In a viral exchange back in March, Sen. Elizabeth Warren (D-Mass.) grilled Federal Reserve Chair Jerome Powell over the unemployment caused by the Fed’s recent rate hiking cycle. “Do you call laying off two million people this year not a ‘sharp’ increase?” the senator asked. “Explain that to the two million families who are going…
High Interest Rates Are Not the Problem; Decades of Low Rates Were: Grant Williams
May 19, 2023
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ArchivedBusiness & Marketscentral bankseconomic policiesFederal Reservegrant williamsJanet YellenNewsPoliticsUSUS News
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Regional Poll Highlights Moldova’s Shaky Position between EU and Russia
May 19, 2023
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ArchivedEuropeEvghenia GutulGagauziaInternationalMaia SanduMoldovaNewsRussiaRussia-Ukraine WarTransnistriaUkraineWorld
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Moldova’s semi-autonomous Gagauzia region this week confirmed the election of a pro-Russia leader who supports closer ties with Moscow. “We want further friendship with the Russian Federation and friendship with other countries,” Evghenia Gutul told reporters after being elected as the region’s “bashkan” (leader) on May 14. But unlike Gutul and her pro-Russian Sor Party,…
House Republicans Challenge Biden Administration’s Remote Work Policies
House Republicans sent letters to 25 Biden administration agencies on May 18, calling for accountability on their “unacceptable” telework programs. House Oversight Committee chairman James Comer (R-Ky.), Government Operations and Federal Workforce subcommittee chairman Pete Sessions (R-Texas), and Rep. Lauren Boebert (R-Colo.), requested information from the agencies about their current remote policies, and alerting them…
Senators Propose Special Oversight Agency for AI, Big Tech
Two Democrat senators introduced legislation on May 18 that would create an expert federal agency to provide regulation of digital platforms, specifically artificial intelligence. Sens. Michael Bennet (D-Colo.) and Peter Welch (D-Vt.) introduced the Digital Platform Commission Act, which aims to establish a dedicated federal agency responsible for regulating digital platforms. In a press release…
Lawmakers Clash Over Regulation of Stablecoins
May 18, 2023
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ArchivedBusiness & MarketscftccryptocryptocurrencyMarketsMaxine WatersNewsStablecoinstetherUSUS News
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House lawmakers took part in a contentious debate over how stablecoins should be regulated at a hearing held by the Financial Services Committee’s digital assets panel—where there were also some hopeful signs from both sides. At the heart of the debate on May 16 was the level of involvement of state regulators and the Federal…
Senators Accuse Financial Regulators of Lack of Accountability, Competence
Sens. Tim Scott (R-S.C.) and Jon Tester (D-Mont.) grilled a panel of financial regulators on Thursday morning, with Scott going so far as to demand immediate dismissals at the Federal Reserve in response to the central bank’s failure to effectively regulate Silicon Valley Bank in view of its collapse. During the Senate Banking Committee hearing,…
IRS Flags Over 1 Million Tax Returns for Review Citing Possible Identity Theft
The Internal Revenue Service (IRS) has flagged over 1 million 2022 tax returns for additional review over potential identity fraud, according to a recent report. The Treasury Inspector General for Tax Administration’s interim results (pdf) of the 2023 filing season, which they released on May 10, cited 1.1 million identified as of March 2 that…
Ex-First Republic CEO Blames Failure on Collapse of Other Regional Banks, Says Regulators Did Not Raise Warnings
Former First Republic CEO, Michael Roffler, testified before House lawmakers on Wednesday, revealing that his bank fell victim to the widespread panic that ensued following the collapse of Silicon Valley Bank on March 10 and Signature Bank two days later. The events that unfolded as a result were beyond their control, he said. “No one…
Former First Republic CEO Blames Failure on Other Banks’ Collapse, Says Regulators Didn’t Raise Warnings
Former First Republic CEO Michael Roffler told House lawmakers on May 16 that the California bank fell victim to the widespread panic caused by the collapse of Silicon Valley Bank on March 10 and Signature Bank two days later. The events that unfolded as a result were beyond First Republic’s control, he said. “No one…
Kyiv Rejects Russian Claims That Hypersonic Missile Destroyed US Patriot Battery
May 17, 2023
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ArchivedEuropehypersonic missileInternationalKinzhalKyivNewsPatriot air-defense systemRussiaRussia-Ukraine WarUkraineWorld
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Ukrainian officials have denied Russian claims that a United States-supplied Patriot air-defense system was destroyed in Kyiv by a Kinzhal-type hypersonic missile. “Don’t worry about the fate of the Patriot [system],” Yuriy Ihnat, a Ukrainian Air Force spokesman, said in televised comments on May 17. “Destroying the system with some kind of ‘Kinzhal’ is impossible,”…
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