President Biden called on Congress to give the Federal Deposit Insurance Corporation (FDIC) more power to penalize bank executives when their institutions fail "due to mismanagement and excessive risk taking." In those cases, the president said in a statement, "it should be easier for regulators to claw back compensation from executives, to impose civil penalties, and to ban executives from working in the banking industry again." After Silicon Valley Bank and Signature Bank failed within the last week, the FDIC along with the Treasury Department and Federal Reserve announced they'd insure the banks' depositors — including for deposits above the $250,000 standard insurance limit. Fingers have pointed in different directions for the Silicon Valley Bank failure — the second-largest bank failure in U.S. history — including toward a 2018 deregulation law, a social media-based bank run and the Federal Reserve's interest rate hikes. Federal authorities are investigating the bank's collapse, including its executives' actions. The Hill's Tobias Burns has more on Biden's call to Congress here. |
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Welcome to Evening Report! I'm Amee LaTour, catching you up from the afternoon and what's coming tomorrow. Not on the list? Subscribe here. |
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The International Criminal Court issued an arrest warrant for Russian President Vladimir Putin over alleged unlawful deportation of Ukrainian children. Moscow has rejected the court's authority.
President Biden and Irish Taoiseach Leo Varadkar are celebrating St. Patrick's Day together at the White House, with a shamrock presentation scheduled for 5 p.m. ET tonight. Watch it here. Hunter Biden, the president's son, filed a countersuit against a computer repairman who said he distributed contents of the laptop Biden left at his shop.
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GOP senators take new approach against Biden's student loan forgiveness program |
Republican Sens. Bill Cassidy (La.), John Cornyn (Texas) and Joni Ernst (Iowa) are behind a new effort to stop President Biden's student loan forgiveness program. The program, which would forgive up to $20,000 in student debt for some borrowers, has been on pause as it's being weighed by the Supreme Court. The senators are introducing a Congressional Review Act (CRA) resolution regarding the program, following the Government Accountability Office's declaration that the program is subject to the CRA. The CRA allows Congress to overturn new government agency regulations with a majority vote. From The Hill's Lexi Lonas: "If a Senate majority supported the resolution, Biden's student loan forgiveness would be overturned and a federal agency would not be able to propose another plan similar to it unless it was put into law." Still, it's unlikely the resolution would get enough Democratic support in the Senate. Read more here. |
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Biden admin rejects idea of Ukraine cease-fire
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White House national security spokesperson John Kirby discussed the Biden administration's opposition to China's call for a cease-fire in Ukraine. Chinese President Xi Jinping is expected to meet with Russian President Vladimir Putin next week. Kirby said an unconditional cease-fire would legitimize Russia's hold on the Ukrainian territory it's taken. "A cease-fire now is … effectively the ratification of Russian conquest," he said. The Hill's Laura Kelly said the meeting "comes following Beijing's publication of a '12 point peace plan' to end Russia's war in Ukraine but criticized by the U.S. and its allies as an empty position paper that fails to hold Moscow accountable for its aggression." Read more here. |
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💵 GOP returns Biden's criticisms on Social Security
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The Hill's Aris Folley breaks down how Republicans are trying to flip the script on Social Security, with President Biden's 2024 budget request as a focal point. "Of the $4.5 trillion in taxes he has proposed, not a dime is going to shore up Social Security," Sen. Bill Cassidy (R-La.) said at a Finance Committee hearing this week. |
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🔵 García backs Johnson in Chicago mayoral race |
Rep. Jesús "Chuy" García (D-Ill.), who was knocked out of the Chicago mayoral race in the February election, endorsed Cook County Commissioner Brandon Johnson in the April 4 runoff against former Chicago Public Schools CEO Paul Vallas. More on the race here. |
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Strawberries from many major stores, along with Trader Joe's Organic Tropical Fruit Blend product with a "best by" date of 4/25/24, 5/12/24, 5/23/24, 5/30/24 and 6/7/24, are being recalled amid a Hepatitis A outbreak.
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"TikTok tit-for-tat: US may finally reciprocate China's internet protectionism" — Jeff Moon, a former assistant U.S. trade representative for China, an American diplomat, a business executive and a consultant. (Read here) "OK, but where will the next pandemic come from?" — Angela Kane, the former United Nations high representative for Disarmament Affairs and a senior advisor at the Nuclear Threat Initiative (NTI), and Jaime Yassif, Ph.D., vice president for Global Biological Policy and Programs at NTI. (Read here) |
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599 days until the presidential election. |
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This weekend: President Biden will be in Delaware. Sunday-Tuesday: The House GOP holds a retreat in Orlando, Fla. |
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There a story you think should be getting more attention? Something people should be talking about? Drop me a line: alatour@thehill.com |
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