Fed Balance Sheet

Fed discussions on how it plans to reduce its $4.5 trillion balance sheet

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TIME: Macron Has Won a Historic French Election. Now, the Hard Work Begins

CNBC – France exit polls indicate centrist independent candidate Macron wins presidential election | #Periscope: LIVE: French presidential election

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US Presidential Nomination

Re-inserting peer review in the American presidential nomination process | Brookings Institution

US Candidate Selection

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Got Bank?

The Federal Deposit Insurance Corporation (FDIC) today released a final handbook to assist parties interested in establishing new banks. As part of the FDIC’s ongoing commitment to work with organizers, the handbook – Applying for Deposit Insurance – A Handbook for Organizers of De Novo Institutions – was designed to provide a plain language overview of the requirements and considerations significant to the application process, and to provide organizers a clear and transparent explanation of the path to obtaining deposit insurance.

“In welcoming applications for deposit insurance, the FDIC wants to ensure applicants are well informed about the FDIC’s application processes, and are aware of the tools and resources available to assist in developing an application,” FDIC Chairman Martin J. Gruenberg said.

The handbook offers guidance for navigating the three phases of establishing an insured institution: pre-filing activities, the application process, and pre-opening activities. It provides useful information for organizers of a new depository institution, and reflects comments from organizers and other interested parties during recent industry outreach events. The handbook does not establish new policy or guidance, or modify existing policy or guidance.

In December, the FDIC issued a draft of the handbook for comment. The final version provides additional clarification sought by commenters.

Since 2014, the FDIC has taken a number of steps to enhance the transparency and clarity of the deposit insurance application process. The FDIC issued two sets of answers to frequently asked questions associated with the FDIC’s Statement of Policy on Applications for Deposit Insurance; provided an overview of the application process during a conference of state bank supervisory agencies; and hosted an interagency training conference to promote coordination among state and federal banking agencies in the review of applications.

In April 2016, the FDIC announced that the period of enhanced supervisory monitoring of newly insured depository institutions would return to three years, down from seven years established during the financial crisis. More recently, the FDIC held industry outreach meetings in San Francisco, New York, Atlanta, and Dallas to inform industry participants about the FDIC’s application process. Additional outreach events will be held on May 12, 2017, in Kansas City, Missouri, and May 31, 2017, in Chicago, Illinois.

Additional resources are available on the FDIC website dedicated to applications for deposit insurance.

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Robert Mercer

Is Trump Backer Robert Mercer a Billionaire? I Tried to Find Out

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Wells Fargo

Agencies Announce Wells Fargo has Remediated Resolution Plan Deficiencies

The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board on Monday announced that Wells Fargo had adequately remediated the deficiencies in its 2015 resolution plan. As a result, the firm will no longer be subject to growth restrictions imposed last year.

Resolution plans, required by the Dodd-Frank Act and commonly known as living wills, must describe the company’s strategy for rapid and orderly resolution under bankruptcy in the event of material financial distress or failure of the company.

In December 2016, the agencies determined that Wells Fargo had not remedied two of the three deficiencies identified previously by the agencies and imposed restrictions on the growth of the firm’s international and non-bank activities. Following that determination, Wells Fargo submitted a revised plan in March 2017 that adequately remediated the remaining deficiencies.

Wells Fargo is next required to file a new resolution plan by July 1, 2017, addressing vulnerabilities to orderly resolution as noted in guidance issued by the agencies last year. If the vulnerabilities noted in the guidance are not satisfactorily addressed, the agencies may jointly determine that the plan is not credible or would not facilitate an orderly resolution under the U.S. Bankruptcy Code. The determination made Monday by the agencies pertains solely to Wells Fargo’s 2015 resolution plan and not to any future resolution plan.

The Federal Reserve Board is also releasing the feedback letter issued to the firm, detailing the specific steps taken by the firm to resolve the previously identified deficiencies.

The decision received unanimous support from the FDIC and Federal Reserve boards.

Fireworks expected at Wells Fargo’s annual meeting

Busted for ripping off customers, Wells Fargo still isn’t standing behind them | Wells Fargo investors expected to re-elect board but show discontent

The aforementioned, in no particular order, is for information purposes only which are included for related research regardless of any other characterization.

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2016 US Post-Election

Election Do-Over Poll Shows Gains for Gary Johnson, Jill Stein

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2017 France Election

Le Pen Leads French Counting With Macron, Fillon Close Behind

France exit polls show centrist Macron and far-right candidate Le Pen winning first round of presidential election.

The four front-runner candidates are in a virtual tie – How to Win France’s Election

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Trump Tax Cuts

Trump Says He Will Release Tax Reform Package Next Week

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The Fed Speak

Fed’s Fischer warns that Trump’s changes to bank reforms could be ‘very dangerous’

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