The so-called super committee will meet in public tomorrow for only the fourth time, when it looks at recent efforts to reduce the debt in a session titled “Overview of Previous Debt Proposals."
And the Sunlight Live team will bring you the events as it unravels in the hearing room and provide context to the discussion.
Key witnesses include Alan Simpson, former Republican Senator from Wyoming, and Erskine Bowles, a businessman and former White House Chief of Staff during the Clinton Administration. They served as co-chairs on the National Commission on Fiscal Responsibility and Reform. President Obama appointed the two ...
Continue readingFederal Reserve delays release of transcripts of major meetings
If you want to know who says what at next week's meeting of the Federal Reserve’s Federal Open Market Committee (FOMC), which oversees market operations for the central bank, you will have to wait until the year 2016 to find out.
While the FOMC releases the minutes of these meetings three weeks after the fact, full transcripts are kept secret for five years. Right now the most recent transcript available is for December 13, 2005. And even these transcripts have been edited from the original.
As a result, the public still does not know the details of what ...
Continue readingWednesday: Sunlight Live to check in on super committee
When the Joint Select Committee on Deficit Reduction, or super committee, emerges from the shadows on Wednesday morning to hold its first public hearing in a month, the Sunlight Live team will be there to shine a light on who’s influencing the panel.
As the 12 members inch closer to proposing at least $1.2 trillion in federal cuts or new revenue sources before the end of November, little has come out about their ideas even as reports have surfaced about daily or twice-daily “unofficial” meetings.
More than 200 groups or people — with health care lobbyists leading the way ...
Bank executives plead case to administration officials over Volcker rule
Top executives with major banks met regularly with federal agency officials who were writing a draft rule meant to curtail risky Wall Street trading — known popularly as the Volcker rule, named for the former chairman of the Federal Reserve, Paul Volcker — federal agency meeting records show.
Treasury Secretary Timothy Geithner and CFTC Chairman Gary Gensler were among the agency leaders who met with CEOs from companies including Bank of America, Morgan Stanley and JP Morgan Chase since June 2010. Big banks are strongly critical of a provision in the Dodd-Frank financial law that calls for restricting banks from trading for ...
Continue readingSuper committee related issues feature in hundreds of lobbying reports
K Street firms got little respite this past quarter, between lobbying on the debt ceiling early in the summer and then quickly shifting their focus to the "super committee," recently released lobbying reports show.
A little more than 200 registrants listed either "Joint Select Committee on Deficit Reduction" — the official name of the powerful budget cutting panel — or "super committee" on lobbying disclosures filed with the Senate Office of Public Records. The filings were released on Thursday, Oct. 20. The third quarter reports also show some overlap between the organizations that listed both the debt ceiling and the super committee ...
Van Hollen’s alternate fundraising vehicle wakes up
After being dormant for all of 2011, Congressman Chris Van Hollen's joint fundraising committee woke up in the third quarter, with most of the over $180,000 in funds coming after he was tapped for Congress’s powerful deficit-cutting committee in early August.
As a result, Van Hollen, D-Md., one of the most prominent Democrats on Capitol Hill, raised much more in the quarter than was previously reported. His campaign raised a total of about $254,000 in the period, more than tripling his bounty from the previous quarter. And he collected about 50 percent more than he did ...
Continue readingGaddafi’s long history of lobbying comes to an end
Libyan Dictator Moammar Gaddafi was killed today in his hometown of Sirte, a showman to the end, “brandishing a golden pistol.” Lobbying, in many ways, was part of his political arsenal that boosted Gaddafi’s international prowess, helped protect him from additional sanctions and promoted the business interests of the Libyan ruling elite and U.S. business. We’ve covered several of these instances in the past. Here’s a look at a few:
Paul Blumenthal reported, on the Monitor Group, an international firm that contracted with the Libyan dictator, which should have filled under the Foreign Agent Registrant Act ...
Continue readingGAO says Federal Reserve should improve transparency
In the wake of the financial crisis, when members of Congress and others raised questions about conflicts of interest within the Federal Reserve banking system and individual banks, the Federal Reserve should take concrete steps to become more transparent, reports the General Accountability Office (GAO) in a report issued today.
"[W]ithout more complete documentation of the directors’ roles and responsibilities with regard to the supervision and regulation functions, as well as increased public disclosure on governance practices to enhance accountability and transparency, questions about Reserve Bank governance will remain," reads the report.
Today's report is the second part ...
Continue readingWith Fed foreign currency swaps on the rise, mystery remains which foreign banks benefit
Since the end of August, the European Central Bank has been drawing on the foreign currency swap line established by the U.S. Federal Reserve Board, recently securing $1.8 billion to lend to European banks, most of it over a three-month time period. But the ECB does not name which banks or institutions are receiving these dollars. Who gets the money is anybody's guess.
In the response of worsening economic conditions in Europe, in late June the Fed announced that it was extending authority for such swap arrangements with the European Central Bank (ECB) and three other foreign ...
Continue readingFederal Reserve forced to report which banks benefit from loan programs
It took an act of Congress and a major lawsuit, but the details of the U.S. Federal Reserve Board's emergency loan programs and discount window lending--which peaked at more than a trillion dollars for the nation's biggest banks and other institutions during the recent financial meltdown--finally came into the light.
Created in 1913, the central bank has always kept details of its activities as the “lender of last resort” closely held. The rationale has been that releasing information about which banks and institutions seek temporary assistance from the Fed could cause runs on banks and panic in ...
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