Zach Warmbrodt
@Zachary
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Politico financial services editor. zwarmbrodt @politico .com zachary.warmbrodt @protonmail .com
Washington, DC
Joined February 2007
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.
@SenWarren
,
@AOC
press Mnuchin on “financial engineering and potentially illegal activity” during his time on the board of Sears
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🚨Banks are warning that a $350 billion small business lending program won't work as advertised when it launches Friday. They say the Trump administration set unrealistic expectations and has failed to give banks what they need to issue the loans
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2K
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PPP news: Beginning Wednesday morning and ending March 9, the SBA will only accept PPP applications from businesses with fewer than 20 employees. It’s part of a plan Biden will announce today focused on delivering aid to underserved small businesses
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2K
House just voted 321-103 to help banks serve the cannabis industry. Huge support
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1K
.
@AOC
could draw millions of eyeballs to the Financial Services Committee, which some members say became boring and unappealing to even serve on the last several years
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1K
🚨🚨Biden will nominate FTC commissioner and
@SenWarren
ally Rohit Chopra to lead the CFPB, sources familiar say (w/
@tylerpager
,
@KatyODonnell_
and
@leah_nylen
)
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1K
.
@MarkWarner
, a Democrat who has been able to work closely with Mnuchin, says he's "deeply disappointed" that Treasury wants to defund Fed's emergency lending programs. He says "now is precisely the wrong time to reverse course" with a struggling economy
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Some news: I’m Politico’s new financial services editor. I’ll continue to write and report part of the time. Very grateful for the opportunity.
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Big news in banking: Trump’s nominee to chair the FDIC has asked the White House to withdraw his nomination because of family issues
75
304
540
.
@mcuban
on Harris: “The feedback I’m getting, but certainly not confirmed by the VP, is that she will be far more open to business, [artificial intelligence], crypto and government as a service.” (Reporting by
@Eleanor_Mueller
)
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At least fifteen new Democrats expected to be named to Financial Services including Ocasio-Cortez, Gabbard, Porter, Tlaib and Pressley
12
85
443
.
@SenWarren
says Mnuchin as Treasury sec "should send shivers down the spine of every American who got hit hard by the financial crisis"
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The Small Business Administration is quietly rolling out an effort to scrutinize the largest businesses that took PPP loans during the pandemic, demanding new details about their operations to justify the aid
18
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.
@AOC
is likely to join the House Financial Services Committee, lawmakers say, and other new progressive members are also expected to get the assignment
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Treasury Deputy Secretary Muzinich says the administration is studying the possibility of a government-sponsored digital currency, as is the Fed. He says there are efficiency and cost benefits to using a distributed ledger and that it's important for govt to embrace innovation
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“I only won because my opponent was batshit crazy.” — a senator who maybe didn’t realize I was within earshot
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Romney just told reporters he won't support Shelton's Fed nomination
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.
@SenSchumer
will oppose the bank deregulation bill on the Senate floor next week. It has 12 Dem co-sponsors, but progressives are rallying opposition
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256
After a hiring fiasco that ended Gary Gensler's honeymoon with progressives,
@SenWarren
says Biden's SEC chief "now has a chance for a redo."
"I very much hope he takes it.”
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The Senate just passed the House PPP flexibility bill by unanimous consent
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J.D. Vance’s staff has told lobbyists he won’t advocate for credit card fee legislation he co-sponsored. He has “backed off a little bit of his misguided support for that,”
@RepAndyBarr
told me. Story w/
@Eleanor_Mueller
:
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BREAKING: Fed will buy up to $600 billion worth of loans through "Main Street Lending Program" and offer up to $500 billion in lending to states and municipalities through a "Municipal Liquidity Facility"
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Banks are expecting millions of applications from small businesses on Friday. Some fear a disaster that could dwarf the failed kickoff of the Obamacare enrollment web site in 2013.
