Veteran <a href="http://dailywire.com/topic/banks" target="_blank" rel="noopener">bank</a> executives are meeting with senior lawmakers and federal officials as the government comes within two weeks of a potential <a href="http://dailywire.com/topic/national-debt" target="_blank" rel="noopener">debt</a> default.
The <a href="http://dailywire.com/topic/debt-ceiling" target="_blank" rel="noopener">debt ceiling</a>, a statute established by <a href="http://dailywire.com/topic/congress" target="_blank" rel="noopener">Congress</a> that prevents the government from spending beyond a predetermined national debt limit of $31.4 trillion, exceeded the threshold earlier this year. Treasury Secretary <a href="http://dailywire.com/topic/janet-yellen" target="_blank" rel="noopener">Janet Yellen</a> said in a <a href="https://home.treasury.gov/news/press-releases/jy1483" target="_blank" rel="noopener">letter</a> that her agency expects to default on obligations as early as the first day of June unless the debt limit is amended.
Senate Majority Leader <a href="http://dailywire.com/topic/chuck-schumer" target="_blank" rel="noopener">Chuck Schumer</a> (D-NY) hosted a meeting with JPMorgan Chase CEO Jamie Dimon and Citigroup CEO Jane Fraser on Wednesday morning, according to a <a href="https://www.bloomberg.com/news/articles/2023-05-17/dimon-fraser-other-bank-ceos-to-meet-schumer-on-debt-limit#xj4y7vzkg" target="_blank" rel="noopener">report</a> from Bloomberg. Dimon informed the outlet that his financial institution created a “war room” that will monitor contingencies should lawmakers fail to make a deal to increase the debt limit.
“I asked them to make sure that they tell everybody that default should not be an option,” Schumer told journalists after the meeting with Dimon and Fraser, according to a <a href="https://www.cnn.com/2023/05/17/business/bank-ceos-schumer-debt-ceiling/index.html" target="_blank" rel="noopener">report</a> from CNN. An unnamed source told the outlet that the conversation between Schumer and the executives was “frank,” noting that the lawmaker prompted them to ask every member of Congress to explicitly commit themselves to avoid a default.
A default would likely induce a recession as the federal government, a major borrower of funds that investors around the world generally consider to be reliable, neglects to repay obligations.
The national debt, which now surpasses $31.7 trillion, nevertheless offers persistent financial risk and functions as a damper on long-term economic growth. Elevated interest rates on the national debt have <a href="https://www.dailywire.com/news/interest-payments-on-the-national-debt-on-pace-to-surpass-military-spending" target="_blank" rel="noopener">weighed</a> on the budget in recent months as lawmakers are forced to allocate more tax revenue toward servicing the obligations rather than funding federal programs.
The executives are currently in the nation’s capital for an annual Bank Policy Institute summit. Yellen is scheduled to meet with the two executives, as well as Bank of America CEO Brian Moynihan, on Thursday afternoon.
The meeting with Schumer comes one day after President Joe Biden and House Speaker Kevin McCarthy (R-CA) held talks to <a href="https://www.dailywire.com/news/biden-and-mccarthy-make-progress-after-latest-debt-ceiling-talks" target="_blank" rel="noopener">discuss</a> possible mechanisms to raise the debt limit. Republicans desire to link a temporary increase in the debt ceiling with spending limits, while Democrats say they prefer separate processes for debt limit negotiations and budget reforms.
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The White House said in a <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2023/05/16/readout-of-president-bidens-meeting-with-congressional-leadership-on-preventing-default/" target="_blank" rel="noopener">readout</a> that the meeting was “productive and direct,” while McCarthy said in his own <a href="https://www.speaker.gov/speaker-mccarthys-reaction-to-todays-meeting-with-the-president/" target="_blank" rel="noopener">remarks</a> that “it is possible to get a deal by the end of the week.”
Schumer, Dimon, and Fraser also discussed the failures of Silicon Valley Bank, Signature Bank, and First Republic Bank, the latter of which JPMorgan Chase <a href="https://www.dailywire.com/news/jpmorgan-chase-the-nations-largest-bank-acquires-first-republic-bank-after-government-takeover" target="_blank" rel="noopener">acquired</a> in a deal brokered by federal regulators. Dimon insisted to reporters that “regional banks are strong.”
The implosion of the three medium-sized banks, where the vast majority of account balances exceeded the $250,000 threshold guaranteed by the Federal Deposit Insurance Corporation, prompted the government-backed company to <a href="https://www.dailywire.com/news/financial-authorities-announce-buyer-for-collapsed-silicon-valley-bank" target="_blank" rel="noopener">secure</a> insured and uninsured accounts at the first two financial institutions in early March to prevent further bank runs. Other regional banks, such as PacWest and Western Alliance, have witnessed significant <a href="https://www.dailywire.com/news/regional-bank-stock-plummets-after-company-reveals-deposits-dropped-again" target="_blank" rel="noopener">turmoil</a> in the stock market and increased withdrawal levels in recent weeks.

