Jennifer Schonberger
@Jenniferisms
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Federal Reserve/cryptocurrency/DC senior reporter for Yahoo! Finance. Former Fox Business. Singer/songwriter under JenniferAlexis. IG: @JenniferAlexisOfficial
Washington, DC
Joined January 2010
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President Biden will issue a wide-ranging executive order on regulating crypto NEXT WEEK. Among the deats: The order will commission a study of a CBDC and ask Treasury along w other agencies to come up w a report on the future of money and payment systems. More coming.
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WATCH.
@Coinbase
CEO
@brian_armstrong
told me in an exclusive interview this afternoon that this is crypto's 5G moment where if Congress doesn't act in five years, obs will be lost to overseas and we'll be trying to get this back on shore
The SEC “can’t continue to punish crypto,” $COIN CEO tells
@Jenniferisms
.
He joins Yahoo Finance live from Washington, DC, to discuss the push for regulatory certainty in the crypto space. Full interview:
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BREAKING: Fed Gov Waller says he disagrees w the administration’s rec's that only banks should be allowed to issue stablecoins. Says he not opposed to stablecoin isuers being regulated as banks, but that banks shouldn’t be the only entities allowed to issue stablecoins.
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SEC Chair Gensler tells me he hopes to regulate crypto exchanges this year. My story:
SEC’s Gensler wants crypto exchange regulation in 2022, warns on stablecoin by
@Jenniferisms
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SEC's Gensler: "Any token that is a security must play by the same market integrity rulebook as other securities under our laws. There’s no reason to treat the crypto market differently just bc different technology is used.."
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In a
@FoxBusiness
exclusive, Prez Trump's new head of the
@FHFA
,
@MarkCalabria
told me he sees Fannie & Freddie potentially going public as soon as first half of 2020. More to come. Stay tuned.
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Tune in just after 3p to
@YahooFinance
for my EXCLUSIVE interview with
@SECGov
Chair Gary Gensler on AI and crypto
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(two of two) Then Calabria will negotiate w Treasury & hopes to come to agreement by the fall that would allow them to stop Fannie and Freddie from sending profits to Treasury later this year. That is, ending the net sweep.
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Breaking: Draft legislation from the House Financial Services Committee to regulate stablecoins is getting delayed over a provision on how to treat digital wallets. Namely, Dems at Treasury want a federal std that would bar custodial wallets from becoming a shadow bank.
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Thank you to new
@fhfa
Director
@MarkCalabria
for your indepth interview on how to reform Fannie Mae & Freddie Mac: $FNMA
@FoxBusiness
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If lawmakers aren’t able to pass something Calabria tells me he will take action unilaterally
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By January,
@MarkCalabria
wants to start the capital-building process and thinks it’s possible an IPO could occur at the earliest in the first half of next year
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SEC Chair Gary Gensler said this AM new crypto technologies won't persist long if not regulated. He implored the gatekeepers–lawyers & accountants working on crypto projects to bring them to the SEC to register – also urged crypto trading platforms to register w SEC
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FHFA has already begun working w Treasury to consider changes to terms of the Senior Preferred Stock Purchase Agreements, including the so-called net worth sweep. Treasury and FHFA have already begun doing that w agreement for mortgage giants to retain up to $45B in capital
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Great speaking with
@MarkCalabria
about changes he wants to make to the housing finance system.
Great spending some time talking housing finance reform with
@Jenniferisms
on
@FoxBusiness
today. Thanks for having me. -Mark
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To ensure that Fannie and Freddie exit government control (conservatorship) in a prudent matter,
@FHFA
is today rolling out a strategic plan and “score card” to shepherd the process.
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Warner Music
@warnermusic
is teaming up with
@QuincyDJones
backed NFT platform
@OneOfNFT
to create one-of-a-kind digital tokens for a range of artists across the music label’s song catalog. My story: cc:
@fellzy
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BREAKING: The first of many forthcoming reports from the Biden administration at the direction of the president’s executive order on how to regulate cryptocurrencies is out this afternoon. This one surrounding cooperating with international allies on regulating crypto. (1/2)
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This has both the article & video of my interview with Calabria in one place! $FNMA
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SEC Chair Gensler says at SEC advisory meeting this AM: many tokens may be unregistered securities wo required disclosures and market oversight (1/2)
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FHFA says Fannie and Freddie will need to demonstrate they can use capital effectively and earn returns that are good enough to attract private investors
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Just in: Supreme Court to review executive authority of Consumer Financial Protection Bureau
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Treasury & FHFA take first step towards getting $Fannie & Freddie ready to release from conservatorship. Fannie Mae and Freddie Mac will be permitted to maintain capital reserves of $25 billion and $20 billion, respectively.
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Calabria wants to work w the CFPB to no longer exempt Fannie and Freddie from the qualified mortgage rule. Thinks they need to play by same rules as private sector.