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🚨SBA will begin disclosing PPP borrowers with loans $150k and bigger
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Jim Cramer asked Mnuchin if "we could be open for business" in May. "I do, Jim," Mnuchin said
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NEW: House Dems including
@RepChuyGarcia
,
@AOC
,
@RashidaTlaib
,
@RepKatiePorter
and
@RepPressley
urge Fed to reverse course on banking rollbacks that “greenlight the same risky financial activity that led to the last crash”
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BofA says it has received 106,000 Paycheck Protection Program applications requesting $27 billion in loans
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Banks see a likely scenario where the small business lending program at launch only works well for their existing customers while other potential borrowers miss out on the $350 billion.
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Banks told Treasury Tuesday that verification requirements for the loans could lead to substantial delays -- weeks or more as they establish the necessary procedures. If you want rapid deployment, they said, make it automated and don't require banks to verify borrower info
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In a letter to Treasury and the SBA, the Independent Community Bankers of America said the 0.5 percent interest rate mandated by the administration for the small biz loans was so low that for many banks "it will not be economic or feasible to participate in the program."
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🚨The House just passed a two-month PPP extension in a big 415-3 vote
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"[M]any banks have already indicated that they will not be able to use the program under the current terms,"
@romerorainey
told Treasury and SBA yesterday. "Others will only use it for current customers, greatly limiting the purpose and potential of the program."
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152
Yellen says she will create a climate hub at Treasury focused on financial system risks and tax policy incentives. Yellen says the climate change risks to the financial system are "very real"
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🚨The SBA will restart PPP on Monday. Lenders targeting underserved communities will have exclusive access to offer loans to new borrowers Monday and Tuesday. They will then be able to offer second loans to existing borrowers Wednesday. PPP will open widely a few days later
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The anti-crypto coalition is taking shape. Industry advocates are trying to dismiss her, but
@SenWarren
’s crusade to rein in digital currency is attracting support from conservatives and positive vibes from bankers
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JPMorgan Chase says it has sent $9.3 billion to small businesses under the Paycheck Protection Program. The bank says that's money out the door
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Senate Banking Chair
@SenSherrodBrown
on Thursday will have his first hearing on financial system risks associated with climate change
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Larry Kudlow tells
@costareports
that naming
@JanetYellen
Treasury secretary was a good idea. "She has very sensible views on the economy," Kudlow says
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🚨New York's top financial regulator is directing banks to start taking climate change risks into consideration when managing their operations. It's the boldest move yet by a U.S. official to impose climate-related rules on financial firms
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Hot mic:
@RepMaxineWaters
, frustrated about whether her microphone was working at a committee hearing, just vented about "a bunch of bumbling idiots"
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The SBA will stop approving PPP loans at the end of the day tomorrow. More than $134 billion in funding is unused
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FEMA made surprise announcement that insurers can’t sell new flood insurance policies from the National Flood Insurance Program during the shutdown, despite Trump signing bill Friday to keep the program going. Realtors say tens of thousands of home sales in jeopardy
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Deutsche Bank is opposing media orgs’ request to unseal the names of whose tax returns it has in court fight between Trump and the House over subpoenas for Trump financial records
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🚨🚨The SBA just published a trove of data identifying millions of businesses that received PPP and EIDL loans during the outbreak. This is the public's first comprehensive look at who used the massive aid programs
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Mnuchin to financiers at Milken conference, regarding deregulation: "You should all thank me for your bank stocks doing better."
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New: Powell told Congress today that the Federal Reserve is exploring whether it makes sense to issue its own digital currency that could be used by households and businesses
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Pence worked for months to convince senators to confirm his old ally Scott Garrett for the Ex-Im Bank. Two Republicans ended up blocking the nomination in committee
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Incoming Senate Banking chairman
@SenSherrodBrown
says the committee has "only delivered for Wall Street" for too long.
"We’re going to get to work for everyone else, and put workers, and their families, and what matters to their lives at the center of everything we do."
