Tag: FDIC

Mick Mulvaney Blasts Biden Administration Extralegal Regulatory Overreach

Tom Pappert
Mick Mulvaney

Former Trump administration White House Chief of Staff and Office of Management and Budget Director Mick Mulvaney released an op-ed last Thursday, skewering the Biden-Harris administration for its “extralegal” regulatory overreach, offering specific examples of how the White House forced illegal regulations on Americans.

Mulvaney cited regulatory overreach as a key contrast between Vice President Kamala Harris and former President Donald Trump, offering examples from the Biden-Harris administration that indicate the types of regulation Harris would seek to impose on Americans if elected in November.

Read the full story

Commentary: Another California Bank Fails After $100 Billion Run on Deposits and Rising Interest Rates Forces First Republic into FDIC Receivership

Admin

The Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation put the $229.1 billion California-based First Republic Bank into receivership today on May 1, while the FDIC also entered into a “purchase and assumption agreement” with JP Morgan-Chase Bank for the nation’s largest bank to assume First Republic’s assets as well as its $103.9 billion of deposits.

Another one bites the dust.

Read the full story

Biden Admin Shot Down Purchase Attempts for Failed Bank, Former Trump Official Says

Admin

A former economic adviser to former President Donald Trump said Monday that the Federal Deposit Insurance Corporation (FDIC) prevented several efforts to purchase Silicon Valley Bank. Federal regulators shut down Silicon Valley Bank Friday after its stock price collapsed and customers began a bank run following the financial institution’s disclosure of a $1.8 billion loss on asset sales due to high interest rates, CNBC reported. The Federal Deposit Insurance Corporation (FDIC) also shut down Signature Bank Sunday, citing “systemic risk,” CNBC reported separately.

Read the full story

‘Corporate Bailouts Must End’: 2024 GOP Candidates Weigh In On Silicon Valley Bank’s Collapse

Admin

The collapse of Silicon Valley Bank (SVB) has sparked comments from 2024 GOP candidates and hopefuls about why the bank failed and what the government should do in its wake.

Declared candidates, businessman Vivek Ramaswamy, former South Carolina Gov. Nikki Haley and former President Donald Trump, as well as contender Florida Gov. Ron DeSantis, have spoken out about what might have led to SVB’s collapse and against government bailouts. The Federal Deposit Insurance Corporation (FDIC) took control of SVB after its Friday shut down when their stock plummeted following mass withdrawals.

Read the full story

Wisconsin Senator Johnson and Colleagues Urge White House to Reverse Major Climate Policies

Bradley Vasoli

Wisconsin Republican Senator Ron Johnson wrote jointly with several colleagues to President Joe Biden this week urging him to reverse major elements of his anti-fossil-fuel agenda. 

The letter from the senators takes issue with several actions the White House has taken to hinder investment in and use of oil, natural gas and coal in an effort the administration insists is important to lessening global warming. 

Read the full story

GOP Senators Claim Biden Appointee Has Turned Consumer Protection Bureau into a ‘Lawless and Unaccountable’ Agency

Admin

Republican senators claimed in a Monday letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra that he has returned the federal agency to its “lawless and unaccountable” Obama-era “roots.”

Led by Pennsylvania Sen. Pat Toomey, the 12 senators are taking aim at Chopra’s alleged “abuses of power” that are a “serious concern.” Chopra should “reverse course” and ensure the CFPB “stay[s] within the boundaries of law,” the senators wrote.

Read the full story

Commentary: Congress Shouldn’t Let ‘Operation Choke Point’ Return to Tennessee

Admin

On January 29, the U.S. Congress’ Committee on Financial Services will hold a hearing on whether the Office of the Comptroller of the Currency (OCC) is undermining the effectiveness of the Community Reinvestment Act (CRA), which helps low- and moderate-income communities secure loans. At this hearing, it is critical that Members of Congress speak out against the decisionmakers who have thus far ignored the renaissance of Operation Choke Point throughout the country. The resurrection of this practice, sometimes referred to as biased banking, violates both the CRA and official OCC policy, and, if not stopped soon, will have severe ramifications for Memphis and the State of Tennessee at large.

Read the full story