House Financial Services Committee

What Will Trump Do About The Fed, The Debt Ceiling, And Trade: His Key Economic Advisor Explains

David Malpass, Donald Trump's economic adviser who has been tasked with overseeing the transition for the Treasury Department and economic policy, addressed a group of economists and reporters in Washington discussing everything from the Fed, to the debt ceiling, to infrastructure spending, to NAFTA and Dodd-Frank, providing an insight in Trump's thinking on these key items. This is what he said.

Trump Not Seeking Full Repeal Of Dodd-Frank; Opposes Bank Bailout Provision

In what may be bad news for the financial sector, after opposition to grassroots as well as Congressional republicans, Trump appears to be tempering expectations of a full Dodd-Frank repeal, and according to the WSJ, Trump’s transition team is instead focusing on "rescinding or scaling back individual provisions."

Did Stumpf Lie To Congress? Wells Manager Admits Fake Account Creation As Far Back As 2006

Just when you thought the public floggings were over and another US bank proved that crime pays, it appears Wells Fargo - and its CEO - may not be as 'Teflon' as they hoped. Having told Congress under oath that his bank committed criminal activities since 2011, VICE News reports that in fact John Stumpf's banking head Carrie Tolsetedt was actually aware of the creation of fake accounts since 2006.

Conflicts Of Interest

“I would have to consult my counsel, I’m not aware that that’s a conflict,”

Watch Live As Wells CEO John Stumpf Gets Grilled On The Hill Again: Five Things To Look For

Wells Fargo embattled CEO John Stumpf returns to Capitol Hill for the second time in 10 days, for a contentious hearing with the House Financial Services committee. Despite Stumpf's belated clawback of $41 million in unvested stock, which took place only after tremendous congressional and populist outrage, his job remains very much under threat.

Crude Declines As OPEC Deal Doubts Emerge; Futures Roll Over

After oil soared over 5% yesterday, its biggest jump since April, overnight skepticism and doubts have emerged about the viability and compliance with the deal, coupled with a boost in production by non-OPEC producers, and as a result WTI has dipped back under $47, down 0.5%, suggesting that the OPEC surge may be short-lived, and modestly pressuring US equity futures.

Janet Yellen Testimony Live Feed: Five Key Things To Look For

This morning, Janet Yellen testifies before the House Financial Services Committee on financial regulation topics. While there us unlikely to be much talk of monetary policy, it may come up, although most of the lawmakers’ questions are likely to relate to the Fed’s oversight of banks; other questions may touch on the Fed's recent bank commodity oversight push, the November election, and especially the recent Wells scandal.

Key Events In The Coming Extremely Busy Week

The week ahead is striking in the sheer number of central bank speakers, but with the Fed on hold until December and the BoJ’s new framework now revealed, focus turns squarely from central banks to US politics. The first US presidential debate at the start of the week will be a key focus.