18 Burst results for "Financial Stability Oversight Council"

"financial stability oversight council" Discussed on CoinDesk Podcast Network

CoinDesk Podcast Network

05:38 min | 4 months ago

"financial stability oversight council" Discussed on CoinDesk Podcast Network

"G forward slash and l w a couple more things on the minds of us. Investors fed tapering. The fed meets on wednesday where they're anticipated to lay the groundwork for a tapering of stimulus. And just in general other macro uncertainty in october the. Us government runs out of money unless it raises suspense. That debt ceiling there are questions of the biden economic plan. And what's more. There are questions of whether jerome powell will be renominated for another term as fed chair ninety percent of investors surveyed by bloomberg expect biden to keep powell on which is a number that has risen significantly since june lael. Brainard democrat is seen as the likely choice by nine percent. Those economists also think that the market rallies powell is renominated and declines. If brainard is the pick two thirds see a near-term rally in the case of powell versus more than half see a decline for brainard over. Although i think there's just a bit of a shifting narrative david johnson who's the chief investment officer at wealth management firm said while the evergreen situation is front and center the reality is stock market valuations are overstretched and the market is enjoyed too long of a break from volatility sebastian gaily who's a senior macro. Strategist that nordea. Investment funds as say said the edges of the bullish narrative cover are being pulled and the darker underlying reality is coming to the fore. It has taken the market more time to price in the shocks than i had expected. But the market is far more realistic as the buy-on-dip mentality fades with the fear of inflation. Perhaps most notable of all morgan stanley note also sees a growing risk of a twenty percent drop in the s&p five hundred in a new note. They lay out fire and ice scenarios. The fire scenario is the fed pulling away. Stimulus of the economy doesn't run too hot. That quote leads to a modest and healthy ten percent correction the ice scenario sees the economy sharply decelerating and earnings getting squeezed. And that's the twenty percent dip scenario. The note reads. Will it be fire or ice. We don't know but the ice scenario would be worse for markets and we are leaning in that direction we think the mid cycle transition will end with the rolling correction finally hitting the s&p five hundred. So i've discussed how the macro environment and how stocks correlate with crypto before but not for a while there is still a pretty fierce debate but the -til the are on my take is that the longer the crypto exists the more correlated. It's going to be yes. There are tons of countervailing forces long-term holders who won't sell ever crypto rich investors. Who just don't give a crap about fiat. Markets but they're also increasingly institutional actors more traditional investors who make up a bigger and bigger portion of the space for them. naturally there is correlation and even for the traders who don't really care long-term about what those folks do the price signals those institutional investors can help send can get translated into fairly big moves. Thanks the delivered. Nature of the crypto industry. Back to our little space. Bitcoin is down about eight percent today. Eighth is down nine percent. Everything else is about that or more. What are the crypto market saying. Well the main thing analysts are pointing to is the same stuff we're discussing above ever grant fears about tapering etc but are there any relevant fudd narratives worth exploring indeed. There are over the weekend. The new york times published why washington worries about stable coins. The federal reserve treasury and other regulators are worried that technology that pledges stability will actually be a source of turmoil. The vast majority of the piece is an extended primer. What is a stable coin. Are they all equally risky etc etc. But the interesting new bit comes in the section. What are the government's next steps. They go through about six different options that regulators have the first is designating them as systemically risky quote because stable coins are intertwined with other markets the financial stability oversight council. F- sock could designate them as a systemically risky payment system making them subject to stricter oversight while the market may not be big enough to count as a systemic risk. Now the dodd. Frank act gives regulators the ability to apply that designation to a payments activity if it appears to be poised to become a threat to the system in the future. If that happened the federal regulators would then need to come up with a plan to deal with the risk and quote a. Second option the paper lays out says that they could treat them like securities. Certainly this is something that gary gansler has intimated when he was asked last week when he was testifying before the senate another option is to regulate stable coins. If there were money market funds another option is to treat stable coins as if they were bakes. This obviously would create more oversight. They could be backed up by deposit insurance and so on and so forth. A fifth option is to try to compete with central bank digital currency. Jerome powell has said before that this is something that they've thought about quote. You wouldn't need stable coins. You would need crypto currencies if you had a digital us currency. I think that's one of the stronger arguments in its favour. Of course there are many questions here. But that's something that the paper of record is putting out and finally the six point they bring up his cooperate internationally quote if there's one point everyone in the conversation agrees on if that different jurisdictions will need to collaborate to make stable coin regulations work otherwise coins would be able to move overseas if they face unattractive oversight in a given country. So what's most likely well. The bluster was echoed by bloomberg. Who wrote treasury to flag stable coin perils as us readies clampdown quote crypto faces a reckoning in washington is us regulators. Prepare to clamp down on the rapidly growing industry and the treasury's recommendations could act as a roadmap for the next steps officials are also said to be discussing launching a formal review by the financial stability oversight council into whether stable coins pose an economic threat a process that could trigger even more severe oversight bloomberg reported last week that after weeks of deliberations the treasury and other agencies are nearing a decision on whether to launch an examination of whether stable coins threatened financial.

powell brainard fed jerome powell lael biden wealth management firm sebastian gaily Brainard david johnson nordea bloomberg federal reserve treasury morgan stanley Bitcoin
"financial stability oversight council" Discussed on CoinDesk Podcast Network

CoinDesk Podcast Network

01:46 min | 6 months ago

"financial stability oversight council" Discussed on CoinDesk Podcast Network

"Someone is just acting in violation for me. Personally i think the dumbest comments award goes to senator harry reid who basically said that when we got the internet at killed newspaper. So how can we kill less things with this disruption and one positive take from crypto. Twitter came from as a hobby. Who said honestly. I'm actually impressed by the senate hearing they managed to mention dissident tack are. We've gone identity. But still overall the tone was contentious with senator sharon brown and elizabeth warren being particularly vitriolic. It seems to me that the theme they're going for is that all of this populist appeal that crypto seems to have is just bullshit marketing brown said in his opening statement quote there's nothing democratic transparent about a shady diffuse network of online funny money. He went on to say that there should be smart. Regulations to protect consumers from crypto extortionists. His word and quote their phony populist marketing again. His words as danny nelson on coin. Desk put it. He painted the industry as a fraud. Ridden accountability dodging digital slot machine. Senator elizabeth warren picked up those themes again from danny nelson quote in her telling. Bitcoin decentralisation is fantastical narrative the networks. True powerbrokers minors incorporations leverage to achieve false moral supremacy over big banks. Warren said quote instead of leaving our financial system at the whims of giant banks crypto puts the system at the whims of some shadowy faceless group of super coders in minors which doesn't sound better to me holding aside the lack of definition around. What a super coder is. Warren also wrote a letter to janet yellen today in yeltsin's capacity as chair of the financial stability oversight council the f. sock requesting that she quote address crypto currencies risks and ensure the safety and stability of our financial system..

senator harry reid danny nelson senator sharon brown elizabeth warren Senator elizabeth warren senate Twitter brown Warren janet yellen financial stability oversight yeltsin
"financial stability oversight council" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:57 min | 8 months ago

