Welcome to The Hill’s Business & Economy newsletter {beacon} Business & Economy Business & Economy The Big Story Megabanks bail out First Republic Eleven of the biggest U.S. banks sprang into action Thursday to rescue First Republic Bank from a feared meltdown. © AP The San Francisco-based bank will receive $30 billion from its…
Author: Karl Evers-Hillstrom
SVB collapse is first social media-based bank run, senator says
The collapse of Silicon Valley Bank (SVB) marked the first “social media, internet-based bank run” in U.S. history, Sen. Mark Warner (D-Va.) said Thursday. During a Senate Finance Committee hearing, Warner placed blame on venture capitalists and other depositors at the bank for coordinating their bank withdrawals over social media and online group chats. That…
US financial system is sound, Yellen tells lawmakers
Treasury Secretary Janet Yellen on Thursday told a Senate panel that the U.S. financial system is on solid footing following the second- and third-largest bank collapses in the nation’s history. Her remarks come after a bank run on Silicon Valley Bank (SVB) and Signature Bank forced federal regulators to close the banks and protect all…
Eggs are getting cheaper. Here’s what else is also more affordable.
Inflation fell for the eighth straight month in February as key categories saw their price drop. Prices rose 6 percent annually, down from 6.4 percent the previous month, according to the Labor Department’s Consumer Price Index (CPI) released Tuesday. Eggs, which have seen their price soar to record levels, saw one of the largest price…
DC Police Union hired lobbyists in effort to overturn crime bills
The D.C. Police Union hired lobbyists in its push to get Congress to overrule the D.C. Council’s reforms to the criminal code. The 3,500-member union contracted with the Modern Cartographers, a union-focused consulting firm, to lobby on multiple resolutions that would overturn D.C. crime legislation, according to a document filed with the Senate. Amid lobbying…
Warren blames Congress for ‘entirely avoidable’ bank failures
Sen. Elizabeth Warren (D-Mass.) said Monday that the collapse of Silicon Valley Bank (SVB) was enabled by Congress, which in 2018 passed a law to ease bank regulations put in place following the 2008 financial crisis. In a New York Times opinion piece, Warren noted that SVB was one of many banks that lobbied Congress…
Freedom Caucus lays down markers in debt limit fight
Welcome to The Hill’s Business & Economy newsletter {beacon} Business & Economy Business & Economy The Big Story Freedom Caucus lays down markers in debt limit fight The conservative group rolled out proposals for steep cuts in government spending, providing a closer look at the kind of demands hard-line conservatives can back. © AP…
Biden FAA nominee doesn’t need waiver, DOT tells Republicans
President Biden’s nominee to lead the Federal Aviation Administration (FAA) doesn’t need a waiver from Congress to be confirmed, the Biden administration told lawmakers Thursday. Sen. Ted Cruz (R-Texas), the top Republican on the Senate Commerce Committee, has insisted that FAA nominee Phil Washington must secure a waiver due to his retired military status, citing…
Biden tees up battle over tax hike for wealthy Americans
Welcome to The Hill’s Business & Economy newsletter {beacon} Business & Economy Business & Economy The Big Story Biden tees up clash with GOP over tax hikes on the wealthy President Biden on Thursday released his sweeping budget request for fiscal 2024, laying out a slew of proposals for government funding and tax increases…
US Chamber commission says AI regulation should be ‘top priority’ for Congress
A commission launched by the U.S. Chamber of Commerce on Thursday urged Congress and the Biden administration to create rules for artificial intelligence (AI), calling its regulation a “top priority.” The corporate lobbying group’s AI commission, which is led by former Reps. John Delaney (D-Md.) and Mike Ferguson (R-N.J.), said that “virtually every business and…