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June 21, 2016

Yellen Won’t “Pre-commit” to Using Dodd-Frank to Address “Too Big to Fail” By October Deadline

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Fed Chair Janet Yellen said she would not yet decide whether to employ regulatory tools to reduce the size and and risk of “too big to fail” banks, ahead of an Oct. 1 statutory deadline. Yellen noted Tuesday that the banks would almost certainly require federal assistance, if there were to be sudden tremors in financial markets. She would not, however, comment on how the Fed intends to move forward, if those firms don’t submit adequate resolution plans this fall. Those outlines, known as “living…

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Lynch, Obama at Odds Over Gitmo Closure Strategy

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The President and his top lawyer are in disagreement over a proposal to tweak US criminal procedure to facilitate the closure of the military prison camp at Guantanamo Bay. Attorney General Loretta Lynch has twice objected to attempts by the White House to allow Gitmo detainees to plead guilty in US courts via video conference, according to a Reuters report on Tuesday. President Obama ultimately decided not to overrule the Justice Department. Current law prohibits the 80 detainees remaining at the prison to step foot within the…

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Corporate America Lashes Out at Possibility of Clinton Picking Left VP

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Lobbyists and financial services executives are heaping pressure on Hillary Clinton, urging her not to pick a progressive running mate. Corporate-funded advocacy groups told The Hill in an article published Tuesday that Labor Secretary Tom Perez would be unpalatable to the managerial and executive classes. The outreach came a day after Politico ran a story featuring numerous Wall Street donors anonymously criticizing the idea of Sen. Elizabeth Warren (D-Mass.) as Vice President. “If she picks someone hostile to small businesses, that sends an alarming message to the business community,”…

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Spy Powers Expansion Jamming Up Gears in Congress

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A policy rider that would expand the type of information the FBI can collect without a warrant has attached itself to legislation for the third time in less than a month. Senate Majority Leader Mitch McConnell (R-Ky.) introduced the measure on Monday night as an amendment to the Commerce and Justice Departments’ spending bill, which the upper chamber is considering this week. If enacted, federal authorities would be able to use so-called National Security Letters (NSL) to collect internet browsing history, IP addresses and other sensitive…

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