"financial stability oversight council" Discussed on Bloomberg Radio New York

"Than a dozen people are wounded in Texas in a shooting in downtown Austin police are still searching for the shooter. Investigators are reviewing downtown surveillance video and asking anyone was cell phone video of the shooting to contact police. One person is dead. At least eight wounded in a shooting in Savannah, Georgia. Among those wounded a 13 year old and a two year old the family of a black man killed by Louisiana police is settling with the city of Baton Rouge. Lawyers for the family say they were paid $4.5 million Alton Sterling was killed when officers confronted him outside a convenience store in 2016. Woman who recorded video of the murder of George Floyd is being recognized by the Pulitzer Prize board. Darn Elia Fraser has been honored with a special citation for recording video of the Minneapolis police officer kneeling on Floyd's neck. That's the latest I'm Cameron Fairchild, and I'm Susanna Palmer in the Bloomberg newsroom President Biden and French President Emmanuel Macron had a one on one meeting at the G seven summit on the English coast. President Biden said his conversations with macron, We're going well as we say Back in the states were on the same page, Macron said. President Biden is demonstrating that quote, leadership is partnership. Police officers throughout Nassau County are getting a raise to wear body cameras. On Friday, the police union reached a deal that will add $3000 to a cop's salary when they wear a body camp. The program will cost county taxpayers around $8 million and is expected to be completed by the end of the year. Across the county. There are very few major police departments remaining that have yet to procure body camps. In Suffolk County officials say their program will launch in October. Nightingale Properties of New York and Wat Phra Capital Partners of Kuwait, are making a bet on Wall Street, the to have lined up $500 million to redevelop 1 11 wall seen as a bet on office demand in Manhattan's battered financial district. Firms took advantage of Covid reduced prices, according to Newmark executive Dustin Stahle, who helped to arrange the financing, regulators said Friday. Wall Street banks must speed up their efforts to stop using library. More from Bloomberg's Charlie Pellet. It is one of the sternest warnings yet about abandoning the scandal plagued benchmark the Treasury Department. Federal Reserve. Another watchdogs are trying to light a fire under lenders, including Citigroup, JPMorgan Chase and Goldman Sachs. The regulators issued their latest admonishment on the London interbank offered rate, a meeting of the Financial Stability Oversight Council, a group that's responsible for heading off dangers to the financial system. The Fed's vice chairman for supervision, Randall Quarrel, says quote Libre is Over. Charlie Donald Bloomberg Radio Global News 24 hours a day on air and on Bloomberg Quick take powered by more than 2700, journalists and analysts and more than 120 countries. I'm Susanna Palmer, This is Bloomberg. You're listening to balance and power with David Weston. On Bloomberg Radio. Still to come this hour on anyone's definition infrastructure includes a good part of our transportation systems, from railroads to highways. Two bridges to aviation, I talked with former Secretary of Transportation Elaine Chao on what the United States needs to do for our transportation infrastructure and how we might get there. And as the former labor secretary under George W. Bush, I get her view on the labor situation in America where we are and where we need to go. But first, I caught up with Republican Senator Rick Scott of Florida. To discuss the bipartisan bill the Senate passed this week that would invest $250 billion to make the United States more competitive with China intact. But first I asked her about a bill he introduced on how to address the nation's nearly $30 trillion in debt. So here's my concern..

David Weston Dustin Stahle Citigroup Susanna Palmer JPMorgan Chase Randall Quarrel Goldman Sachs Alton Sterling October George Floyd Macron Cameron Fairchild George W. Bush Texas $3000 2016 Friday $500 million Baton Rouge Floyd
"financial stability oversight council" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

08:07 min | 1 year ago

"financial stability oversight council" Discussed on Bloomberg Radio New York

"I'm wondering what your plan is, If you see some sort of large financial stability rest emanating from the non being financial sector in the coming months, especially as it relates to search for your kind of activities. You know what? What do you see as the solution there, Thanks. So On your first question. I don't want to comment on a particular company or or days, market activity or things like that. It's just not Really something that I would typically comment on. In terms of macroprudential policy tools. So, as you know, no doubt we rely on sort of always on through the cycle, macroprudential policy tools, particularly the stress tests, and also the elevated levels of liquidity and capital. And And also resolution planning that we that we impose on the largest financial institutions. We don't use time varying tests and tools as some other countries doing. We think it's a good approach because For us to use ones that are always on because we don't really think we'd be Successful in every case in picking the exact right time to intervene in markets. So that's for banks. You really asked about non banks, the non bank sector and so we monitor financial conditions very broadly. And well, we don't have jurisdiction over over many areas in the non bank sector. Other agencies do And so we do coordinate through the Financial Stability Oversight Council and with other agencies who have responsibility. Not for for non bank supervision, and in fact, as you know, in the last crisis, the banking system held up fairly well so far on the dislocations that we saw from the Outsized economic and financial shock of the pandemic really appeared in the non bank sector, So that's right now we are engaged in in carefully examining understanding and thinking about what What in the non bank sector will need to be addressed. In the next year or so. Thank you. James Politi ft. And Thank you so much. Michelle and chair Powell. I had a question on fiscal policy last year. You consistently said that the economy needed more fiscal support. And I believe we're pleased when the $900 billion package was approved in December. We have now have a new new president and Congress. We have a weekend in short term outlook. Do you believe the economy still needs additional support on the physical side on Thank you. So I guess I'd start by saying that the physical response that we've seen to this downturn. Has been strong and I think we can say now that it's been sustained after the passage of the of the The most recent act in in late December, and that's really a key reason why the recovery has been a strong is it's been fiscal policy tells he's been absolutely essential. When we look back on the history, this period will see a strong and sustained Fiscal policy response. I would I would add that were as I mentioned a long way from a full recovery. Something like nine million people remain unemployed as a consequence of the pandemic. That's as many people as lost their jobs at the peak of the global financial crisis. In the great recession. Many small businesses were under pressure and there are other needs to be addressed. The path ahead is still pretty uncertain. So all of that said the judgment on how much to spend and in what way is really one for Congress and the administration and not for the Fed. And these discussions are going on right now. So there's a discussion as you know, right now around around those precise questions, and that's appropriate but not for us to play a role in talking about specific policies. Thank you, Steve Policeman. Thank you, Mr Chairman. I wonder if I could follow up on Gina's question here. I understand that you do address issues of valuations through macroprudential policies in the first census, But there's Range of assets. And I know you do watch a range of assets, but from Bitcoin to corporate bonds to the stock market in general to some of these more specific, meteoric rise in stocks like games, Doc How do you address the concern that super easy monetary policy asset purchases zero. Interest rates are potentially fueling a bubble that could cause economic fallout should it first. I mean, let me provide a little context. Um The shock that from the pandemic was unprecedented, both in its nature and in its size. And in the amount of unemployment that it created in the shock to economic activity. There's nothing close to it in our modern economic history. So our response was really to that and we weave. Done what we could first to restore market function. On to provide a bit of relief than to support the recovery and hopefully we'll be able to do the third thing, which is to avoid longer run damage to the to the economy. Our role for a signed by Congress is maximum flowing and stable prices. Also look after financial stability. So in a world where almost a year later we're still nine million jobs, at least that's one way of counting. It can actually be counted much higher than that. Short of maximum employment and people are out of the labor force who were in the labor force. The real unemployment rate is close to 10%. If you include people, that's a labor force, it's very much appropriate. That monetary policy behind highly accommodative to support maximum employment and price stability, which is getting inflation back to 2% and averaging 2% over time. So on on matters of financial stability. We have Ah, framework. We don't look at one thing or two things. We look at me and we made that framework public after the financial crisis so that could be criticized and understood, and we could be held accountable. And you know the things that we look at our We do look at asset prices. We also look at leverage in the banking system. We look at leverage in the non, the non banking system, which is to say corporate and households. And we look at also funding risk. And if you look a across the range of readings, they're each different, but we monitor them carefully, and I would say That financial stability vulnerabilities overall are moderate. Our Overall goal is to assure that the financial system itself is resilient to two shocks of all kinds that it's strong and resilient. That includes not just the banks, but Money market funds and all different kinds of non bank financial. Structures as well. So, um Mm hmm. When we get to the non financial sector. We don't We don't have jurisdiction over that. But so I would just say that our Um Uh, There are many things that go in, as you know, two sitting asset prices. So if you look at what's really been driving asset prices really in the last couple of months, it isn't monetary policy. It's been expectations about vaccines, and it's also financial Sorry fiscal policy, those that those of the news items that have been driving Driving asset purchases. Sorry asset values in recent months, so I know that monetary policy does play a role there. But that's how we look at it. And I think You know, I think that The connection between low interest rates and and asset values is probably something that's not as tight as people think, because a lot of lot of different factors are driving as the price is at any given time. Grandfather. What, Michelle, If you don't mind, Mr..

