Federal Reserve Board Chair Jerome Powell outlined the Federal Reserve's Semi-annual Policy Report before the Senate Banking, Housing, and Urban Affairs Committee. He outlined the state of the economy and said the Federal Reserve will not wait for inflation to get down to 2% before cutting interest rates with the expectation of dialing back interest rates this year. Additional topics discussed included amending the Basel III Endgame proposal that outlines bank capital requirements, housing availability, consumer good prices, immigration, and digital currency.
2024 presidential candidates from the Green, Libertarian, Unicorn, and Socialist parties participated in a debate focused on topics such as immigration and criminal justice reform. This debate was hosted by the Free & Equal Elections Foundation in New York City.
The Senate will work on a $467.5 billion six-bill spending package funding the government until September 30, to avert a shutdown at tonight at midnight. The House passed the bill 339-85.
"Boeing has not provided us with the documents and information that we have requested numerous times over the past few months, specifically with respect to opening, closing, and removal of the door," said National Transportation Safety Board Chair Jennifer Homendy as she testified on transportation safety at a Senate Commerce, Science and Transportation Committee hearing. Ms. Homendy overviewed the agency's needs and current safety investigations while discussing a variety of topics, including the East Palestine train derailment by Norfolk Southern railroad company, preventing runway incursions, and Tesla's automation safety concerns.
House Financial Services Committee Chair Patrick McHenry (R-NC) joined banking industry leaders and others to discuss the impact and lessons learned almost a year since the failures of Silicon Valley and Signature Banks. The event, hosted by the Brookings Institution in Washington, DC., examined the roles of the financial regulators, including the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC), and the banks' risk management. Also discussed were ways to mitigate problems to prevent future bank failures, regulatory framework for stable coins, and the utilization of government legislation, such as the Dodd-Frank Act.
British Prime Minister Rishi Sunak fielded questions from the House of Commons on a range of issues, including the U.K.'s laws for police vetting and sexual violence against women. Mr. Sunak and Labour Party Leader Keir Starmer debated these issues following the three-year anniversary of the kidnapping and murder of Sarah Everard by an off-duty police officer.
Former leaders at Google, Twitter and the FCC are among the panelists who discussed artificial intelligence (AI) innovation, regulations, and public responsibility around its usage at the INCOMPAS Policy Summit in Washington, DC.
Zalmay Khalilzad, the ambassador who negotiated the U.S.-Taliban deal to withdraw military forces from Afghanistan, testified before the House Foreign Affairs Committee. He said he held the Afghan government's leadership mostly responsible for the Taliban's takeover of the country after the withdrawal, saying they did not stand up for their stated values. Mr. Khalilzad also discussed the negotiating process he undertook with the Taliban, which happened under the Trump administration, remarking that the administration's public comments about the negotiations were "not helpful." By the time President Trump left office in January 2021, U.S. troops in Afghanistan had been reduced to 2,500; President Biden completed the withdrawal eight months later.
House Financial Services Committee Chair Patrick McHenry (R-NC) joined banking industry leaders and others to discuss the impact and lessons learned almost a year since the failures of Silicon Valley and Signature Banks. The event, hosted by the Brookings Institution in Washington, DC., examined the roles of the financial regulators, including the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC), and the banks' risk management. Also discussed were ways to mitigate problems to prevent future bank failures, regulatory framework for stable coins, and the utilization of government legislation, such as the Dodd-Frank Act.
