Economic Outlook by Alan Blinder | December 2015
It was time--or so the Federal Open Market Committee decided on Wednesday.
The Fed surprised approximately no one by raising the target range for the federal funds rate from 0-25 basis points, where it had been for seven years, to 25-50 basis points. Also, as widely expected, it described its likely future rate hikes as “gradual”—a word Chair Janet Yellen repeated several times in her press conference. And it emphasized that “the actual path of the federal funds rate will depend on the economic outlook as informed by incoming data.” Yes, gradual and data-dependent, just as we thought. Read More
Visit with Congressman Cresent Hardy | Monday December 21 9:00 am
Join Nevada Bankers Association for a breakfast reception and exclusive convseration with Congressman Hardy. Learn what's happening in his district, including the Apex development.
Click for the official invite and RSVP details.
'Faraday Future' Special Legislative Session
Late Tuesday December 15 Nevada Governor Brian Sandoval issued a proclamation calling the legisture into a special session beginning Wednesday December 16 at 5:00 p.m. Two bills covering Faraday Future and Apex develoment have been introduced:
SB1 includes the incentive and provisions for thepayment of infrasturture
AB1 covers workforce development
A third bill is expected to be introduced Thursday morning, December 17, 2015. Visit the Las Vegas Sun for detailed coverage.
Nevada Legislature Special Session
On Monday Gov. Brian Sandoval said he was still finalizing a proclamation to call a special session of the NevadaLegislature. The special session would be tasked with a review of the package of tax abatements and credits being considered in an effort to bring the electric car manufacturer Faraday Future to Southern Nevada's Apex region.
SEC Charges Bitcoin Mining Companies
Washington D.C., Dec. 1, 2015 — The Securities and Exchange Commission today charged two Bitcoin mining companies and their founder with conducting a Ponzi scheme that used the lure of quick riches from virtual currency to defrau
According to the SEC’s complaint filed in federal court in Connecticut, “mining” for Bitcoin or other virtual currencies means applying computer power to try to solve complex equations that verify a group of transactions in that virtual currency. The first computer or collection of computers to solve an equation is awarded new units of that virtual currency.
President Signs Highway Bill with Regulatory Relief Provisions
Last Friday, President Obama signed into law a long-term highway bill that included several regulatory relief provisions, including:
- Expanding the number of banks eligible for the 18-month exam cycle;
- Equalizing the SEC registration and de-registration thresholds for savings and loan holding companies;
- Eliminating the burden of unnecessary privacy notice paperwork;
- Expanding Trups CDO relief for smaller bank holding companies; and
- Establishing a process for designating an area rural for purposes of Consumer Financial Protection Bureau exemptions.
Members are still negotiating a long-term spending bill with another short-term extension expected to pass the House and Senate later today. MBA and member bankers continue to advocate for broader regulatory reform provisions to be included in the final spending legislation.
FDIC Seeks Feedback on Brokered Deposits
The FDIC is seeking comment (closing 12-28-2015) on a proposed update to a series of frequently asked questions (FAQs) and an accompanying introductory letter regarding identifying, accepting and reporting brokered deposits that were issued in January 2015 through FIL-2-2015.
Statement of Applicability to Institutions with Total Assets Under $1 Billion: This Financial Institution Letter applies to all FDIC-insured financial institutions that use brokered deposits.
Read the full letter here.