Congress Financial Stability Oversight Michelle James Politi Mr Chairman president Fed Steve Policeman Gina
"financial stability oversight council" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:48 min | 1 year ago

"financial stability oversight council" Discussed on Bloomberg Radio New York

"Administration in the Ad council. This is Bloomberg Wall Street Week with David Westin from Bloomberg Radio. President Biden's pick for Treasury Secretary Janet Yellen was one of the first of his Cabinet nominees to have a confirmation hearing. In her three hour testimony to the Senate Finance Committee, the former Fed chair pressed President Biden's $1.9 trillion fiscal stimulus package as essential to fight the economic harm being done by the coronavirus. Neither the president elect more. I proposed this release relief package without an appreciation for the country's different economists Don't always agree, but I think there is a consensus now. Without further action. We risk a longer, more painful recession now and longer term scarring of the economy Later members of the committee. He's very ambitious goals and I know we will need to work together. Young support for the president's stimulus plan met some resistance from Republican lawmakers. Who expressed concern that the level of spending on top of what has come already could hurt rather than help. Here's South Carolina Senator Tim Scott, but the 1.9 between our package Has been presented to us is the package that focuses on some priorities that they will actually hurt our economy as much as it would improve our economy. Yelling also showed some potential continuity with some Trump administration policies, particularly in her tough stance on China, which she called the United States most important strategic competitors we need to take on China's abusive, unfair and illegal practices. China's undercutting American companies by dumping products, erecting trade barriers and giving illegal subsidies to corporations. But the Treasury secretary nominee He did not condone Trump administration suggestions that the country might benefit from a weaker dollar, saying that should be left strictly to the markets. I believe in market determined exchange race the value of the U. S. Dollar in other currencies should be determined by markets. It's been only a dozen years since Congress had to bail out the economy from the great financial crisis, and Sheila Bair was a key official in that rescue effort as head of the Federal Deposit Insurance Corporation. She says. There will come a time to be frugal, but it is not now. Well, I did anything. She's right. You need to go big right now. The country is the economy is still in serious trouble, and once again that people are being hit the hardest or low and low income, low middle income. Families and the lion's share of the assistance. You've got supplemental unemployment. You got direct household payments. I think that's money. Well targeted and needs to be spent. Families need help. They're still struggling and s O. I agree with her. S O targeting. We talk about targeting ELISA Republicans talk about it. We never seem to quite get there. I mean, it's a practical matter, even the PP and things like that. It appears that it's going to the top, Not the bottom. What could we do better to make sure it does get to the people who need it? Well, I think the shift of fiscal away from monetary policy is hugely important. Notably this 1.9 trillion does not include additional money to you know back stuff, the Fed of its interventions that that just not equipped to get money to Main Street, they put money into financial markets. No Wall Street's. We're doing really, really well since the great financial crisis not so much for that lower 80% really that the people who work for a living and we thought we'd light on labor income, not investment income. To live, so just the shifting back to fiscal That's a much better approach to get money actually in the hands of families, and you know, direct payments is a very efficient way to get money out quickly, which is really what we need to do. You don't need a lot of bureaucracy. There's no there's all this debate about whether people are in it or not, or deserve it. You know, I kind of looked at all the trains and found a Wall Street and I kind of have disdain for that. Lower 80% of the population, which is will you know which is where these payments will reach? They've not done so well. Alright. It took them 10 years to recover their finally just catching up and we have this hit, so I think there's some Inequities of the past being addressed with these payments as well. But at least we know where the money's going. It's going to households. They can spend it on consumption. They could pay rent. They can pay their bills that you save some of it. They couldn't buttress their emergency savings again. I think that's money well spent. So we're one of the things that this pandemic is really exposed to some of the racial and economic injustice across the country. The black communities and the Hispanic communities, and for that matter of the Native American communities have really been particular hard Hit. Is there anything that either the Fed or the Congress can do to really readjust that to really target the assistance for the people that really needed? That is to say the minority communities? Yeah, So there's a lot of structural bias and our system. We need you, you know, fundamentally rethink policy. So the way a princess banking might my neck of the woods. Way we think about risk and risk. Wait, You know bank capital requirements. There's a lot of racial bias built into the assumptions that we use. So I think that's another area where hope Janet Yellen will take a fresh look. I hope the Fed and other bank regulators will take A fresh look How we think about Credit. I think there's a lot of systemic bias is just one example of where policy generally could have, you know things that we're not even where I should be aware of, but have not been so that in addition to them, just focusing on on low income families were. Unfortunately minorities are disproportionally represented. I fear we're gonna have a you know, we're gonna be worsening our structural unemployment problem. Labor force participation is gone again. Job retraining, job growth, wage growth job retraining. I'm for you know some kind of universal basic income to provide some type of, you know based support. Working families. When we get through cycles like this, that got something automatically to fall back on. There are a whole host of things, you know, let's face it. Working families have been ignored by both parties for way too long. And so I'm hoping that Mr Biden and Janet Yellen and others of his team are really gonna be refocused on this, and I think they are the one thing that you focused on during the great financial crisis where it was really the safety and security of our financial system. A zoo. We go through this crisis and you look from the outside now. Do you see places that you're concerned about the financial system? Do I think the handbag sector she's maybe the non bank sector is continuing source of turmoil. At last March, we had mark disruptions. Same suspects, right money market funds, highly leveraged hedge fund's leverage. Corporate et EPPS. The fat again had to come and provide a lot of quitted a lot of bailouts. Whether that was right or not, I don't know. I just I do know that when we resort to bailouts, as opposed to using regulation to prevent these unstable structures to begin with, we just reinforce risky, bad behavior. So we need to fish or cut bait. Stop the bailouts. Let him go down, let the market punish them do away with them or start providing some meaningful prudential supervision to present. Prevent these unstable structures from proliferating maybe some combination of both. But the en banc Sector Schismatic museum back non bank sector is definitely an area of continued financial fragility. And I think again Janet Yellen, his chair, the Financial Stability Oversight Council. Which has the authority that cross cutting regulatory authority to deal with this. This, I hope will be a high priority for her as well. That was Sheila Baer, former FBI see chair. Coming up. President Biden wants to increase the federal minimum wage to $15 an hour. But what would that do for the economy and.

Janet Yellen President Biden Fed president China Congress Ad council Bloomberg Wall David Westin Financial Stability Oversight South Carolina Bloomberg Radio Sector Schismatic museum Senate Finance Committee Sheila Bair
"financial stability oversight council" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:37 min | 1 year ago