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@ryanpsawyer
He told me each could be released from govt control at different times depending how quickly each raises capital. As for Congress- says there's some areas for agreement. but It's not going to be easy,
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I just spoke w Greenspan Associates - his firm. They tell me this is NOT true. Dr Greenspan is ALIVE.
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(2/2) Chair Gensler: Make no mistake if a lending platform is offering securities it also implicates SEC jurisdiction to the extend there are securities on these platforms under our laws. They need to register w the SEC unless they meet exemptions
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St Louis Fed Pres Bullard just now on the jobs report called it "Stronger than exp'd again – 12 reports in a row – guys maybe you should change your model. I don’t think that’s ever happened. I think unemployment lower today than a year ago – lowest since 1969."
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If you're a Whitney Houston fan, listen up!
@OneOfNFT
- the music NFT platform backed by
@QuincyDJones
is auctioning off a never b4 heard Whitney song.
@fellzy
says NFTs are revolutionizing the way artists can finance their careers, My story:
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Here's an article summary of my exclusive interview with FHFA's new director, Mark Calabria:
@FoxBusiness
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House Financial Services Committee to hold hearing entitled on “Investigating the Collapse of FTX, Part I." on Dec 13
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Tune in to
@YahooFinance
around 3:30 for my exclusive interview with
@Coinbase
CEO Brian Armstrong
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Dir Calabria
@MarkCalabria
speaking in Austin TX now says the path out of conservatorship will not be driven by the calendar. It will be driven by $Fannie and Freddie meeting the mile markers set out for them.
@FHFA
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Fed Chair Powell set the table for a 50bp rate hike at the Dec meeting, saying in a speech that it makes sense to slow down the pace of rate hikes as Fed gets closer to peak level on its policy rate & that Fed may slow down as soon as next meeting
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It's official. FedNow launches today.
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Boston Fed Pres. Susan Collins told me in an exclusive interview this AM that the central bank may hike interest rates further and will likely need to keep rates elevated for an extended period even if it does decide against another increase in the coming months
"I do think it's extremely likely that we will need to hold [rates] for a substantial amount of time," Boston Fed President Susan Collins tells
@Jenniferisms
at Jackson Hole.
She discusses what she's watching to determine when the policy rate has become overly restrictive:
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Tune in to
@YahooFinance
LIVE tomorrow at 1030 am for my exclusive interview with SEC Chair Gary Gensler on regulating crypto & FTX.
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Sen Scott laying into SEC Chair Gensler this morning before the Sen Banking Cmtte hearing, calling on Gensler to to testify in the wake of a slew of enforcement actions in the crypto sphere. “If Chair Gensler has time to do the morning talk shows he has time to come to the Hill”
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Treasury says it's hard to give time table on when GSEs could exit conservatorship-Says will need to raise appropriate amount of capital. Treasury says what some call an – IPO—more a public placement as well as a private placement is under consideration.
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House Financial Services Ranking Member Maxine Waters says SVB's failure was a result of rolling back capital rules in 2018. WATCH:
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Breaking: Janet Yellen says repealing Roe V Wade would be damaging for economy, "I believe eliminating right of women when and whether to have children would have damaging effects on economy and would set women back decades – Roe V Wade helped lead to labor force participation
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FULL details on Pres Biden's executive order due out next week:
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SEC bringing 13 charges against Binance & founder CZ this AM, including operating unregistered exchanges, broker-dealers, and clearing agencies; misrepresenting trading controls and oversight on the platform; & the unregistered offer and sale of securities
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Acting Labor Secretary Julie Su
@ActSecJulieSu
tells me in an interview that the law needs to be enforced if there is a disparity in pay based on gender when I asked whether new rules need to be written to close the gap on women's equal pay. WATCH:
"We are investing across the country in programs that are creating pathways for women," US Acting Labor Sec. Julie Su told Yahoo Finance, adding: "Women tend to be underrepresented."
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Binance CEO
@cz_binance
tells me in an exclusive interview that clear regulations will help accelerate adoption of crypto, that
@binance
is speaking w the
@SECGov
about registering but that classifying all crypto as securities is a bit simplistic. WATCH:
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@MarkCalabria
is waiting on a plan from
@USTreasury
on reform for Fannie & Freddie, which he expects this summer. (one of two)
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According to a person briefed on the matter, Binance walked away frm buying FTX bc they lost trust in anything they saw in FTX’s data. There was a clear gap in understanding the incestuous nature in the relationship btwn FTX & Alameda Research. Binance didnt trust the information
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$17 billion. That’s the potential tax increase that would be passed along to US businesses & consumers by a 5% tariff on important goods from Mexico says
@USChamber
. Should the tariff reach the Trump’s threatened cap of 25%, that tax would eclipse $86 billion.