Jamie Dimon

Major Bank Sets Up ‘War Room’ As Nation Approaches Debt Default

Major Bank Executives Meet With Democrats As Nation Approaches Debt Default

Bank of America

Banks

Chuck Schumer

Citigroup

Debt Ceiling

Economy

Janet Yellen

JP Morgan

National Debt

Politics

Large <a href="http://dailywire.com/topic/banks" target="_blank" rel="noopener">financial institutions</a> will provide First Republic Bank with $30 billion in deposits as the company witnesses pressure from customers who desire to withdraw funds.
Wells Fargo, <a href="https://www.dailywire.com/topic/jp-morgan" target="_blank" rel="noopener">JPMorgan Chase</a>, <a href="https://www.dailywire.com/topic/bank-of-america" target="_blank" rel="noopener">Bank of America</a>, and <a href="https://www.dailywire.com/topic/citigroup" target="_blank" rel="noopener">Citigroup</a> will each contribute $5 billion of deposits to assist First Republic Bank, which is heavily involved in wealth management and has many customers with deposits exceeding the $250,000 threshold protected by the Federal Deposit Insurance Corporation, according to a Thursday <a href="https://www.bloomberg.com/news/articles/2023-03-16/first-republic-to-get-30-billion-of-bank-deposits-in-rescue?utm_campaign=socialflow-organic&amp;utm_source=twitter&amp;cmpid=socialflow-twitter-business&amp;utm_medium=social&amp;utm_content=business" target="_blank" rel="noopener">report</a> from Bloomberg. Officials from the federal government enabled the deal, details of which circulated across agencies and financial institutions on Thursday ahead of the announcement.
Goldman Sachs and Morgan Stanley will each contribute $2.5 billion, while PNC Bank, Truist Financial, BNY Mellon, U.S. Bancorp, and State Street will each contribute $1 billion. First Republic Bank previously considered a sale and has been working with JPMorgan Chase to contend with its current difficulties.
Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, FDIC Chairman Martin Gruenberg, and Acting Comptroller of the Currency Michael Hsu said in a <a href="https://www.fdic.gov/news/press-releases/2023/pr23020.html" target="_blank" rel="noopener">statement</a> that the &#8220;show of support&#8221; is &#8220;most welcome&#8221; and &#8220;demonstrates the resilience of the banking system.&#8221;
Shares of First Republic Bank declined nearly 73% between March 8 and March 13, the time horizon over which Silicon Valley Bank and Signature Bank were shuttered by the FDIC. Prices for First Republic Bank rose more than 10% on Thursday amid the deposit assistance discussions.
First Republic Bank maintains $271 billion in assets, an amount comparable to the $212 billion maintained by Silicon Valley Bank and the $110 billion maintained by Signature Bank. JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo respectively control $3.7 trillion, $3.1 trillion, $2.4 trillion, and $1.9 trillion; some have noted that the recent collapse of smaller banks could spur consolidation in the financial services sector.
Silicon Valley Bank announced a $1.75 billion share sale last week after the company <a href="https://www.dailywire.com/news/regulators-shut-down-major-tech-bank-after-run-on-savings" target="_blank" rel="noopener">suffered</a> heavy losses from the liquidation of long-term assets in a $21 billion bond portfolio, raising concerns among venture capital firms and startups with ties to the company about the safety of their deposits. The portfolio had declined in value due to the higher economy-wide interest rate environment caused by actions from the Federal Reserve to decrease inflation.
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The vast majority of deposits at Silicon Valley Bank, which offered services to nearly half of the venture-backed technology and healthcare firms in the United States, exceeded the $250,000 threshold typically insured by the FDIC. Regulators scrambled to guarantee all deposits at Silicon Valley Bank such that the remainder of the financial system, in which roughly half of deposits surpass $250,000, would remain protected from the possibility of bank runs.
Yellen asserted before members of the Senate Finance Committee on Thursday that her agency, the Federal Reserve, and the FDIC successfully <a href="https://www.dailywire.com/news/yellen-tells-lawmakers-that-the-american-banking-system-remains-sound-after-two-banks-collapse" target="_blank" rel="noopener">protected</a> the deposits of affected banks. “I can reassure the members of the Committee that our banking system remains sound, and that Americans can feel confident that their deposits will be there when they need them,” she commented. “This week’s actions demonstrate our resolute commitment to ensure that depositors’ savings remain safe.”
Some lawmakers cautioned of moral hazard arising from efforts to insure deposits both above and below the $250,000 threshold. “I am concerned about the precedent of guaranteeing all deposits and the market expectation moving forward,” Senate Finance Committee Ranking Member Mike Crapo (R-ID) told Yellen, noting that “rising interest rates” induced by Federal Reserve efforts to combat inflation are “impacting household budgets, the federal government’s coffers, and, as we saw this week, our banking system.”

