New legislation in the Senate aims to address regulatory language that has prompted financial institutions to debank clients involved in certain industries. Senate Banking Committee Chairman Tim Scott, R-S.C., introduced a bill known as the Financial Integrity and Regulation Management (FIRM) Act, which would eliminate references to reputational risk as a measure used to determine the safety and soundness of a financial institution. The legislation would also eliminate federal banking agencies’ ability to move forward with new rules or guidance using reputational risk to regulate financial institutions, and require those agencies to report to Congress about their elimination of reputational risk in…
Author: Ivan Petrov
FIRST ON FOX: The movement to ban China from scooping up U.S. farmland conveniently located near military bases is gaining steam in the Senate. The PASS Act, led by Sen. Mike Rounds, R-S.D., has the backing of Majority Leader John Thune, R-S.D., and would prevent any entity from a “covered country,” which includes China, North Korea, Russia and Iran, from purchasing agricultural land near military bases or sensitive sites. It would also give the Department of Agriculture the ability to submit cases to the Committee on Foreign Investment in the U.S. for review if it believes there is a national…
Ukrainian President Volodymyr Zelenskyy has agreed to sign a mineral deal with the U.S., President Donald Trump’s special envoy Steve Witkoff told reporters on Thursday. “I think Zelenskyy has offered to sign it, and we’ll see if he follows through,” the special envoy said while standing outside the White House. The agreement was apparently revealed in a letter Zelenskyy sent to Trump this week following the spat that unfolded live in the Oval Office less than a week ago. SECRETARY OF STATE RUBIO VOWS DIPLOMACY ATTEMPTS WILL CONTINUE IN EFFORT TO END RUSSIA’S WAR IN UKRAINE A joint event held…
A phone call between President Donald Trump and Canadian Prime Minister Justin Trudeau over the 25% tariffs imposed by the Trump administration this week grew heated and included profanity, a report said. The Wall Street Journal cited a person familiar with the matter when describing the nature of the call. Canada has imposed 25% retaliatory tariffs against U.S. goods. The discussion, which lasted 50 minutes on Wednesday, was a “colorful call” but also “very substantive,” Trudeau said Thursday, according to Reuters. “I can confirm that we will continue to be in a trade war that was launched by the United…