#TariffsAreTaxes
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Bakkt launching partnership w
@Mastercard
to offer crypto debit & credit cards. I'll be speaking with
@Bakkt
CEO Gavin Michael at 1:20 pm ET LIVE on
@YahooFinance
as part of our All Markets Summit
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Next up Powell's presser - Fed laying groundwork to slow down rate hikes.
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CPI is a step in the right direction, but it's not enough to change the calculus for the Fed. Powell said yday that the Fed will need to see more than a quarter of good inflation data to feel confident to cut rates. If everythig goes well that puts first cut in Sept. If not Q4
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Senators Warren, Hickenlooper, and Whitehouse are calling on the Fed to slash rates on Wed by 75bp, saying that the Fed’s delays have threatened the economy and left the Fed behind the curve & wo larger cuts the Fed risks further weakening the job mkt
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Director of
@FHFA
@MarkCalabria
& director of Consumer Financial Protection Bureau, Kathleen Kraninger, say they don’t plan to extend the “GSE Patch" when it is scheduled to expire on January 10, 2021 per
@EdwardLawrence
Calabria told me he wanted to do this earlier this spring
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SCOOP: In a letter I obtained exclusively Sen Elizabeth Warren is demanding answers from the CEO of Signature Bank she says engaged in "excessive risk-taking" while leaning on a "get-rich-quick narrative" during its foray into the crypto world. My story:
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The SEC is charging Genesis Global Capital and Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, for selling unregistered securities to investors through Gemini's Earn crypto asset lending program. Full story:
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(2/2) In a memorandum to President Biden, the US Treasury in consultation with the secretaries of state and commerce among others, says the US must work with international partners to develop global standards for digital payments and Central Bank Digital Currencies.
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The Biden administration is preparing to release a government-wide strategy to regulate crypto likely next month, according to administration official. (1/2)
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FHFA says risk the mortgage giants take on must be supported by proper capital buffers. FHFA recently asked Congress for the authority to impose risk-based capital requirements & limits on the amount of debt Fannie and Freddie can take on
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FHFA (as Calabria testified last week) says Fannie and Freddie are severely undercapitalized. Using the Fed’s 2019 stress test scenario for nation’s largest banks FHFA estimates Fannie&Freddie would lose $43.3B, which would wipe out their combined $11.2B in capital as of 6/30
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Attributable to a spokesperson: The SEC's
@SECGov
X/Twitter account has been compromised. The unauthorized tweet regarding bitcoin ETFs was not made by the SEC or its staff.
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EY Chief Economist Gregory Daco estimates that every week of a government shutdown detracts about 0.1ppt from (annualized) GDP growth so that a 2-week shutdown could detract 0.2ppt from GDP growth in Q4. Then there's student loan payments resuming...
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A “substantial majority” of Fed officials believe it will soon be time to slow down the central bank's current pace of rate hikes, according to minutes from the Nov Fed policy meeting-- telegraphing that a 50 bp rate hike likely on the table for December.
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Happy Fed Day! It's finally here. The day for rate cuts. Here's what to expect this afternoon for the Fed's big interest rate decision.
The Federal Reserve is expected to lower interest rates this afternoon for the first time in four years.
@jenniferisms
details:
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Circle has a new chief legal officer. Heath Tarbert, formerly from the CFTC and Citadel Securities, where he most recently served as chief legal officer, will take the helm July 1.
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Evidence from the Beige Book inflation may be turning: "Contacts in most Districts noted consumers pushed back against additional price increases, which led to smaller profit margins as input prices rose on average. Retail contacts reported offering discounts to entice customers"
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That means banning them from taking customers’ stablecoins and using them as liabilities to make loans or hold other riskier assets. This provision is not in the House Financial Services Committee stablecoin bill - and is a sticking point. See above tweet. My full report coming.
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The year 2022 will be remembered as one of the most consequential in Federal Reserve history.
The central bank raised interest rates by a cumulative 4.25% this year, the most since 1980. I take a look back:
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House Financial Services Committee will hold a hearing next month on FTX. No date determined yet. But efforting to get FTX to testify.
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The SEC is suing Coinbase $COIN for failing to register its crypto exchange w the agency. But Coinbase told me back in March that they tried to registered w the SEC, filing questions on how to do so last June but never heard back.
.
@Jenniferisms
talks with Coinbase Chief Policy Officer
@faryarshirzad
on the latest in the company's battle over crypto regulation with the SEC:
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Treasury Secretary Yellen warning House GOP to "move quickly to keep the government open and adequately fund key priorities, as they agreed to in May." Yellen warning a shutdown could hurt the economy.
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Happy Fed Day! What do you want to hear from Fed Chair Powell today?
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BREAKING: Crypto exchange Kraken is settling charges Thursday with the SEC for $30 million for allegedly violating securities rules by failing to register their crypto asset staking-as-a-service program with the Commission.
