals the owner’s acceptance of bitcoin. Reports on cryptoasset regulation in the European Union could have global reverberations. (Sean Gallup/Getty Images file photo)

 

ANALYSIS — Two leading financial regulatory authorities are preparing to release pivotal reports on cryptoasset regulation throughout the European Union with recommendations that set the stage to create a separate “bespoke” regime for cryptoassets that are not currently subject to regulation in the bloc.

US relies on old rules to police cryptoassets
Europe appears to be on different fintech track

Rep. Tom Emmer, R-Minn., who is part of the Congressional Blockchain Caucus, has called on the U.S. government to lightly regulate the emerging technology. (Bill Clark/CQ Roll Call file photo)

Despite calls for international unity on financial regulations following the 2008 financial crisis, the United States is unlikely to follow Europe in exploring a unique regulatory regime for “cryptoassets,” whether for payment models like bitcoin or utility tokens that have been touted by celebrities as can’t-miss investments.

The U.S. approach, which has been reaffirmed several times by regulators, is to apply standard rules and tests dating back to the 1930s to fintech, or financial technology, products when determining whether agencies have authority over them.

Divided government will pose an obstacle to lawmaking in 2019
Congress was most dysfunctional from 2011 to 2014 when control of House and Senate was split

The partial government shutdown is already casting a dark shadow for prospects of what Congress might accomplish in 2019. (Bill Clark/CQ Roll Call)

Washington tends to work best when one party controls both Congress and the White House. It’s most gridlocked, usually, when control of Congress is split.

The Congress of the past two years demonstrated the first principle. By any honest measure, President Donald Trump and his Republican colleagues in the House and Senate got a lot done in 2017 and 2018.

Marijuana States Rights Amendment Blocked, But Cory Gardner Will Be Back
Colorado GOP senator said he will be offering the legislation again

Sen. Cory Gardner, R-Colo., said he will be back to try to protect states' rights with respect to marijuana. (Tom Williams/CQ Roll Call file photo)

Sen. Cory Gardner failed to add language to the Senate’s criminal justice bill that would ensure the federal government respects Colorado’s marijuana legalization. But neither the Republican senator, who is running for re-election in 2020, nor the issue will be going away.

Gardner tried to line up as part of the floor debate on the criminal justice overhaul an amendment based on legislation he introduced with Massachusetts Democratic Sen. Elizabeth Warren.

Kudlow to Democrats: If You Win, Forget About Raising Taxes
Trump’s top economic adviser says projected robust growth will bring down deficit

President Donald Trump speaks while flanked by Director of the National Economic Council Larry Kudlow during an event for American workers in the State Dining Room of the White House on Wednesday. (Mark Wilson/Getty Images)

President Donald Trump’s top economic adviser warned Democrats Thursday that he would fight any tax increase to reduce the deficit if they take control of the House in the midterm elections next Tuesday.

Larry Kudlow, director of the National Economic Council, said tax increases won’t be needed to curb red ink because the administration is counting on robust economic growth of at least 3 percent a year.

Blumenauer Sends Blunt Marijuana Blueprint to Democratic Leadership
Goal is to have Congress pass legislation by the end of 2019

Rep. Earl Blumenauer, D-Ore., wants Democrats to legalize marijuana if they take back the House majority. (Bill Clark/CQ Roll Call file photo)

Oregon Rep. Earl Blumenauer, one of Congress’s most vocal marijuana proponents, sent Democratic leadership a memo Wednesday outlining steps Congress should take to legalize the Schedule I drug.

“Congress is out of step with the American people and the states on cannabis,” Blumenauer wrote in the memo, citing polling showing that 69 percent of registered voters support legalizing marijuana. “We have an opportunity to correct course if Democrats win big in November.”

K Street Turns Its Lonely Eyes to Grassley
Republican holds the key to cascading possibilities, from Judiciary to Finance to Banking

Will Judiciary Chairman Charles Grassley, R-Iowa, make the leap to head the Finance Committee next year? (Tom Williams/CQ Roll Call)

Fresh off a divisive Supreme Court battle, Senate Judiciary Chairman Charles E. Grassley has a complicated decision to make next month that has the business world watching with keen interest: whether to make the jump over to the Finance Committee chairmanship in the 116th Congress.

“Ask me Nov. 7,” was all the Iowa Republican would say earlier this week on the topic. But the allure of returning to the helm of perhaps the most powerful committee in Congress, with jurisdiction over taxes, trade and health care policy, can’t be lost on Grassley, who was Finance chairman for part of 2001 and again from 2003 through 2006.

Congress Has a ‘Lame Duck’ Shot at Fixing Retirement Security
Legislation to help Americans save more for retirement is already moving forward

The months after an election aren’t exactly prime time for legislating. But with a bill long championed by Senate Finance leaders Orrin G. Hatch, right, and Ron Wyden nearly through the chamber and a similar measure moving in the House, Congress could buck the trend and act on retirement security, Conrad and Lockhart write. (Tom Williams/CQ Roll Call file photo)

OPINION — As the midterms approach, the American public’s expectations of any productive policy coming out of Washington are near rock bottom. The postelection “lame duck” session, particularly in the current partisan atmosphere, would normally be a lost cause.

Leadership by a group of lawmakers, however, has given Congress a rare opportunity: bipartisan legislation that would improve the retirement security for millions of Americans.