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Zachary Warmbrodt Profile picture
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20 Jan, 4 tweets, 1 min read
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
More Biden Treasury hires:
• Calvin Mitchell, assistant secretary for public affairs
• Marti Adams, executive secretary
• Jacob Leibenluft, counselor to the secretary
• Ryan Jacobs, chief speechwriter and senior advisor
Nisanci, Treasury chief of staff, was previously CoS at the SEC during the Obama administration. She also led the secretariat of the international Task Force on Climate-related Financial Disclosures, another indication that climate policy will be a key focus of Treasury
@JulieBSiegel, the former Warren aide who will be one of two Treasury deputy chiefs of staff, also served on the Biden transition. When she was with Warren, her portfolio included banking, financial regulation, consumer protection, housing, tax and labor policy

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More from @Zachary

Zachary Warmbrodt Profile picture
8 Jan
🚨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
The lenders that will have exclusive access to offer PPP loans next week include community development financial institutions and minority depository institutions. The pool of banks make up about 10 percent of the lenders participating in the program
Trump administration officials want to get the word out that there will be enough funding to meet demand for the first and second PPP loans and that money will not run out like last time
Read 11 tweets
Zachary Warmbrodt Profile picture
7 Oct 20
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
"There is a lot of work going on behind the scenes," Treasury's Muzinich says, but no decision yet on whether to move forward with a government-sponsored digital currency.
Muzinich says concerns that officials are studying as Treasury and the Fed weigh a govt-backed digital currency include the potential for illicit financial activity, risks to financial stability, implications for the banking system, privacy
Read 4 tweets
Zachary Warmbrodt Profile picture
8 May 20
New IG report says SBA's rules for PPP loan forgiveness could result in an "unintended burden." Cites concerns about requirement that 75pc of funds go to payroll. Says tens of thousands of borrowers from PPP Round 1 would not meet the threshold
The SBA IG report is here sba.gov/sites/default/…
SBA IG on PPP: "Our review of data from round one found that tens of thousands of borrowers would not meet the 75-percent payroll cost threshold and would therefore have to repay the amount of nonpayroll costs in excess of 25 percent in less than 2 years."
Read 9 tweets
Zachary Warmbrodt Profile picture
28 Apr 20
Large banks say they submitted hundreds of thousands of PPP applications but they’re in the dark about how the SBA is handling the loans politico.com/news/2020/04/2…
Bank of America from Sunday through early Monday sent 184,000 PPP applications to the SBA. As of yesterday afternoon, it was waiting for the agency to process the loans. The bank believed it had just 1,000 loans approved so far.
JPMorgan Chase submitted a similar number of applications as Bank of America. Wells Fargo said it submitted more than 100,000 applications on Monday.
Read 5 tweets
Zachary Warmbrodt Profile picture
17 Apr 20
Some banks are continuing to take Paycheck Protection Program applications while funding is lapsed. Others are not. Here's a thread on where things stand at various lenders.
Bank of America: "We’re continuing to accept and process applications in the expectation that there will be additional funding available, given comments by the President and Congressional leaders." about.bankofamerica.com/promo/assistan…
Wells Fargo: "We will continue to prepare applications in our existing pipeline from small and mid-size businesses and will submit them to the SBA when funds become available." update.wf.com/coronavirus/pa…
Read 7 tweets
Zachary Warmbrodt Profile picture
2 Apr 20
🚨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 politico.com/news/2020/04/0…
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.
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.
Read 8 tweets

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