U.S. Government

  • 2015-07-22 16:01


    --Retransmitting Story Originally Sent 15:46 ET Wednesday, Additional Detail

    WASHINGTON (MNI) - A provision to offset funding in the Senate highway funding bill is getting pushback from bankers Wednesday as a provision looks to reduce dividend payments from the Federal Reserve to its member banks.

    The provision calls for reducing to 1.5%, from 6%, the dividends that regional Federal Reserve banks pay to banks with more than $10 billion in assets. Banks under that size would continue to receive the 6%. There are about 1,900 Fed member banks with about 300 or so that have more than $10 billion in assets.

    Federal law requires nationally chartered banks to be members of the Federal Reserve, and it is optional for state banks that meet certain requirements.

  • 2015-07-22 15:46


    By Karen Mracek

    WASHINGTON (MNI) - A provision to offset funding in the Senate highway funding bill is getting pushback from bankers Wednesday as a provision looks to reduce dividend payments from the Federal Reserve to its member banks.

    The provision calls for reducing to 1.5%, from 6%, the dividends that regional Federal Reserve banks pay to banks with more than $10 billion in assets. Banks under that size would continue to receive the 6%.

    Federal law requires nationally chartered banks to be members of the Federal Reserve, and it is optional for state banks that meet certain requirements. Member banks are required to pay in 3% of capital to their regional Federal Reserve Bank each year in return for an equity position, with an additional 3% is subject to call.

  • 2015-07-22 10:40


    --Senate Bill Includes Provision to Cut Fed's 6% Dividend
    --House Speaker Boehner Defends House's 5-Month Extension Plan

    WASHINGTON (MNI) - Senate Majority Leader Mitch McConnell said Wednesday the Senate will hold another procedural vote later in the day on a "bipartisan, multi-year highway bill."

    In remarks on the Senate floor, McConnell said he was disappointed the Senate late Tuesday rejected a motion to begin debate on the highway bill, as Democrats said they needed more time to study the 1,000 page document.

    The Senate voted Tuesday 41 to 56 to begin debate on the bill, falling well short of the 60 votes required. The Highway Trust Fund runs dry at the end of the July so legislation is needed to keep highway programs funded.

  • 2015-07-21 17:15


    --Senate Majority McConnell Urges Lawmakers To Study Deal
    --Sen. McConnell: 'Hopeful' House Will Accept Multiyear Bill
    --Sen.

  • 2015-07-21 17:12


    By John Haeling

    WASHINGTON (MNI) - Former senator Chris Dodd, co-creator of the Dodd-Frank financial reform act, Tuesday defended the measure, saying the one key feature

    -- the Consumer Financial Protection Bureau - remains crucial in protecting

    Americans from big predatory practices.

    Dodd was joined by sitting Senate Democrats in a press conference to defend Dodd-Frank on the fifth anniversary of the bill's passage, and they pledged to fight Republican efforts to dilute the regulations.

    "If Dodd-Frank opponents try to open up loopholes, weaken regulation slash funding for our regulators, and kill Dodd-Frank with a thousand cuts, they're going to find Senate Democrats standing arm and arm against them," New York Sen. Chuck Schumer said.

    House Financial Services Com

  • 2015-07-21 15:35


    --Senate Majority, Minority Leader Dispute If Deal is Done
    --Sen. McConnell: Plan 'Does Something Important' For U.S.
    --Sen.

  • 2015-07-21 12:48


    --Senate Majority Leader Sets Procedural Vote at 4 PM ET
    --Sen. McConnell Touts Bipartisan, Multi-Year Bill
    --Sen. Reid: Dems Want To Study Details Of Accord

    WASHINGTON (MNI) - Senate Majority Leader Mitch McConnell said Tuesday Senate negotiators have reached an agreement on a "multiyear, bipartisan highway bill," and will hold a procedural vote in the late afternoon to move the legislation forward.

    In remarks on the Senate floor, McConnell said the package will authorize highway programs for six years that "will allow planning for important long-term projects around the country."

    He said the package includes three years of funding for the Highway Trust Fund.

    McConnell said the Senate will vote at 4 p.m.

  • 2015-07-21 12:10


    --House Subcommittee Resumes Fed Critique Wednesday
    --Panel To Discuss Overhauling Fed's Mission, Operations

    WASHINGTON (MNI) - If there is any topic that fires up the Republican leadership of the House Financial Services Committee as much as their years-long assault on the landmark Dodd-Frank financial regulatory law, it's trying to overhaul the Federal Reserve Board's mission and operations.

    With the smoke just now clearing from the panel's lengthy and contentious hearing last week with Fed Chair Janet Yellen, one of the panel's subcommittees is holding a hearing this week on pending legislation to overhaul the Fed.

    The Subcommittee on Monetary Policy and Trade of the full House Financial Services Committee will hold a hearing Wednesday at 10 a.m.

  • 2015-07-21 10:25


    --Senate Majority Leader Sets Procedural Vote Tuesday
    --Sen. McConnell Seeks 'Major, Bipartisan, Multi-Year' Bill
    --Senate Finance Panel To Work on $96 Bln Tax Extenders Plan

    WASHINGTON (MNI) - The Senate will begin consideration of highway funding legislation later in the day Tuesday, with a procedural vote in the afternoon on legislation that will serve as the vehicle for a package that Republicans and Democrats are negotiating.

    The Senate will vote at 2:15 p.m.

  • 2015-07-20 16:17


    --Updating 13:27 ET Story; Fed Vote; Comments
    --Nonbank GE Capital Stays a SIFI for Now, With Bank-Like Rules

    WASHINGTON (MNI) - In imposing the long-expected and unprecedented capital surcharges on the eight largest U.S. banks Monday, to spare taxpayers should they fail, Federal Reserve officials said they now are looking to see if the banks react by shrinking or de-risking as GE Capital is doing.

    The unanimous Fed Board vote started the process envisioned in the Dodd-Frank Act five years ago, to provide incentives for the biggest banks to become less of a systemic risk, and if not, to eliminate the need for taxpayer bailouts.