First Republic Bank

Big Banks Rescue Collapsing First Republic Bank With $30 Billion Deal

Large Banks Will Save Collapsing First Republic Bank With $30 Billion Deal

Silicon Valley Bank

U.S.

WASHINGTON — Republican Montana Sen. Steve Daines is leading Republicans in calling on the United States Senate to terminate its contract with Citibank over the company&#8217;s promise to pay for employees to obtain out of state abortions.
&#8220;Citi’s decision to finance abortion tourism for its employees in brazen circumvention of State law, shows a reckless disregard for the lives of preborn children and disdain for the will of the people of the States in which Citi acts as an employer,” Daines wrote in a letter to the Senate Sergeant at Arms, <a href="https://www.scribd.com/document/572057965/GOP-Demands-Senate-Terminate-Contracts-With-Citibank-For-Promising-To-Finance-Abortion-Tourism?secret_password=Dy8YawQVXZal6kGR6oHQ">first obtained by The Daily Wire,</a> signed by senators Roger Marshall of Kansas, Kevin Cramer of North Dakota, Ted Cruz of Texas, Marco Rubio of Florida, Roger Wicker of Mississippi, Mike Braun of Indiana, Cindy Hyde-Smith of Mississippi, Rick Scott of Florida, and James Lankford of Oklahoma.
The Sergeant at Arms distributes Citibank credit cards to all members of the United States Senate, including the leadership and committee offices, to pay for &#8220;flights, office supplies, and other goods using taxpayer funds,&#8221; Daines said in the letter.
The lawmaker references Citibank&#8217;s <a href="https://www.sec.gov/Archives/edgar/data/0000831001/000120677422000697/citi3969751-def14a.htm">promise</a> that &#8220;in response to changes in reproductive healthcare laws in certain states in the U.S., beginning in 2022&#8221; it would &#8220;provide travel benefits to facilitate access to adequate resources,&#8221; after the passage of Texas&#8217;s  <a href="https://legiscan.com/TX/bill/SB8/2021">SB 8</a> which banned abortions after the unborn baby has a heartbeat.
The law, which has become entangled in leading battles all the way to the Supreme Court, has particularly fired up pro-abortion advocates since it allows private citizens to sue anyone who “knowingly engages in conduct that aids or abets the performance or inducement of an abortion.”
Daines said to the Senate Sergeant at Arms that &#8220;Citi is now paying for its employees to travel to obtain abortions out-of-State that are illegal in the employees’ State.&#8221;
“Consistent with nearly five decades of Federal policy against using taxpayer dollars to pay for abortions,&#8221; the senator wrote, &#8220;taxpayer dollars used by the U.S. Senate should not be administered through a company that facilitates abortion on demand and promotes a woke, pro-abortion agenda.&#8221;
&#8220;Accordingly,&#8221; he continued, &#8220;we ask that you immediately terminate the U.S. Senate’s existing contracts with Citi and refrain from entering into any new contractual agreements with Citi.&#8221;
House Republicans led by Republican Louisiana Rep. Mike Johnson sent a similar letter to House Chief Administrative Officer Catherine Szpindor in early April, warning that &#8220;by offering to pay its employees in their efforts to terminate the lives of the unborn, Citi has forfeited its privilege of doing business with the House of Representatives.&#8221;
Citibank did not immediately respond to a request for comment from The Daily Wire.