"financial stability oversight council" Discussed on Bloomberg Radio New York

"President Biden's pick for Treasury Secretary Janet Yellen was one of the first of his Cabinet nominees to have a confirmation hearing. In her three hour testimony to the Senate Finance Committee, the former Fed chair pressed President Biden's $1.9 trillion fiscal stimulus package as essential to fight the economic harm being done by the coronavirus. Neither the president elect more. I proposed this release relief package without an appreciation for the country's different economists Don't always agree, but I think there is a consensus now. Them further action. We risk a longer, more painful recession now and longer term scarring of the economy Later members of the committee these very ambitious goals and I know we will need to work together. Young support for the president's stimulus plan met some resistance from Republican lawmakers. Who expressed concern that the level of spending on top of what has come already could hurt rather than help Here's South Carolina Senator Tim Scott, But the $1.9 trillion package Has been presented to us is the package that focuses on some priorities that they will actually hurt our economy as much as it would improve our economy. Yelling also showed some potential continuity with some Trump administration policies, particularly in her tough stance on China, which she called the United States most important strategic competitors we need to take on Chinese abusive, unfair and illegal practices. China's undercutting American companies by dumping products, erecting trade barriers and giving illegal subsidies to corporations. But the Treasury secretary nominee did not condone Trump administration suggestions that the country might benefit from a weaker dollar. Saying that should be left strictly to the markets. I believe in market determined exchange race value of the U. S. Dollar and other currencies should be determined by markets. It's been only a dozen years since Congress had to bail out the economy from the great financial crisis, and Sheila Bair was the key official in that rescue effort as head of the Federal Deposit Insurance Corporation. She says. There will come a time to be frugal, but it is not now. Well, I don't think she's right. You need to go big right now. The country's the economy, so in serious trouble, and once again that people are being hit the hardest or low, low income, low middle income Families in the lion's share of the assistance. You've got supplemental unemployment. You got direct household payments. I think that's money. Well targeted and needs to be spent. Families need help. They're still struggling and s O. I agree with her. S O targeting. We talk about targeting ELISA Republicans talk about it. We never seem to quite get there. I mean, it's a practical matter, even the PP and things like that. It appears that it's going to the top, Not the bottom. What could we do better to make sure it does get to the people who need it? I think the shift of fiscal away from monetary policy is hugely important. Notably this 1.9 trillion does not include additional money to back stuff the Fed of its interventions that that just not equipped to get money to Main Street. They put money into financial markets. You know, Wall Street's We're doing really, really well since the great financial crisis. Not so much for that lower 80% really that the people who work for a living and we thought we'd light on labor income, not investment income to live so just to shifting back to fiscal. That's a much better approach to get money actually in the hands of families, and you know, direct payments is a very efficient way to get money out quickly, which is really what we need to do. You don't need a lot of bureaucracy. There's no No. There's all this debate about whether people earned it or not, or deserve it. You know, I kind of looked at all the trains and down to Wall Street and I kind of have disdain for that. The lower 80% of the population which is will you know which is where these payments will reach? They've not done so well. Alright. It took them 10 years to recover. They were finally just catching up and we have this yet, So I think there's some Inequities of the past being addressed with these payments as well. But at least we know where the money's going. It's going to households. They can spend it on consumption. They couldn't pay rent. They can pay their bills that you save some of it. They couldn't buttress their emergency savings again. I think that's money well spent so well one of the things that this pandemic is really exposed to some of the racial and economic injustice across the country. The black communities and the Hispanic communities, and for that matter of the Native American communities have really been particular hard Hit. Is there anything that either the Fed or the Congress can do to really readjust that to really target the assistance for the people that really need it? That is to say the minority communities. Yeah, So there's a lot of structural bias and our system. We need you, you know, fundamentally rethink policy. So the way a princess banking my my neck of the woods Way we think about risk and risk. Wait, You know bank capital requirements. There's a lot of racial bias built into the assumptions that we use. So I think that's another area where hope Janet Yellen will take a fresh look. I hope the Fed and other bank regulators will take A fresh look How we think about Credit. I think there's a lot of systemic bias is just one example of where policy generally could have, you know things that we're not even where I should be aware of, but have not been so that in addition to them, just focusing on on low income families were. Unfortunately minorities are disproportionally represented. I fear we're gonna have a you know, we're gonna be worsening our structural unemployment problem. Labor force participation is gone again. Job retraining, job growth, wage growth job retraining. I'm for you know some kind of universal basic income to provide some type of, you know based support. Working families. When we get through cycles like this, they've got something automatically to fall back on. There are a whole host of things, you know, let's face it. Working families have been ignored by both parties for way too long. And so I'm hoping that Mr Biden and Janet Yellen and others of his team are really gonna be refocused on this, and I think they are so one thing that you focused on during the great financial crisis where it was really the safety and security of our financial system. A zoo. We go through this crisis and you look from the outside now. Do you see places that you're concerned about the financial system? Geo. I think the handbag sector she's maybe the non bank sector is continuing source of turmoil and last March, we had mark disruptions. Same suspects, right money market funds, highly leveraged hedge fund's leverage. Corporate et EPPS. The fat again had to come and provide a lot of acquitted a lot of bailouts. Whether that was right or not, I don't know. I just I do know that when we resort to bailouts is supposed to Using regulation to prevent these unstable structures to begin with. We just reinforce risky, bad behavior. So we need to fish or cut bait. Stop the bailouts. Let him go down, Let the market punish them do away with them or start providing some meaningful prudential supervision to present to prevent these unstable structures from proliferating Maybe some combination of both, but the en banc sector Excuse my museum back. Non bank sector is definitely an area of continued financial fertility, and I think again, Janet Yellen. His chair, the Financial Stability Oversight Council, which has the authority, the cross cutting regulatory authority to deal with this. This, I hope will be a high priority for her as well. That was Sheila Baer, former FBI See chair. Coming up. President Biden wants to increase the federal minimum wage to $15 an hour..

Janet Yellen President Biden Fed China president Congress Financial Stability Oversight South Carolina United States Senator Tim Scott Senate Finance Committee Sheila Bair Cabinet Sheila Baer Trump
"financial stability oversight council" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:36 min | 1 year ago

"financial stability oversight council" Discussed on Bloomberg Radio New York

"For Treasury Secretary Janet Yellen was one of the first of his Cabinet nominees to have a confirmation hearing. In her three hour testimony to the Senate Finance Committee, the former Fed chair pressed President Biden's $1.9 trillion fiscal stimulus package as essential to fight the economic harm being done by the coronavirus. Neither the president elect more. I proposed this release relief package without an appreciation for the country's different economists Don't always agree. I think there is a consensus now. Them for direction. We risk a longer, more painful recession now and longer term scarring of the economy. Later members of the committee these very ambitious goals and I know we will need to work together. Young support for the president's stimulus plan met some resistance from Republican lawmakers. Who expressed concern that the level of spending on top of what has come already could hurt rather than help Here's South Carolina Senator Tim Scott, But the $1.9 trillion package Has been presented to us is the package that focuses on some priorities that they cool actually hurt our economy as much as it would improve our economy. Yelling also showed some potential continuity with some Trump administration policies, particularly in her tough stance on China, which she called the United States most important strategic competitors we need to take on China's abusive, unfair and illegal practices. China's undercutting American companies by dumping products, erecting trade barriers and giving illegal subsidies to corporations. But the Treasury secretary nominee did not condone Trump administration suggestions that the country might benefit from a weaker dollar. Saying that should be left strictly to the markets. I believe in market determined exchange race value of the U. S. Dollar and other currencies should be determined by markets. It's been only a dozen years since Congress had to bail out the economy from the great financial crisis, and Sheila Bair was a key official in that rescue effort as head of the Federal Deposit Insurance Corporation. She says. There will come a time to be frugal, but it is not now. Well, I don't think she's right. You need to go big. Right now. The country's the economy's still in serious trouble, and once again that people are being hit the hardest or low and low income, low middle income families in the lion's share of the assistance. You've got supplemental unemployment, you got direct household payments. I think that's money well targeted and needs to be spent. Families need help. They're still struggling and s O. I agree with her s O targeting. We talk about talking, ELISA Republicans talk about it. We never seem to quite get there. I mean, it's a practical matter, even the PP and things like that. It appears that is going to the top. Not the bottom. What could we do better to make sure it does get to the people who need it? I think the shift of fiscal away from monetary policy is hugely important. Notably this 1.9 trillion does not include additional money to back stuff the Fed of obits interventions that that just not equipped to get money to Main Street. They put money into financial markets. You know, Wall Street's We're doing really, really well since the great financial crisis. Not so much for that lower 80% really that the people who work for a living and we thought we'd light on labor income, not investment income to live so just to shifting back to fiscal. That's a much better approach to get money actually in the hands of families, and you know, direct payments is a very efficient way to get money out quickly, which is really what we need to do. You don't need a lot of bureaucracy. There's no There's all this debate about whether people earned it or not, or deserve it. You know, I kind of looked at all the trains and down to Wall Street and I kind of have disdain for that. The lower 80% of the population which is will you know which is where these payments will reach? They've not done so well. Alright. It took them 10 years to recover their finally just catching up and we have this hit, so I think there's some Inequities of the past being addressed with these payments as well. But at least we know where the money's going. It's going to households. They can spend it on consumption. They couldn't pay rent. They can pay their bills that you save some of it. They couldn't buttress their emergency savings again. I think that's money well spent so well. One of the things that this pandemic is really exposed is some of the racial and economic injustice across the country, the black communities and the Hispanic communities. And for that matter, the Native American communities have really been particular. Hard Hit. Is there anything that either the Fed Or the Congress can do to really readjust that to really target the assistance for the people that really needed, that is to say the minority communities. Yeah, So there's a lot of structural bias and our system. We need you, you know, fundamentally rethink policy. So the way a princess banking my my neck of the woods Way we think about risk and risk. Wait, You know bank capital requirements. There's a lot of racial bias built into the assumptions that we use. So I think that's another area where hope Janet Yellen will take a fresh look. I hope the Fed and other bank regulators will take A fresh look How we think about Credit. I think there's a lot of systemic bias is just one example of where policy generally could have, you know things that we're not even where I should be aware of, but have not been so that in addition to them, just focusing on on low income families were. Unfortunately minorities are disproportionally represented. I fear we're gonna have a you know, we're gonna be worsening our structural unemployment problem. Labor force participation is gone again. Job retraining, job growth, wage growth job retraining. I'm for you know some kind of universal basic income to provide some type of, you know based support. Working families. When we get through cycles like this, that got something automatically to fall back on. There are a whole host of things, you know, let's face it. Working families have been ignored by both parties for way too long. And so I'm hoping that Mr Biden and Janet Yellen and others of his team are really gonna be refocused on this, and I think they are so one thing that you focused on during the great financial crisis where it was really the safety and security of our financial system. A zoo. We go through this crisis and you look from the outside now. Do you see places that you're concerned about the financial system? I do. I think the handbag sector she's maybe the non bank sector is continuing source of turmoil. At last March, we had mark disruptions. Same suspects, right money market funds, highly leveraged hedge fund's leverage. Corporate et EPPS. The fat again had to come and provide a lot of quitted a lot of bailouts. Whether that was right or not, I don't know. I just I do know that when we resort to bailouts is supposed to Using regulation to prevent these unstable structures to begin with. We just reinforce risky, bad behavior. So we need to Fisher cut bait. Stop the bailouts. Let him go down, Let the market punish them do away with them or start providing some meaningful prudential supervision to present to prevent these unstable structures from proliferating Maybe some combination of both, but the en banc sectors Museum back non bank sector is definitely an area of continued financial fragility. And I think again, Janet Yellen His chair, the Financial Stability Oversight Council, which has the authority, the cross cutting regulatory authority to deal with this. This, I hope will be a high priority for her as well. That was Sheila Baer, former FBI See chair. Coming up. President Biden wants to increase the federal minimum wage to $15 an hour. But what.

