Law360 | Yellen at Treasury Could Set Stage for More Active FSOC

Cliff Stanford is quoted on how new Financial Stability Oversight Council guidance puts firm-specific designations and activities-based coordination on equal footing.

President Biden and House Speaker Kevin McCarthy resume talks on raising the debt limit. Spending cuts and caps are the key sticking points to a deal on raising the limit by the June 1 deadline. Republicans have pushed for work requirements for social programs, like Medicaid, while Democrats have argued for cuts in defense spending. The Treasury Department has warned that failing to raise the ceiling could result in a global economic meltdown. The Senate is out of session, but Senators remain on standby to return to Washington if a deal is made. 

President Joe Biden will meet again with congressional leaders on raising the debt limit. Little progress was made last week, but congressional staffers and the Administration are guardedly optimistic a deal can be reached. Republicans are pushing for work requirements for social programs. On Monday, the Senate will vote on the confirmation of Bradley Garcia as a judge on the U.S. Court of Appeals for the D.C. Circuit.

President Joe Biden will meet with House and Senate leaders on Tuesday to discuss raising the debt limit. Biden has called for a clean debt limit increase, at odds with the House-passed GOP bill, which would pair the increase with repealing the Inflation Reduction Act’s clean-energy provisions and substantially cutting social spending. Meanwhile, Senator Dianne Feinstein (D-CA) is expected to return this week, allowing the confirmation of a slew of contentious judicial nominees.