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GOP Demands Senate Terminate Contracts With Citibank For Promising To Finance ‘Abortion Tourism’

EXCLUSIVE: Republicans Call On United States Senate To Terminate Citibank Contracts Over Promise To Help Employees Obtain Out Of State Abortions

Abortion

Republicans

Steve Daines

U.S. Senate

Arizona banks may soon be barred from discriminating against businesses in the firearms industry.
Under a new bill, <a href="https://www.azleg.gov/legtext/55leg/2R/bills/HB2473H.pdf">HB2473,</a> banks would be prohibited from receiving government contracts if they don&#8217;t pledge to avoid discriminating against those in the firearms industry. The legislation would not impact existing contracts. 
“Businesses can do what they like, but these are the ones speaking are federally chartered banks. We have to make this right for the people,” State Rep. Frank Carroll told The Daily Wire. “[These banks] are saying they have a right to make political decisions about banking. What is that to the people that need banking services?”
During a committee hearing last month, Ruger Firearms VPO Tim Lowney said their decades-long relationship with Bank of America was cut abruptly cut short. The bank had informed Lowney they would no longer do business with his company because they’re in the firearms industry. Ruger has over 400 employees in Arizona. 
Lowney said Ruger faced similar problems at other banks, and that firearms dealers are also suffering.
Arizona Bankers Association (ABA) spokesman Jay Kaprosy argued that there weren’t any circumstances in which a business was entirely unable to obtain banking due to their relation in the firearms industry. 
“We have searched high and low trying to find circumstances in which there is a firearms business or a rampant set of firearms businesses that are going without a bank [or] banking relationship. We’ve been unable to find any,” said Kaprosy. 
The National Shooting Sports Foundation (NSSF) has been engaged in similar legislation across the country, in Congress and in states like Oklahoma, Louisiana, and Kansas. NSSF Public Affairs Director Mark Oliva told The Daily Wire that these bills ensure that people’s right to bear arms truly remains viable: if banks stop those in the firearm industry from doing business, then people may not be able to obtain those firearms.
“You are born with your inherent right to exercise your Second Amendment right to keep and bear arms. That right doesn&#8217;t exist unless you have the ability to go down to a gun counter and buy a gun,&#8221; said Oliva. &#8220;Unless you have the right to go down and lawfully obtain a firearm, that right is on paper only.&#8221;
Major banks with policies limiting or outright prohibiting business with those in the firearms industry include CitiGroup, which, for example, turns away those who sell firearms to individuals under 21 or who haven’t passed a background check, as well as those who sell bump stocks or high-capacity magazines. 
“These groups are trying to institute laws that are going well beyond what’s prescribed in federal and state laws to institute their own gun agenda through their own corporate largesse,” said Oliva. “They’re unaccountable to the American public. This is why we elect leaders, because they can represent us on these issues. If we disagree with them, we have the ability to vote them out. We don&#8217;t have that ability with the corporate boardrooms.”
Even speaking in favor of non-discrimination legislation may come at a cost. 
NSSF told The Daily Wire how Brandon Maddox, founder of a suppressor manufacturer and distributor Silencer Central, had his service terminated with Capital One earlier this year after he testified in favor of similar legislation in South Dakota. Up until Capital One turned him away, Maddox was required to use a personal credit card for his business because the bank’s policies prevented him from getting a corporate card. Maddox applied for a corporate card by listing as a sporting goods business before <a href="https://www.mitchellrepublic.com/news/south-dakota/bill-to-penalize-banks-over-gun-policies-fails-in-sd-senate-committee">testifying</a> in favor of the proposed non-discrimination legislation. Almost immediately, Capital One denied his application for a corporate card and informed him that they terminated his private card service.
Banking policies barring business with those in the firearms industry have been underway for years, largely in response to mass and school shootings. In 2018, national headlines <a href="https://www.dailyfreeman.com/2018/06/24/gun-industry-sees-banks-as-new-threat-to-second-amendment/">reflected</a> a major culmination of banks’ efforts, noting one example of how payment processing services Stripe and Intuit refused to do business with a small handgun company in Georgia.
That kind of behavior may come to a halt in Arizona soon with HB2473. It passed out of the Senate Appropriations Committee at the end of March, and awaits scheduling for a final vote on the Senate floor. 
Corinne Murdock is a reporter for The Daily Wire and AZ Free News. Have something you think the mainstream media won’t cover? Send tips to <a href="mailto:corinnejournalist@gmail.com">corinnejournalist@gmail.com</a>.