Janet Yellen Fed President Biden China president Congress South Carolina Financial Stability Oversight Senator Tim Scott Senate Finance Committee Sheila Bair banc sectors Museum Cabinet Sheila Baer United States
"financial stability oversight council" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:38 min | 1 year ago

"financial stability oversight council" Discussed on Bloomberg Radio New York

"Wall Street Week with David Westin from Bloomberg Radio. President Biden's pick for Treasury Secretary Janet Yellen was one of the first of his Cabinet nominees to have a confirmation hearing. In her three hour testimony to the Senate Finance Committee, the former Fed chair pressed President Biden's $1.9 trillion fiscal stimulus package. As essential to fight the economic harm being done by the coronavirus. These that the president elect more. I proposed this release relief package. Without an appreciation for the country's different economists Don't always agree, but I think there is a consensus now. They're free direction. We risk a longer, more painful recession now and longer term scarring of the economy Later members of the committee. He's very ambitious goals and I know we will need to work together, yelling support for the president's stimulus plan met some resistance from Republican lawmakers. Who expressed concern that the level of spending on top of what has come already could hurt rather than help Here's South Carolina Senator Tim Scott, with the $1.93 package. Has been presented to us is the package that focuses on some priorities that they will actually hurt our economy as much as it would improve our economy. Yelling also showed some potential continuity with some Trump administration policies, particularly in her tough stance on China, which she called the United States most important strategic competitors we need to take on Chinese abusive, unfair and illegal practices. China's undercutting American companies by dumping products, erecting trade barriers and giving illegal subsidies to corporations. But the Treasury secretary nominee did not condone Trump administration suggestions that the country might benefit from a weaker dollar. Saying that should be left strictly to the markets. I believe in market determined exchange race values, US tolerant other currencies should be determined by markets. It's been only a dozen years since Congress had to bail out the economy from the great financial crisis, and Sheila Bair was a key official in that rescue effort as head of the Federal Deposit Insurance Corporation. She says. There will come a time to be frugal, but it is not now. Well, I didn't think she's right. You need to go big. Right now. The country's the economy's still in serious trouble, and once again that people are being hit the hardest or low, low income, low middle income. Families in the lion's share of the assistance. You've got simple middle of unemployment, You got direct household payments. I think that's money well targeted and needs to be spent. Families need help. They're still struggling. And so I agree with her. S O targeting. We talk about targeting alive. The Republicans talk about it. We never seem to quite get there. I mean, it's a practical matter, even the PP and thinks that it appears that is going to the top, Not the bottom. What could we do better to make sure it does get to the people who need it? Well, I think the shift of fiscal away from monetary policy is hugely important. Notably this 1.9 trillion does not include additional money, toe back stuff, the Fed of bits, interventions that that just not equipped to get money to Main Street. They put money into financial markets. You know, Wall Street's We're doing really, really well since the great financial crisis. Not so much for that lower 80% really that the people who work for a living and we thought we'd lie on labor income, not investment income to live, so just the shifting back to fiscal That's a much better approach to get money actually in the hands of families, and you know, direct payments is a very efficient way to get money out quickly, which is really what we need to do. You don't need a lot of bureaucracy. There's no No. There's all this debate about whether people overdo it or not, or deserve it. You know, I kind of looked at all the trains and gone to Wall Street and I kind of have disdain for that. The lower 80% of the population, which is well, you know, which is where these payments will reach. They've not done so well. All right. It took them 10 years to recover. They were finally just catching up. And we have this yet, So I think there's some Inequities of the past being addressed with these payments as well. But at least we know where the money's going. It's going to households. They can spend it on consumption. They can pay rent, they can pay their bills. They can save some of that that couldn't veterans their emergency savings again. I think that's money well spent. So we're one of the things that this pandemic is really exposed to some of the racial and economic injustice across the country, the black communities and the Hispanic communities and for that matter of the Native American communities have really been particular. Hard Hit. Is there anything that either the Fed or the Congress could do to really readjust that to really target the assistance for the people that really need it That is to say the minority communities. Yeah, So there's a lot of structural bias and our system. We need you, you know, fundamentally rethink policy. So the way a person's banking might my neck of the woods. Way we think about risk and risk. Wait, You know bank capital requirements. There's a lot of racial bias built into the assumptions that we use. So I think that's another area where hope Janet Yellen will take a fresh look. I hope the Fed and other bank regulators will take Fresh. Look how we think about Credit. I think there's a lot of systemic bias is just one example of where policy generally could have you know things that we're not even where I should be aware of, but have not been so that in addition to then, just focusing on on low income families were. Unfortunately minorities are disproportionally represented. I will fear we're gonna have it. You know, we're gonna be worsening our structural unemployment problem. Labor force participation is gone again. Job retraining job growth wage growth. Job retraining. I'm for you know some kind of universal basic income to provide some type of, you know based support for working families. When we get through cycles like this, that got something automatically to fall back on. There are a whole host of things, you know, let's face it. Working families have been ignored by both parties for way too long. And so I'm hoping that Mr Biden and Janet Yellen and others of his tea We're really gonna be refocused on this. And I think they are the one thing that you focused on during the great financial crisis where it was really the safety and security of our financial system. Aziz, we go through this crisis and you look from the outside now. Do you see places that you're concerned about the financial system? Geo. I think the handbag sector excuse. Maybe the non bank sector is continuing source of turmoil and last March, we had mark disruptions. Same suspects, right Money market funds, highly leveraged hedge fund's leverage. Corporate et Epps. The fat again had to come in and provide a lot of acquitted a lot of bailouts. Whether that was right or not, I don't know. I just I do know that when we resort to bailouts is supposed to Using regulation to prevent these unstable structures to begin with. We just reinforce risky, bad behavior. So we need official cut bait. Stop the bailouts. Let him go down, Let the market punish them do away with them or start providing some meaningful prudential supervision to present to prevent these unstable structures from proliferating Maybe some combination of both, but the bank sector museum back non bank sector is definitely an area of continued financial fertility, and I think again Yet yell on his chair, the Financial Stability Oversight Council, which has the authority to cross cutting.

