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Modernization of Beneficial Ownership Reporting

SEC Adopts Amendments to Rules Governing Beneficial Ownership Reporting. The amendments also clarify the disclosure requirements of Schedule 13D with respect to derivative securities.

295 pages of 'light' reading... Fact Sheet: What are folks saying about this? Chair Gary Gensler: Today, the Commission adopted final rules to shorten the deadlines by which beneficial owners of a company — those who own more than 5 percent of the company — must inform the public of

2023 Bank Failures Preliminary lessons learnt for resolution

Financial Stability Board calls out Swiss Government handling of Credit Suisse, stating they ignored accepted resolution frameworks. I argue they did it for the 50 years of secrecy.

G-SIB resolution and the Credit Suisse case: Preliminary lessons learnt from the Credit Suisse case for G-SIB resolution and resolution planning: Credit Suisse was acquired by UBS, supported by ample liquidity facilities including a public liquidity backstop, a second-loss guarantee from the Swiss government, a dilution of its shareholders, and

Vice Chair Philip N. Jefferson in speech 'U.S. Economic Outlook and Monetary Policy Transmission'

Fed's Jefferson on core nonhousing services inflation: "Since this segment accounts for more than 50% of the overall core PCE index, we will need to see further slowing in this area to meet our inflation objective."

The Inflation Outlook: * "Even though recent inflation data have been encouraging, inflation remains too high. Over the 12 months ending in August, total Personal Consumption Expenditures (PCE) prices rose 3.5 percent, the black line in figure 1. Excluding the volatile food and energy categories, core PCE prices rose

Vice Chair for Supervision Michael S. Barr

Fed's Michael Barr: The rise in required capital is for activities that have generated outsized losses at large banks & areas where current rules have shortcomings.

Highlights: * "Most of the banks represented in this room today—and the vast majority of banks in the country—would not be subject to the Board's recent "endgame" proposal on bank capital. The proposal affects only the very largest banks." * "The proposal is

Fed Governor Michelle Bowman

Fed Governor Michelle Bowman: "Inflation continues to be too high, and I expect it will likely be appropriate for the Committee to raise rates further and hold them at a restrictive level for some time"

Highlights: * "Inflation continues to be too high, and I expect it will likely be appropriate for the Committee to raise rates further and hold them at a restrictive level for some time to return inflation to our 2 percent goal in a timely way." * "Most recently, the

Consumer Credit August 2023

U.S. Revolving credit (credit cards) grew by $14.7 billion (13.9%) in August, up from the $10.4 billion gain recorded in July.

In August, consumer credit decreased at a seasonally adjusted annual rate of 3.8 percent. Revolving credit increased at an annual rate of 13.9 percent, while nonrevolving credit decreased at an annual rate of 9.8 percent. Consumer spending is a major factor in the U.S. economy and

September Employment Situation Summary

Bureau of Labor Statistics: Employment rose by 336,000 in September. Average hourly earnings up .2% for the month and 4.2% for the year. More inflation fuel!

Highlights: * Total nonfarm payroll employment rose by 336,000 in September, and the unemployment rate was unchanged at 3.8 percent--analysts had been expecting 170,000 new workers and 3.7% unemployment... * The number of unemployed persons was essentially unchanged at 6.4 million. * The unemployment rates for adult men