U.S. Government

  • 2015-07-31 16:15


    WASHINGTON (MNI) - The following is the U.S. Treasury Department's summary of Friday's closed meeting of the Financial Stability Oversight Council:

    Secretary Jack Lew today convened a meeting of the Financial Stability Oversight Council (Council) in an executive session at the Treasury Department.

    During the meeting, the Council heard updates from the Treasury Department regarding recent international and domestic market developments.

    The Council also discussed its ongoing assessment of potential risks to U.S.

  • 2015-07-31 12:13


    --House Speaker, Senate Majority Leader Reject Summer Talks
    --Tsy's Lew Reminds Hill Debt Ceiling Must Be Lifted
    --OMB's Donovan Warns GOP Of Vetoes Sans Discretionary Deal

    WASHINGTON (MNI) - Even though the calendar says it's July, much of Washington is already thinking about September and the intense fiscal battles that await Congress and the White House.

    The House has begun its summer recess and the Senate will hit the road next week, but the fiscal positioning for the autumn is already in full swing.

    Congressional Democrats have spent the last several months calling for immediate bipartisan budget talks to rewrite the budget sequester and adjust discretionary spending limits for the 2016 fiscal year.

  • 2015-07-31 10:28


    --Cutting SOMA MBS CUSIPS to 20,000 from 80,000

    NEW YORK (MNI) - The following is an announcement published Friday by the New York Federal Reserve Bank:

    Operating Policy Statement Regarding Aggregation of Agency Mortgage-Backed Securities Holdings July 31, 2015

    During the week of August 17, 2015, the Federal Reserve Bank of New York (New York Fed) Open Market Trading Desk will begin a process to streamline the administration of the agency mortgage-backed securities (MBS) held in the System Open Market Account (SOMA) by consolidating some of these securities through a service offered by Fannie Mae and Freddie Mac called CUSIP aggregation.

  • 2015-07-30 14:32


    --Senate Approves Extension Until Oct. 29 on 91 to 4 Vote
    --Senate Passed Longer-Term Bill Earlier Thursday

    WASHINGTON (MNI) - The Senate Thursday approved legislation that replenishes the Highway Trust Fund until October 29, sending the measure to President Barack Obama for his signature.

    The Senate approved the bill on a 91-to-4 vote. The House approved the identical bill Wednesday on a 385-to-34 vote.

    The Highway Trust Fund runs dry at the end of the week so the legislation is needed to keep highway programs funded.

  • 2015-07-30 12:51


    --Senate Also Will Pass 3-Month Highway Bill to Keep Programs Funded

    WASHINGTON (MNI) - The Senate Thursday approved a surface transportation bill that authorizes highway and mass transit programs for six years while funding them for three years, which also includes reauthorization of the Export-Import Bank.

    The Senate passed the bill on a 65 to 34 vote, sending it to the House which will take up a long-term highway bill in the fall.

    The Senate also will vote later in the day on a short-term bill that replenishes the Highway Trust Fund until October 29.

  • 2015-07-30 10:49


    --Senate Also Will Pass 3-Month Highway Bill to Keep Programs Funded

    WASHINGTON (MNI) - Senate Majority Leader Mitch McConnell said the Senate Thursday will pass a "bipartisan, multi-year highway bill," and also will vote on a three-month extension to keep the programs running.

    In remarks on the Senate floor, McConnell touted the Senate's surface transportation bill that authorizes highway and mass transit programs for six years while funding them for three years.

    McConnell worked closely with California Democrat Barbara Boxer and others to assemble a highway bill that includes $47 billion in revenue raising offsets to fund transportation programs for three years.

    The Senate bill includes the renewal of the Export-Import Bank.

  • 2015-07-30 10:06


    WASHINGTON (MNI) - The following is the text of a statement by Jason Furman, chair of the White House Council of Economic Advisers, reacting to Wednesday's release of the advance estimate of GDP for the second quarter:

    Real GDP rose faster in the second quarter than in the first, even after a large upward revision to first-quarter growth. Strong personal consumption led the rebound as consumers spent more of the windfall gains from lower oil prices that they had saved in the first quarter, and many of the temporary factors that restrained growth in the first quarter faded.

  • 2015-07-29 17:39


    --House Approves 3-Month Extension On 385-To-34 Vote
    --Senate Expected To Pass Short-Term Bill Thursday
    --GOP Leaders Say Hill Will Craft Long-Term Bill in Sept

    WASHINGTON (MNI) - The House Wednesday evening approved legislation that replenishes the Highway Trust Fund for three months.

    The House passed the bill on a 385-to-34 vote, sending it to the Senate which is expected to vote on the measure Thursday.

    The Highway Trust Fund runs dry at the end of the week so legislation is needed to keep highway programs funded.

    Several weeks ago, the House passed legislation that would replenish the Highway Trust Fund for only five months, until Dec. 18.

    However under its new plan, the House bill replenishes the Highway Trust Fund until Oct.

  • 2015-07-29 17:03


    --House Financial Services Panel Continues to Rebuke Fed
    --Bill Has Uncertain Future in House, Bleak One in Senate

    WASHINGTON (MNI) - With a long summer vacation looming for the House, the House Financial Services Committee decided to leave Washington by doing what it does best: pass legislation that spanks the Federal Reserve.

    The House Financial Services Committee approved the so-called Fed Oversight Reform and Modernization Act Wednesday on a party line, 33-25 vote.

    But given that that bill faces an uncertain fate in the House and a grim one in the Senate, the legislation seems largely designed to send a message to the Fed that a sizable number of Republicans want to substantially change the mission and operations of the Fed.

    The bill would require

  • 2015-07-29 16:45


    --Could Last for Brief Additional Period, Subject to Uncertainty
    --Expect to Announce Extension of Debt Issuance Suspension to Oct 30

    WASHINGTON (MNI) - U.S. Treasury Secretary Jack Lew said Wednesday he expects the extraordinary measures Treasury is using to remain under the already-exhausted statutory debt limit will be effective through the end of October or perhaps a bit longer, but those estimates are subject to "considerable uncertainty."

    In a letter to House Speaker John Boehner, Lew said he expects to announce Thursday that he is extending the suspension on the issuance of debt on investments of government retirement funds through Oct.