The Fed’s Semiannual Report to Congress

Federal Reserve Chair Jerome Powell gave his testimony during the Fed’s Semiannual Monetary Policy Report to Congress. The House and Senate hearings focused on the Fed’s efforts to cool inflation while maintaining a stable labor market, the potential shutdown of the CFPB, the Fed’s independence, the proposed Basel III Endgame, and other regulatory issues. In the House Financial Services Committee hearing, Rep. Andrew Garbarino (R-NY) specifically raised the proposed changes to the securitization framework in the Basel III proposal, expressing concerns as to why the p-factor was doubled and whether any market pressure necessitated the increase. 

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