Updates
The latest news and advocacy information for industrial bankers.
Congress closes in on final 2024 budget
The odyssey that was the 2024 budget negotiations finally appeared to reach its conclusion on Friday. The six-bill, $1.2 trillion minibus package was released in the early hours of Thursday morning.
Momentum grows for TikTok ban as legislation passes House
This week, the House passed legislation that would force ByteDance to sell TikTok to a U.S. company within 180 days or be banned from U.S. app stores. The legislation was introduced by Select Committee on China Chair Mike Gallagher (R-WI) and Ranking Member Raja Krishnamoorthi (D-IL) last week and quickly picked up steam as it overwhelmingly passed the House by a vote of 352-65-1.
On the Hill: Romney drafts pro-ILC coalition
Romney made the request to the FDIC in a letter that was also signed by Sens. Catherine Cortez Masto, Susan Collins, Kyrsten Sinema and Debbie Stabenow.
Senators ask FDIC to “follow the laws” on industrial banks
A bipartisan group of senators led by Sen. Mitt Romney (R-Utah) sent a letter to the Federal Deposit Insurance Corp. this morning urging the bank regulator to give industrial banks fair regulatory treatment, particularly among new entrants.
President Biden gives State of the Union address
President Joe Biden delivered a 66-minute State of the Union address on Thursday, tackling some of the nation’s most contentious issues while also taking aim at Republicans and former President Donald Trump.
Lawmakers push deadline, avoid government shutdown
Both chambers returned from recess this week and were immediately under pressure to resolve the budget crisis.
Congress took its President’s Day recess despite the looming budget deadline.
The Senate will be back in session on Tuesday, and the House will return Wednesday night, so both chambers are looking at a tight turnaround to pass a full-year budget or another CR ahead of Friday’s deadline.
Border Security Legislation Fails, but Foreign Aid Package Still Working Through Senate
The bipartisan border security package was finally unveiled this week, but its lifespan proved to be short. The legislation failed after just four Republicans voted in support of the bill on Wednesday, as many of the GOP followed presumptive presidential nominee Donald Trump’s calls to reject the deal.
Tax bill passes the House, now faces hurdles in the Senate
After over a week of back and forth, Speaker Mike Johnson finally brought the Tax Act to a vote on the House floor under suspension of the rules on January 31.
“Close the Shadow Banking Loophole Act” Directly Targets Industrial Loan Companies (ILCs)
Today, Senator Sherrod Brown again introduced the ‘‘Close the Shadow Banking Loophole Act.’’ This legislation directly targets industrial loan companies (ILCs).
LCA Bank Corporation Announces Completion of Rebranding to Milestone Bank
Milestone Bank, formerly LCA Bank Corporation, proudly unveiled its refreshed website, reflecting the final piece of its rebranding initiative.
Short but wild
That was the week in Washington. You’ve probably seen some things about it on TV. The good news is that the government won’t shut down tonight. And who wants to hear bad news?
The clock ticks . . .
Hey, remember H.R. 5860? Or actually, Public Law 118-15, because Congress passed it on September 30 to keep the federal government running until November 17. That’s seven days from now.
All about AI
The promises and risks of artificial intelligence (AI) were the focus of work at both ends of Pennsylvania Avenue this week.
Executive Order on New Standards for AI Safety and Security
On Monday, October 30, President Joe Biden issued an Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence (AI). Along with issuing the Executive Order, President Biden spoke to industry leaders, members of Congress, and members of his Cabinet to highlight the five pillars of this Executive Order (EO).
Speaker of the House Mike Johnson (R-LA)
On Wednesday, Republican members of the House of Representatives voted unanimously to elect Rep. Mike Johnson (R-LA) Speaker of the House.
A House without a Speaker
Without a Speaker, the House of Representatives can’t really do anything but keep trying to elect a speaker. The Republican Conference voted first to nominate House Majority Leader Steve Scalise (R-LA), but Scalise withdrew his candidacy when it became clear he wouldn’t be able to get a majority of votes on the House floor.
Special Edition of The Golden Apple -- Disorder in the House
As you’ve probably already heard, the House of Representatives made history this afternoon by voting 216-210 to declare the office of Speaker of the House of Representatives vacant.
Dianne Feinstein, 1933-2023
Our workday started with the news that Senator Dianne Feinstein (D-CA) died last night at her home in Washington, D.C. The first woman elected to the Senate from California, Feinstein spent her life in public service, rising from a seat as a San Francisco County Supervisor to become Mayor of San Francisco.
Counting down to shutdown
Although Speaker of the House Kevin McCarthy (R-CA) said he would keep the House in session until they agreed on legislation to keep the government open beyond September 30, the House left town yesterday and will not return until Tuesday.