Fed Janet Yellen President Biden president Congress China official David Westin United States Financial Stability Oversight bank sector museum South Carolina Bloomberg Radio Senate Finance Committee Sheila Bair
"financial stability oversight council" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:42 min | 1 year ago

"financial stability oversight council" Discussed on Bloomberg Radio New York

"Maybe some combination of both. But the end bank sector Excuse Mac Museum back. Non bank sector is definitely an area of continued financial fragility. And I think again, Janet Yellen is cheer the Financial Stability Oversight Council. Which has the authority, the cross cutting regulatory authority to deal with this. This, I hope will be a high priority for her as well. So during the great financial crisis I keep going back to we talked about being too big to fail as a bank. When you talk about money market funds, they may not be too big. But what might they be too vital to the ongoing success of the financial system? How can you really have allow them to fail, given their central role in the system? Well, look, I think they're a lot of different ways that financial institutions confirmed themselves. They're not as volatile as short term. As you know, these highly short term funding, there's still too much reliance of short term funding. My looking more from the investor and customer perspective. I think money market funds that look if money market funds would hold themselves out. And unless stateless face that they still do your principles protected his money Good just the way it is in the bag, Then they need some kind of bank like regulations to require them to hold capital against that implicit guarantee, or make them invest in things where the principal is really protected like short term government securities. The funds that invested in federal securities did find it was he was the prime funds that invest in more volatile assets where we had problems, so no, I think there is a solution other than serial bailouts of money market funds and again if they want to have this implicit guarantee, put some of your own money behind it. It's very helpful, really appreciated. Always when you're with us, that is former FBI See Chair Sheila Bair coming up Union Pacific Records. It's most efficient quarter ever despite the ongoing pandemic will discuss how with.

Financial Stability Oversight Janet Yellen Mac Museum Sheila Bair FBI Union Pacific Records principal
"financial stability oversight council" Discussed on KNST AM 790

KNST AM 790

03:53 min | 2 years ago

"financial stability oversight council" Discussed on KNST AM 790

"Started de facto without ventures and socialism built up over the course is of nothing the more year than warmed with over the message government yeah largesse a team and a which vision has for driven where we the need very to go to sort of a cronyism clearly to a lot he invades of people against but on a a judge regular followed basis by Bernie Sanders only Elizabeth free Warren marketing Joe constitutional Biden and Amy Klobuchar populism fox he writes news has not not sure what yet that declared is but okay that booty judge which eliminates is the the ability winner of of the federal the Iowa government caucuses to pick winners Lisa and losers thanks in got the first all America place is listening well foster to fox news the fairest the most prosperous economy for both Wall Street and main street let's take a look at healthcare he writes I'm going to G. K. T. Bernie news Sanders help a federal perpetuate judge in and Tucson exacerbate AZ tossed a system out the convictions the cuts at of four the consumer members from healthcare of the humanitarian and aid places group no third more party deaths middle man in charge in of a our twenty healthcare two page decision United health judge has Rosemary enjoyed a monopoly mark on has the insurance found system that the since four Sanderson were ported exercising obamacare their sincere announcing religious a record beliefs fourteen billion when they in left profits food in twenty and water nineteen for migrants that's a in fifteen a protected point wilderness five percent without increase a permit from twenty back eighteen in two thousand seventeen the company's annual revenue in November was nearly another doubled since of the the group's enactment volunteer Scott of obamacare Warren was acquitted of harboring meanwhile to migrants the regulatory he said in subsidy he was structure trying to of obamacare help Medicare and Medicaid two sons is created cracking a monopoly down on drivers for health care who conglomerates do not pay their parking to marriage fines and acquire those other businesses caught parking illegally essentially for a third charting time us toward without the extinction paying their fines of private will find medical a new practice kind of boot in on America their vehicle it's called Medicare a barnacle for all will simply and it uses take suction everything that Cup is technology wrong already attached with the system to the windshield and put every remaining city person officials under say the control that enforcement of this monopoly will be focused downtown of a few so starting called in private March healthcare administrators I'm Donny in insurance G. K. N. S. T. A. M. seven socialism ninety pays two sons well most stimulating to those talk who administer this report it is sponsored by all state what about banking although both authentic conservatism principled quote unquote socialists sure the chain same disdain for government sponsored handouts the big banks the banking industry in itself was not the source of the economic downturn in two thousand eight and trash talking banks as an end to itself as Bernie does will not usher in an era of prosperity social engineering policies we've talked about this a great went over the years supported by Sander such as bill Clinton's national homeownership strategy coupled with the officious interventions of Fannie Mae and Freddie Mac created the entire culture that coerced banks to underwrite risky mortgages in order to please the central planners in Washington it was these greedy government sponsored entities that bought up almost all the subprime mortgage securities it was these government policies in agencies they gamble with your tax dollars and got bailed out by the government when the risky bets threaten to blow up our financial system in fact it was the prize legislation a Bernese ideological twin Elizabeth Warren the Dodd Frank bill that created the financial stability oversight council a government agency that completely bypassed the bankruptcy process and bail out companies be deemed too big to fail Dodd Frank is something like the obamacare the financial industry and is another example of how the arsonists in the political class dress up as firefighters to solve the problems they helped create the first place the fact that this law was named after two politician to embody this big government collusion with the big banks is quite fitting Sanderson Warren are correct to assert that banking lobbyists have too much power in Washington but the way to reduce their powers to limit government's ability to pick winners and losers instead of empowering them continue growing the government Wall Street crony est complex he writes and he goes on about picking winners and losers it's a very very interesting piece it really is and it underscores the point that that we've been talking about for such a long time what is his populism that powers government I mean it's not that far from progressivism and I'm giving.

AOC: Student Debt Is Dragging U.S. Economy

Politics and Public Policy Today

02:27 min | 2 years ago

AOC: Student Debt Is Dragging U.S. Economy

"During the hearing today there was a moment between freshman democratic representative Alexandria cause you Cortez in treasury secretary Stephen Lucien focusing on student loan debt climate change and the US economy I looked through the minutes of the F. sock meetings this year and I didn't see any mention of student loans I'm the total outstanding student loan debt burdens now and over one point five trillion young people are waiting until their thirties and forties have children by home make other major purchases so do you believe that student loan debt currently poses a major risk to our financial stability I share your concern on student loans although I don't think it is a major risks to financial stability but I can assure you there on an interagency basis we are working with the department of education and the any city because I think in many cases are people have taken out student loans that have created certain issues for them so students student loans are a large part of of the data and that's something we're carefully study so it's so it is a problem but not a major is for financial stability I just wanted to kind of run through a few different topics here I turning back to the minutes from Absoft meetings I also didn't see any mention of climate change do you believe climate change poses a risk to our economy you may Best Buy comments before on this and I I acknowledge that climate change should be discussed in certain areas have stock is not an area where I believe it should be discussed but based on previous discussions I said I'd raise that with the committee okay I'm let's talk about leverage leading I know there was some discussion of it earlier but it is up twenty percent this year with a total outstanding billion outstanding balance of over one trillion for the first time I heard earlier you don't think it poses a threat to our financial system either is that correct not at this time and specifically it doesn't pose a threat to the banking system or the insurance system but this is an area that I'm sock will continue to monitor on a quarterly basis because it is an area particularly if the economy slows down we want to carefully monitor that from today's house finance committee with treasury secretary Stephen shin and representative Alexandria because he Cortez Washington of course loves acronyms F. sock is an acronym for the financial stability oversight council part of the treasury

Stephen Lucien Alexandria Cortez Washington Treasury Representative United States Department Of Education Stephen Shin Twenty Percent
"financial stability oversight council" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:11 min | 2 years ago

