Banking systems, the impact of covid19, and communities of color. This runs an hour and 45 minutes. Today we welcome the regulators, the comptroller of the currency, brian brooks. The federal deposit insurance corporation, jelena rodney hood. Since the passage of the coronavirus aid relief and Economic Security act or cares act of your agencies have taken many meaningful steps to mitigate the meaningful impact of the pandemic and provide conditions that will lead to a forceful recovery. On october 30, the Federal Reserve announced changes to its main Street Lending facility including decreasing the minimum loan size for priority loan facilities from 250,000 to 100,000, and allowing borrowers loan for theirpp outstanding debt. Your agency should continue to carefully review the regulatory and supervisory frameworks, adjusting where necessary to bolster Financial Institutions to support economic recovery, which, by the way, has shown positive signs over the past several months. On octobe
Minutes. This runs an hour and 45 minutes. Sen. Crapo today, we welcome the regulators, the comptroller of the currency, brian brooks. Chair of the federal deposit insurance corporation, Jelena Mcwilliams, and rodney hood. We will receive testimony from each agency on efforts and plans since you last testified before the committee. Since the passage of the coronavirus aid relief and Economic Security act, or cares act, your agencies have taken many meaningful steps to mitigate the Economic Impact of the pandemic and provide conditions that will lead to a forceful recovery. Lead to a forceful recovery. On october 30, the Federal Reserve announced changes to its main Street Lending facility on october 30, the Federal Reserve announced changes to its main Street Lending facility including decreasing the minimum loan size for priority loan facilities from 250,000 to 100,000, and allowing borrowers to deduct any ppp loan for their outstanding debt. Loan for their ppp outstanding debt. Your
Experiencing unprecedented declines in activity. Although the remains considerable uncertainty about the economy, we know that the Banking System has served as a source of strength throughout this period. They have supported their customers and committees by pppinating 500 million in loans. The Banking Systems ability to support the economy reflects the Industries Strong capital and liquidity position. In the Second Quarter of 2020, Equity Capital increased to more than 2. 1 trillion, which 13. 4 . Ted to highervels were slightly than the quarter preceding the pandemic. Taken meaningful action to provide banks while maintaining safety and soundness. I will provide an update in five areas in which we have made significant progress. Supporting communities in need, encouraging outstanding loan making. I would like to briefly touch on each of those, starting with our response to the Economic Risks related to covid19. We undertook a series of actions that helped maintain stability in financ
Sunday. Meanwhile we should note that this comes as joe biden is going to be attending a town hall on abc this evening. That is set to begin at 9 00 eastern. It comes as President Trump will also have a town hall at the 8 00 eastern our, and they will be on abc and nbc respectively. This is supposed to be the night of the debate, but that has been canceled. David dueling town meetings on two rival networks. Is there any reason to believe this information will interfere with that town hall meeting from joe biden tonight or with Kamala Harris being back on the campaign trail monday . Kevin no. They are saying theyre having rapid tests throughout several days, they test both of the candidates and staffers. President trump weighing in earlier today, saying he takes frequent tests but did not specify how many tests. David thank you so much to our chief washington correspondent. Every day bring some new development that may or may not affect the election. What are the markets telling us abou
House. And banks ahead of a slew of earnings reports today jp morgan and citi tomorrow before the open. 59 minutes left in the session sara and we are higher across the board. The banks stocks up close to 3 for some of them 3 up for the nasdaq. Best day for the nasdaq since april. Coming up, the ceo of ho logic plus we will speak with the council on Foreign Relations richard haas about how the handling of the pandemic in the United States is being viewed by the rest of the world and how it influences geopolitics first an update on the stories we are watching. Mike mike tracking the market action, ylan moi with the latest on the stimulus negotiations and more on the coronavirus treatments mike, what is driving this rally . Good question is it possible to have a low volume buying panic . Thats a little bit what it feels like today certainly the nasdaq doing most of the work. The big cap tech stocks. Look how it aektsds affects the 17ds it looks like an acceleration higher out of the trad