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- Trump regulators propose overhaul of ‘weaponized’ Community Reinvest...
Financial regulators in the Trump administration are proposing changes to a banking industry rule that critics say has been diverted from its original purpose to funneling funds from financial institutions to left-wing advocacy groups.The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation on Friday announced a proposed rule that would make changes to the Community Reinvestment Act (CRA). The law was enacted in 1977 to prevent so-called "redlining" – a practice in which some banks wouldn't give loans in low-income or minority neighborhoods, or offer depository services.Among the proposed changes are provisions aimed at increasing the focus on lending and ensuring community development grants and donations go to the intended communities, rather than being diverted to other activities. Critics have argued that banks have met regulators' requirements in part by donating to advocacy groups.Comptroller Jonathan Gould said in a post on X that, "Under the Biden Administration, the Community Reinvestment Act became an onerous tax on community banks that failed to drive investment into the very regions they were meant to serve.""Today's proposed reforms will help ensure the CRA is no longer used as a social credit score for banks, nor as a funding mechanism for activist NGO networks under the guise of community development," Gould wrote.TRUMP ADMIN WARNS BANKS ON LENDING TO UNAUTHORIZED WORKERSKey GOP lawmakers in Congress who serve on panels with oversight of the financial services committee applauded the regulatory move on social media.Rep. Andy Barr, R-Ky., who is a member of the House Financial Services Committee and chairs the subcommittee on financial institutions, said, "For years, left-wing activist groups have weaponized the Community Reinvestment Act to pressure financial institutions far beyond Congress's original intent.""Instead of expanding access to credit, the CRA has too often become a tool to limit access to capital. I welcome the Trump Administration's commonsense reforms to restore the law to its intended purpose and refocus it on lending and community investment," Barr added.TRUMP ADMIN TO TELL BANKS IMMIGRATION STATUS MAY BE CONSIDERED IN MORTGAGE, CREDIT DECISIONSSen. Katie Britt, R-Ala., who serves on the Senate Banking Committee and chairs its subcommittee on housing and community development, said in a post on X that she welcomed the proposal to "restore a more practical" framework for the CRA."Community banks should be focused on expanding access to credit, supporting small businesses, and strengthening local communities, not navigating unnecessary regulatory burdens or… [TheTopNews] Read More.1 hour ago - More than 132K ‘Skull Strobe’ fireworks recalled over explosion risk...More than 132,000 fireworks rockets sold nationwide have been recalled after federal safety regulators warned they could explode before reaching their intended height, posing explosion and burn hazards.The Consumer Product Safety Commission announced Thursday that Jake's Fireworks is recalling about 132,440 World Class Fireworks "Skull Strobe" rockets. The agency said the rockets can explode prematurely before reaching their intended height, creating a risk of serious injury. No incidents or injuries have been reported. A representative for Jake's Fireworks did not immediately respond to FOX Business' request for comment. MORE THAN 120K REFRIGERATORS RECALLED AFTER 34 FIRES AND ONE REPORTED DEATHThe recall involves World Class Fireworks "Skull Strobe" rockets mounted on wooden sticks and packaged in black boxes featuring a skull graphic, the brand name, product name and a warning label. The affected products carry SKU code 1004351, which appears near the bottom of the packaging.Consumers should stop using the recalled fireworks immediately and contact Jake's Fireworks for a full refund, according to the CPSC. Customers will be asked to return the recalled products to the retail location where they purchased them or the nearest Jake's Fireworks retail location.PUBLIX EXPANDS FROZEN BERRY RECALL AMID E COLI OUTBREAK THAT SICKENED 12The recalled fireworks were sold at fireworks stores nationwide from March 2025 through June 2026 for between $12 and $25.Jake's Fireworks Inc., based in Pittsburg, Kansas, imported the recalled products, which were manufactured in China.CLICK HERE TO GET FOX BUSINESS ON THE GOConsumers seeking additional information can contact Jake's Fireworks toll-free at 855-587-8816 from 8 a.m. to 5 p.m. CT Monday through Friday, email stroberecall@jakesfireworks.com or visit the company's recall webpage. [TheTopNews] Read More.2 hours ago
- Leopold Aschenbrenner Built a Hot A.I. Hedge Fund. Then it Melted Down.
Situational Awareness, led by a 24-year-old, exploded onto the artificial intelligence scene — and then nose-dived. [TheTopNews] Read More.2 hours ago - LARRY KUDLOW: How about a Reagan-style reconciliation tax cut? All right?Now, in case you didn’t see it, please rush out, get today’s Wall Street Journal, and read James Freeman’s fabulous column: "How about Reagan-Style Reconciliation?" All right. I was there as a young man, deputy in the Office of Management and Budget, and it’s all music to my ears.Basically, President Reagan’s tax cut magic. The first major vote was roughly 45 years ago, July, 1981. Reagan’s big tax cut bill passed the House by 238 to 195 votes. It was a Democratic House, remember that. A bit later by the by, the Senate would pass it 89 to 11. It was a Republican Senate.The Gipper signed the legislation at his ranch that August. Now, this was absolutely the key element to the Reagan revolution, which was a supply-side revolution, which basically argued that you lower taxes to promote growth, jobs, wages, wealth, and a strong national security. Reagan’s tax cuts brought joy and prosperity to a whole nation desperately in need of both. Now, as Art Laffer puts it, if you tax something less, you get more of it. You tax the whole economy less as Reagan did, and the economic pie grew larger and larger. In other words, incentives matter. If you keep more of what you earn, you’re going to work harder, invest more, take more risks, and the economy grew. Those 1981 tax cuts helped the economy roar. With real growth of about 5.5 percent per year for more than seven years during Ronald Reagan’s two terms. The stock market roared, as did jobs, and frankly, the whole national morale roared. It was so demoralized during the Carter years, but under Reagan, the animal spirits and the happiness indexes just jumped off the page. And the enormous growth in the American economy created the resources that ultimately Mr. Reagan used to destroy Soviet communism. Peace through strength was an integral part of supply side economics. Mr. Freeman does a wonderful job of reminding all of us of the phenomenal benefits of Mr. Reagan’s supply side tax cuts.And yes, Mr. Laffer’s curve, the famous Laffer Curve, where he suggested that lower tax rates would produce higher tax revenues with more economic growth and less tax avoidance. Well, it worked out very well. The revenue base actually jumped by almost 25 percent during the whole Reagan boom.Now, remember, Tip O’Neill was the liberal Democratic speaker. He opposed the Reagan tax cuts,… [TheTopNews] Read More.2 hours ago
- The Next Met Fashion Blockbuster and Gala Will Honor Controversial Designer John...As famous for his antisemitic rant in 2011 as he is for his fashion, Galliano would be one of only three living designers ever to receive the honor. [TheTopNews] Read More.3 hours ago
- Warsh Considers Reducing Frequency of Fed Policy MeetingsThe Federal Reserve has met at least eight times a year for decades. Reducing the number of meetings would represent the biggest change by Kevin M. Warsh since he became chairman. [TheTopNews] Read More.3 hours ago
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