Trump to nominate Miran for Fed board seat

The Senate voted 54-45 to confirm Kevin Warsh as the next chairman of the Federal Reserve. The Senate confirmed his appointment to the Fed board on Tuesday.

The Producer Price Index for final demand increased 1.4% in April, seasonally adjusted, the U.S. Bureau of Labor Statistics reported. On an unadjusted basis, the index for final demand rose 6% for the 12 months ending in April.

Roughly 6% of U.S. adults were unbanked last year, a figure that has held steady since 2021. Fed survey also polled experience with scams, credit availability and cryptocurrency use.

California Gov. Gavin Newsom has appointed former Consumer Financial Protection Bureau Director Rohit Chopra to lead the state’s new business regulation and consumer protection agency, according to an announcement.

The TRUST Act and SMART Act would raise the threshold to $6 billion in assets for well-managed, well-capitalized banks to have less frequent exams, as well as streamlining the exam experience for qualifying banks under that threshold.

FinCEN has issued a notice urging increased vigilance by banks and other financial institutions for signs of human trafficking in and around cities hosting the 2026 FIFA World Cup.