Gun and ammunition sales in the US

Arizona Bill Would Block Banks From Discriminating Against Firearms Industry

2nd Amendment

Arizona

Cancel Culture

firearms

Investment bank Citigroup will pay travel expenses for employees seeking abortions.
Citigroup wrote in a financial <a href="https://www.sec.gov/Archives/edgar/data/0000831001/000120677422000697/citi3969751-def14a.htm">filing</a> for its shareholders’ meeting next month that “in response to changes in reproductive healthcare laws in certain states in the U.S., beginning in 2022 we provide travel benefits to facilitate access to adequate resources.”
The statement appeared in a section entitled “Compensation and Human Capital Management Highlights” — one paragraph below an affirmation that Citigroup believes “all parents deserve time to adjust to parenthood and bond with the newest member of their family.”
A person with knowledge of the matter told <a href="https://www.bloomberg.com/news/articles/2022-03-16/citi-to-cover-staff-travel-for-abortions-as-states-limit-access?sref=MTy2GeXk">Bloomberg</a> that the policy will cover expenses — such as airfare and lodging — that may be incurred for employees in places like Texas who may have to travel for an abortion. Bloomberg also pointed out that other large corporations — including Match, Bumble, Lyft, and Uber — are devoting resources to oppose the Texas Heartbeat Act, which attempts to <a href="https://www.dailywire.com/news/in-response-to-texas-abortion-law-dating-app-creates-pro-choice-badge-option">ban</a> abortion at about six weeks gestation.
As the Supreme Court considers arguments for Dobbs v. Jackson Women’s Health Organization — which pertains to a Mississippi law that bans abortions after 15 weeks gestation — Texas approved a law last summer that would end abortion in Texas if the Supreme Court reverses Roe v. Wade. The legislation recognizes that Texas never reversed statutes “that prohibit and criminalize abortion unless the mother’s life is in danger” following the 1973 case.
State Rep. Bryan Slaton (R-TX), however, notes that the bill does not save any babies from abortion.
“The truth is, the likelihood of the Supreme Court overturning Roe v. Wade is slim to none, which means the trigger bill will not actually save any human lives,” he told The Daily Wire. “In order to end the outright murder of innocent children, States must be willing to stand up and ban it with or without the Court’s permission.”
Slaton filed the “<a href="https://www.dailywire.com/news/texas-is-a-free-and-independent-state-texas-rep-introduces-bill-to-ban-abortion">Abolition of Abortion through Equal Protection for All Unborn Children Act</a>” on July 8 to invoke Texan state sovereignty and immediately end abortion. He told The Daily Wire last year that he was “saddened” by lack of support for his legislation.
Citing the Texas Constitution — which declares that “Texas is a free and independent State, subject only to the Constitution of the United States” — Slaton’s bill affirms that “the sanctity of innocent human life created in the image of God, which should be equally protected from fertilization to natural death.” The legislation would thus “ensure the right to life and equal protection of the laws to all unborn children from the moment of fertilization” and “rescind all licenses to kill unborn children.”
<a href="https://www.dailywire.com/news/were-willing-to-lay-our-lives-down-inside-the-effort-to-save-babies-at-planned-parenthoods-front-doors">Jon Speed</a> — a pastor who serves as Texas representative for the ministry <a href="https://endabortionnow.com/">End Abortion Now</a> — argued that the law to end abortion only if Roe v. Wade is overturned is “toothless.” He claimed that the governor “never lifted a finger” to support bills from the previous legislative session that would have immediately abolished abortion.
“The current heartbeat bill and other typically pro-life efforts in Texas are being met with a collective yawn by the pro-choice industry,” he told The Daily Wire.

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