According to news reports this morning, several ABA-opposed provisions are still in play as revenue-raising measures in the Senate’s highway spending reauthorization bill, even though the bill failed to advance on a procedural motion on Tuesday. The measures the industry objects to include a substantial cut to the dividends paid on Federal Reserve Bank stock to Fed member banks with over $1 billion in assets and an extended increase in the guarantee fees charged by Fannie Mae and Freddie Mac. ABA continues to urge bankers to call their senators opposing the measures.
Warsh: Fed independence must be ‘earned’
Kevin Warsh appeared before senators today at an often confrontational hearing on his nomination to be Federal Reserve chairman, where he pledged to be independent while accusing the Fed of eroding public trust by straying from its mission.
