FOMC lowers rates by 25 basis points

House Financial Services Committee Chairman French Hill (R-Ark.) announced the introduction of legislation to end the Federal Reserve’s dual mandate “and ensure the central bank focuses exclusively on containing inflation.”

Housing starts decreased by 8.5% in August from the month prior and 6% from last year, the Commerce Department reported.

The ABA Nominating Committee has finalized the official slate of candidates to be presented for election at the association’s annual meeting scheduled for Oct. 21 in Charlotte, North Carolina.

A proposal to create an independent office at the FDIC to oversee bank appeals of its supervisory decisions would serve “as a crucial backstop for fair and consistent supervision,” ABA said.

The House Financial Services Committee advanced four bills supported by ABA, covering topics ranging from stress testing to community banks.

The OCC will seek to ease the regulatory and supervisory burden on banks so their management can focus on their institutions’ business challenges, Comptroller Jonathan Gould said.