Government Policy

  • 2015-05-21 11:14


    --Senate Majority Leader Says Vote 'Another Step Forward'
    --Senate Finance Chief: Vote Was 'Major Step Forward'

    WASHINGTON (MNI) - The Senate voted Thursday to end debate on legislation renewing Trade Promotion Authority, and supporters of TPA said the vote was a significant step toward passing the bill.

    The Senate voted 62 to 38 to cut off debate.

    The supporters of TPA had needed to secure at least 60 votes in the Senate.

    Now that the motion to end the debate was approved, the Senate could still debate the matter for 30 more hours and there are still 200 amendments that have been filed to the bill.

  • 2015-05-21 09:37


    --TPA Supporters Need 60 Votes To End Debate
    --Senate Finance Chief Urges Vote To End Debate
    --Sen. Hatch: 'Bipartisan Majority' Supports TPA

    WASHINGTON (MNI) - The Senate will vote at 10 a.m. ET Thursday to end debate on legislation renewing Trade Promotion Authority, a key test as to whether procedural and legislative process fights have eroded support for the measure.

    The supporters of TPA must secure 60 votes in the Senate to end the debate.

    Even if the motion to end the debate passes, the Senate could still debate the matter for 30 hours and there are still a number of amendments that have been filed to the bill.

  • 2015-05-21 02:18


    By Steven Arons

    FRANKFURT (MNI) - The Eurogroup is considering extending the existing aid programme for Greece until the fall, the German daily SZ reported Thursday, citing one high-ranking Eurogroup official.

    The extension is "the best option" to prevent an accidental default and subsequent exit of Greece from the Eurozone, the official was quoted as saying.

    German Chancellor Angela Merkel and Greek Prime Minister Alexis Tsipras are set to meet Thursday evening at the EU summit in Riga, Latvia and will likely discuss a solution to the ongoing crisis.

    The SZ report added that current plans were to reach an agreement by the end of May to enable the Eurozone finance ministers to make a decision on Greece before the G7 summit in Germany on June 7 and 8.

    The curr

  • 2015-05-20 16:48


    --Retransmitting, Clarifying Effective Dates
    --FHFA: New Requirements To Help Mitigate Servicer-Related Risks

    WASHINGTON (MNI) - Fannie Mae and Freddie Mac Wednesday unveiled final counterparty standards, aimed primarily at nonbanks, that will dictate which mortgage sellers and servicing firms can do business with the mortgage giants.

    The operation and financial requirements, are effective no later than September 1 and December 31, respectively.

  • 2015-05-20 16:32


    By Timothy Weatherhead

    WASHINGTON (MNI) - In their inaugural report, researchers from the JPMorgan Chase Institute, a think tank, produced new findings on the nature of consumption volatility from data covering the period from 2013-14.

    According to the report, consumption volatility outpaced income volatility on both a year-to-year and month-to-month basis. Over 89 percent of observed individuals experienced at least a 5% change in consumption from 2013 to 2014 compared to 70 percent with respect to changes in income.

  • 2015-05-20 16:05


    --FHFA: New Requirements To Help Mitigate Servicer-Related Risks

    WASHINGTON (MNI) - Fannie Mae and Freddie Mac Wednesday unveiled final counterparty standards, aimed primarily at nonbanks, that will dictate which mortgage sellers and servicing firms that can do business with the mortgage giants.

    The financial and operational requirements, which are effective no later than September 1 and December 31, respectively, were first proposed in January, and are intended to reduce the risk exposure of both Fannie and Freddie.

    "These updated operational and financial requirements will help mitigate risks associated with changes in the servicing industry," Federal Housing Finance Agency Director Melvin Watt said in a statement.

  • 2015-05-20 14:34


    --Banks Paying Authorities Another $5.5 Bln
    --Shares of UBS, RBS, Barclays Climb in Relief Rallies

    WASHINGTON (MNI) - The more than $5 billion U.S. and UK authorities collected Wednesday from some of the world's best known banks, on top of billions already collected, is far from the final chapter in the continuing years of punishment ahead as FX manipulation cases ripple through the courts.

    For three of the banks the day's announcements triggered relief rallies as their stockholders looked ahead now that the U.S. Department of Justice and a bevy of other regulators have exacted a stiff price for the wrongdoing that affected the entire world of currency investment, trading and portfolio management.

  • 2015-05-20 12:41


    --Sens McConnell, Hatch, Wyden Hit Portman-Stabenow Amend
    --Tsy's Lew, White House's Earnest Blast Amendment

    WASHINGTON (MNI) - Senate Finance Committee Chairman Orrin Hatch Wednesday resumed the bipartisan pummeling of a pending currency amendment to legislation that would renew the president's Trade Promotion Authority.

    The amendment in question is sponsored by Republican Sen. Rob Portman and Democratic Sen. Debbie Stabenow.

  • 2015-05-20 12:12


    WASHINGTON (MNI) - The following is a list by individual financial institution of the total of $5.5 billion in new fines and penalties imposed Wednesday on five banks by U.S. authorities for manipulation of foreign exchange reference rates and other offenses. The latest fines bring to $9 billion the amount being paid by the same five banks relating to foreign exchange manipulation. Wednesday's case was the first time U.S. banks have pleaded guilty to criminal offenses. They remain on three year's probation. The investigation of FX manipulation, which has taken 19 months so far, continues.

  • 2015-05-20 10:45


    WASHINGTON (MNI) - The following is the U.S. Treasury Department's report Wednesday on a telephone call between Treasury Secretary Jack Lew and Chinese Vice Premier Wang Yang:

    Treasury Secretary Jacob J. Lew and Chinese Vice Premier Wang Yang spoke by phone today in advance of the U.S.-China Strategic and Economic Dialogue (S&ED) next month. Their conversation focused on ways to deepen the economic cooperation between the two countries and to continue making progress on respective areas of concern. They also discussed the outlook for the U.S.