"financial stability oversight council" Discussed on Bloomberg Radio New York

"And in the Singapore Mershon salon and I brain Curtis here in Hong Kong with Thracian we're looking at market action in a number of markets this morning that are up and running with the a six two hundred up almost a full percent now in the Nikkei up three quarters of one percent but I think we should have to say that the gains today are not quite as strong as the losses yesterday so perhaps fears still prevails just a tad in these markets absolutely and that we know we do have older this coming about to is the US and China a gain that pay to be getting closer to a phase one trade deal yesterday because they were going further apart once was setting as US negotiators expect a phase one and deal to be completed in time to stop more tires from going into effect on the fifteenth of December a source also says recent U. S. legislation the criticizing trying on a Hong Kong and other human rights issues will not to be a stumbling block president trump telling reporters in Europe things are getting a going pretty well on that trade front China's foreign minister saying there's hope as long as it's based on mutual respect and equal consultations democratic presidential hopeful Elizabeth Warren defending here her plans to increase taxes on the wealthy if he gets to the White House capital I believe in capitalism all blood markets without rules are fast and part of those rules are that everybody's supposed to pay fair share on taxes so we can re invested in opportunity for all of our kids and that's what our two cent wealth tax is about for me as the senior senator from Massachusetts Elizabeth Warren speaking earlier with Bloomberg radio and television sources saying that antitrust enforcers of broadening their scrutiny of Emma's and they say it's gonna beyond Amazon's retail operations and in due to massive cloud computing business isn't a W. S. dominates the market for the cloud computing technology to provide storage and competing pound used to run applications well the repo market is getting the scrutiny of regulators now the financial stability oversight council is asking federal agencies to collect data and take a look at repo transactions to determine why rates spiked three months back the group is being led by the treasury secretary Stephen the notion Hong Kong is opening this stimulus tap even more let's get details from a Bloomberg's Yvonne man it's about five hundred eleven million dollars in stimulus this time around it aims to shore a business suffering from almost six months of political unrest the nine new measures include subsidies for water and sewer bills as well as waivers on property tax rates for businesses and businesses will now be allowed to pay certain taxes in installments all told stimulus measures announces June now total almost three point two billion US dollars in Hong Kong not Yvonne man Bloomberg daybreak Asia well as you mentioned a few moments ago quite a lot of risk appetite in the markets today it was so on Wall Street let's get more now from Bloomberg's Charlie Pellett stocks advanced on speculation the U. S. and China will reach a deal that avoids tariffs scheduled to take effect in the middle of the month Nathan sheets is chief economist at the gym this continues to be that president trump and president she would benefit from a deal doesn't mean it's going to happen today or tomorrow but in coming weeks maybe even coming months that there will be something Pearson P. five hundred index advanced nineteen points a gain of six tenths of one percent the Dow up one hundred forty six points up five tents and nasdaq gained forty six points up by five tenths of one percent in New York Charlie public Bloomberg daybreak Asia at just out for what that Charlie was mentioning that set the rules three providing some tail winds and that first game in December and Jan did as some positivity and is in general I should say some positivity and at this part of the world with the the losses that we saw it in and the Wednesday session being partially it raised old on to trade is focusing on name sources insisting that Beijing and Washington are close to an agreement on trade despite to Donald trump's comments and of course is my the mounting tensions between the two two countries have a human rights issues in Hong Kong and ginger language should Congress is being taking the country to toss go have a look at what's down the bond market treasuries on the way down we do have them however seeing that yields her holding below one point eight percent which is being seen as some sort of psychological level trading one point seven six percent on the ten year and looking elsewhere oil managing to preserve a rally of to the energy information administration I came out with data showing U. S. crude inventories dropping more than I anticipated right now WTI crude just giving up some of those games was still training on fifty Bucks twenty nine cents a barrel on the currency markets the biggest action really coming surrounding sterling with the pound at touching a seven month high against its American counterpart as traders continue to step up its for a conservative victory in next week's general election Brian all right let's get let's get a look at news now with more characteristic.

Curtis Hong Kong Singapore Mershon one percent five hundred eleven million do seven six percent three quarters eight percent three months seven month six months ten year
"financial stability oversight council" Discussed on C-SPAN Radio

C-SPAN Radio

01:46 min | 2 years ago

"financial stability oversight council" Discussed on C-SPAN Radio

"Examinations just like every other U. S. bank typically our fence and will hold any entity transaction bit coin libra or any other crypto currency to its highest standards I also recently established the financial stability oversight council is working group on digital assets this S. R. group enables US financial regulators such as in the sand the fad C. C. C. F. T. C. C. F. P. B. S. C. C. and other key stakeholders to work together to combat risks posed by crypto currencies as the president has said this highly volatile and based on thin air we are concerned about the speculative nature good point it will make sure that the US financial system is protected from fraud given the international nature of crypto currencies we are also going to great lengths to ensure that effective regulation does not stop here at the US border last month led by the United States the financial action task force known as FATF the global standards side or for a M. L. C. F. T. op adopted comprehensive measures on how countries must regulate and supervise activities and providers in this space this was a major step toward harmonizing international regulations concerning crypto currencies we have also had extensive work at the G. twenty and I will be addressing this again this week at the G. seven finance ministers in France to be clear the US welcomes responsible innovation including new technologies that may improve the efficiency of the.

air bank council
"financial stability oversight council" Discussed on Breaking Bitcoin (Audio)

Breaking Bitcoin (Audio)

15:45 min | 2 years ago

"financial stability oversight council" Discussed on Breaking Bitcoin (Audio)

"It collected over twenty million B._S._A.. React guys and is he going to hear over three hundred million the last eleven years Fincen implements the Bank Secrecy Act Regulation and has Federal Regulatory Supervisory and Enforcement Authority over money service businesses and banks the rules governing money service providers apply to physical and electronic transactions alike as money service businesses crypto currency money transmitters are subject to compliance examinations nominations just like every other U._S.. Bank to Clear Fincen will hold any entity that transacts in bitcoin libra or any other crypto currency to its highest standards. I also recently established the Financial Stability Oversight Council's Working Group on digital assets. This F sock group enables U._S. financial regulators such as Fincen Justin as Matt said O._C._C. you see F._t._c. p._b.. S._E._C. and other key stakeholders to work together to combat risks posed by crypto currencies as the president has said Bitcoin is highly volatile and based on thin air. I mean he has to say bitcoin money transmitter and it's more given the international nature of trade on we're also going to great right lanes to ensure that effective regulation does not stop here at the U._S.. Border last month led by the United States the Financial Action Task Force you know the A._T._f.. The global standard set for A._M.. L. The F. T. up adopted comprehensive measures on how countries must regulate and supervise activities and providers in the space. This was a major step towards harmonising international regulations concerning crypto currencies. We also had extensive work at the g twenty and I will be addressing this again short the along ministers in France to be clear the U._S. Welcomes Responsible Innovation Ryan including new technologies that may approve the efficiency of the financial system and expand access to financial services that being said respect libra and other developments in crypto currencies. Our overriding overriding goal is to maintain the integrity of our financial system in protected from abuse right Treasury takes very seriously the role of the U._S. dollar as the world's reserve currency and we'll continue our efforts to protect attacked our country and secure the U._S. global financial systems with a lot of interesting fish. Perhaps a few others in the basketball visit j Powell said last week that would be meeting in the future to discuss facebook's Negro products specifically has that happened yet and then secondly you talk about baseball guys. I'll let you guys that year. I can continue to sit here and listen to I wanted to hear so I didn't hear anything the first time anything except for exactly what trump talked about this either wrong turn down to this level we've had mult just raw America good facebook Lieber dangerous and this is all being instigated because they now feel that libra is just going to come in a massive way for the banking services nothing that the United States can do. I don't think well let's not. I don't want to undercut that man. I don't want to undercut this. I don't want undercut this of course there is a lot of things that the United States government that a coordinated government attack could could do to entities like Lieber coin to even things like Bitcoin they could make it very very very uncomfortable for individuals to trade and transact and bitcoin now bitcoin is designed from the ground up to be resistant to be government hard. Okay that does not mean that does not mean it is guaranteed for Bitcoin to survive a sustained coordinated government attack against its notes. Okay it is entirely possible. It is entirely logical that something could fail because this is real life and you can always lose a fight okay now with Lieber coin. Lieber coin is obviously if successful going to have some pretty profound implications for individuals adopting transacting and Libra as opposed to transacting in government Fiat currency so I'm going to. I'm going to get off of that for right now because we've got a whole lot to go over that is that is that is a little bit more exciting than that I believe so I'll just touch on this too by the way before I get into it. I WANNA get back to the markets. I don't WanNa go over four and I want to go over traditional markets but but this I wanna actually think this individual so Alan Walters published this article on medium which is a response to one of my episodes talking about quantum computing so I'm not ready to respond to this yet. I could give my overall statements. He makes a lot of great eight points and I think that this article is written very respectfully and I'm going to respond to this in tomorrow's episode. I'm also gonNA touch on Jimmy Songs Taw topics on quantum computing and why quantum computing is.