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When I asked Powell why not cut-you'd still be in restrictive territory-to preserve a soft landing? He said the Fed's walking the tightrope of honing inflation while trying not to cause recession noting, "it's not the Fed’s plan to wait for things to break & then try to fix them"
"We don't think it'll be appropriate to loosen policy until we're more confident that inflation is moving down to 2%," Fed Chair Powell tells
@Jenniferisms
. "That's our dual mandate there. We have a strong economy. We have growth."
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House Financial Services Ranking Member McHenry: The FTX collapse has been a dumpster fire FTX users has been left out to dry –– SEC Chair is more interested in chasing headlines than bad actors. Congress must develop a clear regulatory network esp for trading platforms.
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House Fin Services Cmte Chair Waters says urgent need for legislation to regulate crypto on the back of FTX's failure. "Now more than ever, it's clear there are major consequences when cryptocurrency entities operate without robust federal oversight and protections for customers"
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@MarkCalabria
favors fully privatizing Fannie and Freddie and is hoping Congress will offer additional charters to create more Fannies and Freddies that would foster competition
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US financial regulators sketched out a to-do list for crypto regs next year. The industry will finally get some rules for the road.
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BREAKING: The FDIC is proposing increasing deposit insurance limits for business payment accounts at banks in light of Silicon Valley Bank’s failure—something that would require Congressional action.
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Fed Chair Powell speaking in Washington now: inflation remains too high – well above Fed’s 2% inflation target -- even though it's come down and it's the Fed's job to bring it down
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Fed Chair Powell makes the case for Fed independence in Sweden–In a speech that didnt mention monetary policy, Powell appeared to defend Fed’s rate hikes, framing Fed independence as necessary as Fed tackles bringing down inflation:
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Sen Elizabeth Warren
@SenWarren
tells me she thinks her bill to clawback exec comp could pass & that there should be a full investigation of SVB's Becker & whether he committed insider trading:
.
@SenWarren
on the $SVB hearing:
“It is clear to me that there is enough that was said in this hearing today that there needs to be a full investigation of insider trading from Mr. Becker.”
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BREAKING Coinbase
@coinbase
is opening its beta NFT marketplace to ALL users after opening it only to a select number of groups.
#NFTs
#CryptoNews
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Deputy Treasury Secretary Adeyemo tells me the U.S. will implement an oil price cap on Russian oil by December with guidance and rules coming in the next few days. All this to help tamp down on inflation. My exclusive interview:
U.S. will cap Russian oil prices by December to fight inflation, hamper Russia by
@Jenniferisms
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Fed Governor Michelle Bowman said this morning that she sees a risk that high energy prices could reverse progress made on inflation and favors raising interest rates further
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Fed/OCC/FDIC: "Today, 11 banks announced $30B in deposits into First Republic Bank. This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system." Fed says it's ready to provide liquidity through the discount window
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Fed rejects Wyoming-based crypto Bank Custodia's application to become part of the Fed's system. Details here:
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Fed Gov Chris Waller said Tuesday that he believes the Fed will be able to lower interest rates this year so long as inflation doesn’t rebound or stay elevated, but cautioned that the timing and actual number of cuts would depend on the data. Says 3 cuts inline with his view.
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Fed Chair Powell: We will do what it takes in terms of the speed with which we move. But [the SEP} it was a situation where the bulk of the committee was at 75 or 100 basis points & the votes were on 50 that would mean two more cuts. It wouldn't mean more fifties
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Treasury is out with its recommendations to reform the housing finance system. While it says an adjustment needs to be made to the net-worth sweep, it's unclear what that # is and Treasury says they must negotiate changes to net worth sweep with FHFA.
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Fed Chair Powell has sworn in Philip Jefferson as the new Vice Chair of the Fed this morning, along with Gov Lisa Cook to serve a second term and Adriana Kugler as a new Fed Gov
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Sen Banking Cmte Chair Sherrod Brown sent a letter to Fed Chair Powell to remind the Fed to focus on maintaining full employment "and that the decisions you make at the next FOMC meeting reflect your commitment to the dual mandate." This as the Fed is focused on cooling inflation
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Fed massively scales back Basel 3 capital requirements, dropping banks w assets of between 200-250B from requirements except for unrealized losses of their securities in regulatory capital. Biggest bank req's drop to 9% from 20%
The Federal Reserve unveils a proposed package of revised rules for the country’s biggest banks after politicians and banks had pushed back on Basel III warning that it could restrict lending and hurt the economy.
@jenniferisms
details:
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Mester on the debt ceiling: “first off we must raise the debt ceiling. This is money we already spent as a country. We cannot default on our debt. That would be a huge impact on our economy today and for many years to come. Says she expects the BS runnoff to continue
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