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Brendan Pedersen 🏦 Profile picture
Brendan Pedersen 🏦
@BrendanPedersen
money ain't a thang. co-author of @PunchbowlNews's THE VAULT writing about banks, Congress. prev: @AmerBanker, @DePaulJOUR. he/him. @brendanpedersen.bsky.social
Jan 31 • 12 tweets • 2 min read
Fed Chair Jay Powell says the U.S. economy has made "good progress" towards the Federal Reserve's goal of lowering inflation while maximizing employment. Follow along as the FOMC press conference continues. "We believe that our policy rate is likely at its peak for this tightening cycle," Powell says.
Jul 27, 2023 • 31 tweets • 5 min read
Rep. Patrick McHenry (R-NC) announces NO DEAL on stablecoins with Rep. Maxine Waters (D-Calif), says he's "disappointed."

Here's a twist: McHenry is blaming the White House for an "unwillingness to compromise" in negotiations. McHenry: "We were closer than we've ever been. A few small but nonetheless important provisions stood between us and a deal, and it was a White House's unwillingness to compromise that has once again brought that negotiation to a halt."
Mar 10, 2023 • 4 tweets • 2 min read
BREAKING: FDIC APPOINTED RECEIVER OF SILICON VALLEY BANK.

We knew there were problems at SVB, but this is *exceptional* for a few reasons:

FDIC rarely, rarely fails banks during business hours. We usually see this at COB on Fridays, so this must have been extremely dire. Second: the FDIC does not like to be appointed receiver when a bank fails. This process is expensive, and the Deposit Insurance Fund will need to pay.

The FDIC prefers to identify a buyer who will absorb the bank and customers. Underscores just how fast this failure happened.
Mar 9, 2023 • 5 tweets • 1 min read
I'm watching a hearing about the CFPB's funding. Rep. Barr (R-Ky.) asks witnesses to address "sky is falling concerns" about the SCOTUS case impacting other regulators.

The first GOP witness to speak says... that the funding of other agencies outside approps should be reviewed The witness alluded to this in his testimony here, but it's definitely not the answer Barr was looking for with this question.
docs.house.gov/meetings/BA/BA…
Mar 8, 2023 • 29 tweets • 5 min read
We are live for day 2 of testimony from Federal Reserve Chair Jay Powell! Follow along with me from inside the House Financial Service Committee. It's a full house! ImageImage Chair Patrick McHenry lauded Powell for committing to stay the course on inflation and warned him not to fold to pressure from "the political left" and slow down. He also flagged concerns about the Fed's capital review.
Dec 31, 2021 • 18 tweets • 5 min read
I've covered the FDIC since 2019. After Biden's win, the question of what that meant for Chair McWilliams -- an independent, Trump-appointed regulator whose term didn't end until mid-2023 -- has been an enduring Q of mine. Here's how my coverage developed over the past year: In Aug. 2020, before Biden won, I looked at 2008 and asked whether McWilliams would go the route of Sheila Bair -- a Bush-appointee who was asked by Obama to stay on as FDIC chair as we navigated the financial crisis. Could that logic apply to COVID?
americanbanker.com/news/would-mcw…