United States Fincen Justin Financial Stability Oversight Alan Walters Federal Regulatory Supervisory Lieber facebook president basketball France baseball America Treasury j Powell Matt
"financial stability oversight council" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:16 min | 2 years ago

"financial stability oversight council" Discussed on Bloomberg Radio New York

"Reports and is collected over three hundred million and the last eleven years Finn send implements the bank secrecy act regulations and has federal regulatory supervisory and enforcement authority over money service businesses and banks the rules governing money service providers applied to physical and electronic transactions alike as money service businesses crypto currency money transmitters are subject to compliance examinations just like every other U. S. bank to be clear Finsen will hold any entity that transaction bit coin libra or any other crypto currency to its highest standards I also recently established the financial stability oversight council is working group on digital assets this S. R. group enables US financial regulators such as fitness and the fed C. C. C. F. T. C. C. F. P. B. S. C. C. and other key stakeholders to work together the combat risks posed by crypto currencies as the president has said bit coin is highly volatile and based on thin air we are concerned about the speculative nature a point it will make sure that the US financial system is protected from fraud given the international nature of crypto currencies we are also going to great lengths to ensure that effective regulation does not stop here at the US border last month led by the United States the financial action task force known as FATF the global standards set or for a M. L. C. F. T. op adopted comprehensive measures on how countries must regulate and supervise activities and providers in the space this was a major step toward harmonizing international regulations concerning crypto currencies we've also had extensive work at the G. twenty and I will be addressing this again this week at the G. seven finance ministers in France to be clear.

US C. C. C. F. T. C. C. F. P. B. president fraud FATF France Finn M. L. C. F. T. eleven years
"financial stability oversight council" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:24 min | 2 years ago

"financial stability oversight council" Discussed on Bloomberg Radio New York

"Would be? John holliman with American banker. I have a question about the feds or I guess the Bank regulators leveraged lending guidance from twenty thirteen as you know, the GAO had a letter saying that they thought it was a rule, and it's sort of went away. But yet leverage lending is concerned, you yourself have said that credit underwriting quality seems to be deteriorating somewhat lately in that the fed has tools to, to supervise banks and to prevent leverage lending from becoming too much of an issue. I want to know what the is the is the twenty thirteen guidance still Representative of the sort of feds thinking about leverage lending, and does the fed have any intent intention to either issue like a leverage lending rule, or a new guidance. That is. Is less problematic, or is the plan to just kind of carry on? With supervision as as you as you are. The, the, the two thousand thirteen guidance is not binding. And that's what came out of the J O review. But that's really the beginning of this of the story, you know, we, we, we have the authority we need to examine the banks for safety and soundness exposure. So this, the, the first thing you start with as a Bank supervisor is the risks that the banks are taking to themselves through their portfolios, the risks that they're running and, and the pipeline the allegations that they've undertaken to underwrite deals. And so we monitor that very carefully. So do the banks and you see exposures that are much smaller than they were before the crisis. And by the way, we test that regularly in the in the stress tests. We impose very large losses on those portfolios. So we kind of have a sense of, what that is whereas before the crisis, there was a, a lot of lack of. Lack of knowledge about what the losses would be. So that's where it starts for us. In supervision, is the risks of the banks are running running on their own books, and to themselves and to and to each other, so, and that I feel I feel like that is, that's a good place. But we never we never say mission accomplished on that we, we will keep, you know, keep monitoring that carefully. What's happened though is the the, the paper is now owned by market based vehicles, collateralized loan, allegations mutual funds and things like that. And so we now have. You know, we have a good sense of domestically of where that paper is I think, internationally, not as much in the Financial Stability Board is actually looking more carefully at that. And we, we monitor those vehicles to, to see what they are, and they're actually pretty stably funded in the sense that there's no run risk, but they're still macroeconomic risk. And you know, this is something that we take very seriously and that the, the, the F socked. The financial stability oversight council is looking at, and we call it out as a macroeconomic risk. But it's not really a financial stability risk in the sense that it could undermine the ability of the financial system to do its job of inter-meeting credit..

fed Financial Stability Board John holliman GAO supervisor Representative J O
"financial stability oversight council" Discussed on C-SPAN Radio

C-SPAN Radio

03:07 min | 3 years ago

"financial stability oversight council" Discussed on C-SPAN Radio

"Capital metrics often provide inadequate insight into how firms will fare if it truly adverse shock kit. So we have supplemented those accounting ratios with four with looking stress tests, which evaluates the ability of the largest banks to absorb very large losses while continuing to land, the largest banks are restricted from raising dividends and from share buybacks if they do not pay us a quantitative test and qualitative evaluations of their capital planning processes, former Federal Reserve chair Janet Yellen at Georgetown, University earlier this evening. These tests have greatly increased our understanding of the risks in large banks and contributed to bitter risk management at these firms. Liquidity risk at large banks his been mitigated by in new liquidity coverage ratio. At sides, the banking sector the rules governing money market funds have been reformed and the scale of prime money market. Funds are runs in the financial crisis is now far smaller with required central clearing of standardized over the counter derivatives and imposed higher capital in margin requirements on non centrally cleared derivatives to prevent another. I. The fed. His also massively ramped up financial stability monitoring efforts. And the new financial stability oversight council created by died. Frank was structured to assist threats and foster collaboration. Among regulators much has been accomplished. So I would describe the financial stability glass as half full. But unfortunately, there is a good deal that still worries me so I would also characterize it as half empty. Let me just enumerate few concerns. I there remains argument that capital requirement should be higher the imposition of requirements should reflect the cost benefit judgment, higher levels of Bank capital, mitigate the risk and adverse effects of financial crisis. But raise the cost of intermediation in normal times. Even now US capital requirements are closer to the lower and not the higher end of those could be justified by cost benefit analysis. In addition, the stress tests, I mentioned do not yet capture important avenues for the propagation of systemic risk. For example, they generally do not directly take the camp of second ground effects of stress.

Bank capital Frank Federal Reserve Janet Yellen Georgetown, University US
"financial stability oversight council" Discussed on C-SPAN Radio

C-SPAN Radio

02:08 min | 3 years ago

"financial stability oversight council" Discussed on C-SPAN Radio

"Liquidity risk at large banks his been mitigated by enu liquidity coverage ratio. At sides, the banking sector the rules governing money market funds have been reformed in the scale of prime money market. Funds are runs in the financial crisis is now far smaller. We've required central clearing of standardized over the counter derivatives and imposed higher capital in margin requirements on non centrally cleared to riveted to prevent in other AIG, the fed his also massively ramped up financial stability monitoring efforts. And the new financial stability oversight council. Created by dodd-frank was structured to assist threats and foster collaboration. Among regulators much has been accomplished. So I would describe the financial stability glass as half full. But unfortunately, there is a good. The deal that still worries me. So I would also characterize it as half empty. Let me just enumerate a few concerns. I there remains an argument that capital requirement should be yet higher. The imposition of these requirements should reflect the cost benefit judgment, higher levels of Bank capital, mitigate the risk and adverse effects of financial crisis. But raise the cost of intermediation in normal times, even now US capital requirements are closer to the lower and not the higher end of those could be justified by cost benefit analysis. In addition, the stress tests, I mentioned do not yet capture important avenues for the propagation of systemic risk. For example, they generally do not directly take. Account of second round to fix.

Bank capital AIG US