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Congress didn’t pass a PPP extension. The SBA will stop approving new PPP loans Saturday at midnight
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The SEC says it will delay the comment deadline on its climate disclosure rule until June 17. It's also reopening the comment periods on private fund and alternative trading system rules, the latter of which has caused a big stir in the crypto world
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Citigroup plans to pause PAC contributions this quarter. It gave money to Hawley in 2019.
“We want you to be assured that we will not support candidates who do not respect the rule of law,” Citi’s head of global governmental affairs Candi Wolff said in an internal memo
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🚨Robinhood CEO
@vladtenev
is expected to testify before the House Financial Services Committee on Feb. 18
10
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PPP news: The Covid relief bill would allow the restaurant and hospitality industries to get PPP loans based on 3.5x average monthly payroll, compared to 2.5x for everyone else
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The CEOs of the six largest U.S. banks will testify before the Senate Banking and House Financial Services Committees on May 26 and 27.
The banks are JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley
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🚨House Small Business Chair
@NydiaVelazquez
says Treasury Secretary Yellen has "declined to appear before us in complete disregard for the law, which requires her to do so."
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🚨Sherrod Brown and Maxine Waters want the CEOs of the nation's six largest banks to testify as soon as next month, sources say
Their hearings would feature top execs from JPMorgan, Bank of America, Citi, Wells Fargo, Goldman Sachs and Morgan Stanley
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Mnuchin signals the administration won't reveal PPP loan recipients. He says the administration believes that the names and amounts of PPP loans are "proprietary" and "confidential" information
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The SBA also plans to:
— Change PPP eligibility rules so sole proprietors, independent contractors and self-employed individuals receive more funds
— Eliminate restrictions on business owners with non-fraud felony convictions and those delinquent on their federal student loans
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The longer economic relief talks go on, the closer more small businesses are to closures and layoffs. Most have used up PPP funds and 30 percent expect they’ll exhaust cash reserves by the end of the year without more assistance
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The Trump administration released long-awaited rules on how government-backed small business loans can be forgiven, but they fall far short of what employers and lawmakers are demanding for the popular program
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Some fun personal news: Starting next week I’ll be stepping in as co-author of our Morning Money newsletter. I’ll have a broader economic policy beat in addition to financial services. Subscribe and send scoops!
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Elizabeth Warren has been considering a comprehensive bill to rein in crypto, but her approach is facing resistance from some Democrats, including progressives, who see promise in the industry
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Senate Banking Chair Sherrod Brown is challenging the consensus among lobbyists who say he doesn't have the votes to overturn the Trump-era "True Lender" rule
"We are awfully close to 50 or maybe above 50 because there is some Republican interest," he says.
h/t
@burgessev
0
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93
SEC Chair Gensler just announced several potential rules targeting hedge funds and private equity funds, including more detailed disclosures to regulators. He says it's time to "bring more sunshine and competition to the private funds space."
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Biden's win will expose U.S. banks to intense scrutiny for financing fossil fuel production that contributes to climate change
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The SBA decided to allow more lenders to submit PPP loans in batches after
@SenSherrodBrown
warned the process initially favored large banks over smaller financial institutions
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83
The Senate Ag Committee will hold an FTX hearing Dec. 1 with testimony from the CFTC chair
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87
The Biden Treasury just announced its first hires. They include:
• Didem Nisanci, chief of staff, formerly of Bloomberg LP
• Julie Brinn Siegel, deputy chief of staff, former Warren aide
• Alfred Johnson, deputy chief of staff, former Obama admin official and BlackRock VP
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43
88
Restarting the PPP and allowing businesses to get second loans are ideas that have broad support in Congress. How long will lawmakers let that be held hostage to other issues? How many employers are going to fail in the meantime?
Breaking: Ian and Eric Hilton to close seven bars that helped shape D.C.'s nightlife scene "for the foreseeable future" on Oct. 31.
