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Tag: Banking

Daines Calls on Biden Administration to Abandon Anti-Small Business Basel III Endgame Proposal

January 17, 2024

Joins Republican Banking Committee Colleagues in Sending Letter to Biden Administration U.S. SENATE – U.S. Senator Steve Daines today joined every Republican on the Senate Banking Committee in continuing their call for financial regulators to withdraw the Basel III Endgame proposal that would raise bank capital requirements. As the public comment period for the proposed rule closed, the members sent a letter to the Federal Reserve (Fed), Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency highlighting the agencies’ continued failure to provide a thorough economic analysis justifying the proposal’s merits and to address concerns on the proposal’s

Daines Presses Big Bank CEOs on Biden’s Anti-Small Business Regulations

December 6, 2023

Stands Up for Montana Small Businesses at Senate Banking Hearing U.S. SENATE – U.S. Senator Steve Daines today at a Senate Banking hearing pressed leaders of the nation’s largest banks on the effects of the Biden administration’s recent proposal on small businesses’ borrowing capabilities. Click HERE to download the exchange.  Daines asked JPMorgan Chase CEO Jamie Dimon how the Basel III Endgame proposal would impact banks’ ability to lend to Montana small businesses. Daines: Earlier this year, we saw a series of bank failures, which were among the largest in our nation’s history. These failures, in my opinion, were due to gross mismanagement by bank executives

At Senate Banking Committee Hearing, Daines Says Biden Administration Needs to Crack Down on Iran’s Support for Hamas, Hezbollah, Houthis

October 26, 2023

U.S. SENATE – Senator Steve Daines today at a Senate Banking Committee hearing highlighted the threat of Hezbollah and Hamas and the stressed the importance of shutting down Iran’s illicit finance networks that fund these terror groups. Watch Daines’ remarks HERE. “Five weeks before the October 7th terror attack in Israel, I was in the Hezbollah terror tunnels on the border of Lebanon, seeing it firsthand, descending 80 feet down with IDF soldiers. And the next day I met with Prime Minister Netanyahu in Jerusalem…and we talked about three things: Iran, Hamas and Hezbollah. “It’s been very clear to many of us, including clear

Daines’ SAFER Banking Act is Headed to the Floor

September 27, 2023

Bill Would Ensure Energy Companies and Firearm Manufacturers Have Access to Financial Institutions U.S. SENATE – U.S.Senator Steve Daines today issued the following statement after his bipartisan “SAFER Banking Act” passed the Banking Committee with bipartisan support. “The ‘SAFER Banking Act’ is a win-win for our Montana communities. On one hand, it’s about keeping our Montana communities safe, reducing the risk of crime and providing much-needed clarity for law enforcement officers. It’s also about protecting legal business’ access to financial institutions. Whether it’s a legal cannabis business, a legal gun manufacturer or a legal energy company, no Montana business should be shut out of banks or credit unions because of ideological

Daines Criticizes Biden Chief Economist Nominee Claims that Administration has “Top Track Record” on Energy Production

April 18, 2023

U.S. SENATE – Senator Steve Daines (R-MT), a member of the Senate Banking Committee, today criticized Jared Bernstein, nominee to be Chairman of the Council of Economic Advisors, for his claim at the administration has a “top track record” on domestic energy production. Under questioning from Daines about the unsustainability of the administration’s climate policies. Bernstein claimed the administration is in pro-oil and pro-natural gas, a claim that Daines said was “laughable.” Click HERE to watch the exchange. Senator Daines: “Thank you. I been watching this hearing today, was just curious coming back about the Keystone Pipeline Dr. Bernstein. You refuse to say whether you recommend shutting down the Keystone pipeline

At Senate Banking Committee Hearing, Daines Accuses Regulators of Focusing on Climate Change Rather than Monetary Policy

March 28, 2023

Washington, D.C. – U.S. Senator Steve Daines at a Senate Banking Committee hearing today demanded answers from regulators on the cause of the banking crisis, including how the San Francisco Federal Reserve was focused on climate change policy rather than the Federal Reserve’s dual mandate of price stability and full employment. A transcript of Senator Daines’ opening remarks following by his questioning of Michael Barr, Vice Chairman for Supervision, Board of Governors of the Federal Reserve System, is below: Senator Daines: “Chairman, thank you. The failure of Silicon Valley Bank, Signature Bank and the general turmoil in the banking sector are the direct result of the failures

Daines Slams Federal Regulators for Contributing to Bank Crisis 

March 28, 2023

“Instead of regulating, they took their eye off the ball and were focused on the green hallucination and pursuing the Democrats’ dream” U.S. SENATE – U.S. Senator Steve Daines, a member of the Senate Banking Committee, today delivered the following remarks at the weekly Republican Senate Leadership press conference slamming federal regulators’ focus on climate change rather than the Federal Reserve’s dual mandate and said that along with inflation it contributed to the banking crisis. Earlier today, at a Senate Banking Committee hearing, he questioned banking regulators on the recent bank failures and the federal regulatory response. “So, this morning the Senate Banking Committee at a hearing we

Daines Talks SVB Bank Failure, San Francisco Fed’s Wokeness on Fox Business’ Cavuto: Coast to Coast

March 28, 2023

WASHINGTON, D.C.—Following today’s Senate Banking hearing on the recent bank failures, U.S. Senator Steve Daines appeared on Fox Business’ Cavuto: Coast to Coast to talk about what led to Silicon Valley Bank’s failure including President Biden’s inflation crisis and the Federal Reserve Bank of San Francisco’s wokeness. Daines on the cause of Silicon Valley Bank’s failure: “Neil, I just came from the Banking hearing. We had, basically one of the top regulators of the Fed who was before the Banking Committee and we were pressing him about what happened at Silicon Valley Bank, why did the bank fail? Think about banking, banking is about

Daines, Banking Committee Republicans, Probe Federal Reserve Supervision of SVB

March 24, 2023

Washington, D.C. – U.S. Senator Daines joined Banking Committee Republicans, including Ranking Member Tim Scott (R-SC) today in demanding answers and seeking records from the Federal Reserve Board of Governors and the Federal Reserve Bank of San Francisco regarding their supervision of Silicon Valley Bank (SVB) in the leadup to its failure. Daines and his fellow Banking Committee Republicans are striving to deliver transparency and accountability for the American people, an effort they will continue on Tuesday as regulators testify before the Senate Banking Committee. In a letter to Jerome Powell, Chairman of the Federal Reserve and Mary Daly, President and CEO of the Federal Reserve Bank