House committee advances ABA-backed 403(b) bill

A proposal to create a nationwide cap on credit card interest rates would hurt millions of Americans by cutting off access to credit, President Trump’s former campaign adviser Steve Moore said in a new report.

Passage of a new regulatory framework for stablecoins likely won’t lead to a flood of bank customers pulling their money out of deposit accounts and into the digital currency, Federal Reserve Governor Stephen Miran said.

Policy uncertainty remains a top risk to U.S. financial stability, with public sentiment about artificial intelligence emerging as another risk, according to the Federal Reserve’s most recent Financial Stability Report.

Consumer credit increased at a seasonally adjusted annual rate of 2.7% in September. Total outstanding credit increased to $5.0766 trillion during the month, up 0.3% from August’s revised total of $5.063.5 trillion.

Homebuilders continue to face weak demand despite offering attractive mortgage rates, indicating that lower interest rates alone won’t revive the housing market.

The University of Michigan Consumer Sentiment Index decreased 6.2% in November compared to the month prior, landing at 50.3, according to preliminary results for the month.