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Senate Banking will vote Thursday on HUD nominee Marcia Fudge and CEA nominee Cecilia Rouse
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This House private equity hearing has so far alternated between moderate, business-friendly Democrats and PE-defending, Warren-bashing Republicans. Not hearing a ton about what's wrong with leveraged buyouts
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🚨Powell to
@vtg2
: "I do think that the public will expect and has every right to expect that in our oversight of the financial system we will account for all material risks and try to protect the economy and the public from those risks. Climate change is one of those risks."
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New crypto super PAC backed by Anthony Scaramucci’s hedge fund and industry execs plans to spend $20 million on the midterms
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86
The SBA’s been taking applications to convert PPP loans into grants for more than a month. None have been approved or denied. Banks say SBA and Treasury are once again leaving them in the dark as the program enters a critical phase
6
41
86
Attn JPMorgan and Goldman:
@SenatorCardin
tells me the decision by big banks to pause campaign contributions to all Republicans and Democrats "doesn't make any sense."
"It’s sort of giving those who have committed these egregious actions a free pass."
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24
81
Chase is notifying PPP applicants that it won't let them take advantage of Biden's new rules that let sole proprietors and the self-employed obtain larger loans. Businesses will have to accept less aid via Chase or hurry to find another bank as many lenders prepare to wind down
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81
Janet Yellen on Tuesday pledged to create a team to focus on climate change, a move that's likely to put Treasury at the forefront of the Biden administration's efforts to combat what she called an "existential threat"
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74
Community bank trade group
@ICBA
warned Treasury and SBA last night of “massive delays and inability to process loans” under the Paycheck Protection Program. Small banks fear their customers will lose access to the $350bn in small biz loans as big banks come online
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New from SBA: As of 9 a.m., 725,000 Paycheck Protection Program applications approved totaling more than $182 billion
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I bring you ROBERT KRAFT and STEVEN MNUCHIN at the Milken conference this afternoon
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Senate will confirm Mark Calabria as FHFA director tomorrow afternoon
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JPMorgan Chase has relaunched its Paycheck Protection Program portal. The bank says the new version will increase the number of applications it can accept. It removes the need for bankers to call back customers
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Portman spokesperson on crypto tax changes in infrastructure bill:
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Wall Street was relieved when
@SenWarren
was passed over for Treasury secretary. But now the financial industry faces another threat: President Biden is enlisting a small army of her former aides and allies to run his government
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@LindsJohnson7
@BofA_News
@BankofAmerica
Hi Lindsey. I'm a reporter with Politico. Can we talk? Please feel free to DM me or email me at zwarmbrodt
@politico
.com
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Trump’s nominee to head the Export-Import Bank, Scott Garrett, was just blocked by the Senate Banking Committee. GOP Sens. Rounds and Scott joined with Dems to oppose him
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67
Treasury Secretary Yellen is facing a backlash from the left after she named a former private equity investor to lead the department's new "climate hub"
5
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74
🚨House Small Business Chair
@NydiaVelazquez
and
@RepBlaine
, the committee's top Republican, have a deal to extend the PPP for two months, aides say. The agreement would also let the SBA process pending loan applications for 30 days after the deadline
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74
BofA as of this earlier this morning said it received 178,000 Paycheck Protection Program applications seeking nearly $33 billion. Total govt funding for the small biz loans is $350 billion
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Major restaurant chain operators Potbelly and Ruth's Hospitality Group were among the first to get government-backed loans intended to keep small businesses afloat, fueling concerns that big corporations will siphon away rapidly dwindling funds
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🚨Small Business Chair
@NydiaVelazquez
just said on the House floor that she wants to work on a retroactivity fix for PPP Schedule C borrowers
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Bank lobbyists say their top priority for the economic relief bill is a proposal that would forgive most PPP loans with bare minimum verification that the money was used as intended
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Pence came to the Senate to break the tie after Sens. Graham and Kennedy voted against repealing the CFPB rule. All Dems also opposed
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