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Top US Senate Democrat Schumer wants legislative response to banking ills

By Moira Warburton WASHINGTON (Reuters) -The U.S. Congress needs to act on bipartisan legislation strengthening banking industry controls, Senate Majority Leader Chuck Schumer said on Wednesday, amid global worries over the financial soundness of Credit Suisse and the collapse of Silicon Valley Bank. “We need strong legislation and hopefully we can put something together that’s …

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Senate Republicans criticise Biden budget amid banking, market strains

By David Morgan WASHINGTON (Reuters) – U.S. Senate Republicans accused Democratic President Joe Biden of misleading Americans about his $6.8 trillion budget plan to reduce deficits and shore up Medicare in a debate that reinforced an increasingly risky standoff over spending and the country’s debt ceiling. At a Senate Budget Committee hearing on Wednesday with …

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U.S. Republicans seek answers from regulators over SVB’s collapse – Thune

(Reuters) – Most Republican members want answers from regulators as to why they were “asleep at the switch” over the collapse of Silicon Valley Bank and it is premature to discuss legislative solutions to banking problems, the U.S. Senate’s No. 2 Republican John Thune said on Wednesday. (Reporting by Richard Cowan in Washington; writing by …

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Wisconsin man pleads guilty to role in plot to kidnap Michigan governor

By Tyler Clifford (Reuters) – A Wisconsin man pleaded guilty on Wednesday to a reduced charge for his role in a foiled plot to kidnap Michigan Governor Gretchen Whitmer, handing another victory to prosecutors who have viewed the scheme as domestic terrorism. Michigan prosecutors accused Brian Higgins, 54, of aiding the conspiracy by surveilling the …

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Short sellers may pocket $2.3 billion from U.S. bank rout over last three days -S3 Partners

(Reuters) – Short sellers may have raked in $2.29 billion in profit in the past three sessions, as they took advantage of a selloff in regional bank shares following the collapse of SVB Financial Group and Signature Bank, S3 Partners said. The S&P 500 regional banks index is down about 18% since Friday when the …

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Moscow sees drone incident as provocation -Russia’s ambassador to U.S

(Reuters) -Russia views the incident involving one of its Su-27 fighter jet and a U.S. military drone over the Black Sea as provocation, its ambassador to the United States, Anatoly Antonov, said in remarks published early on Wednesday. “The American UAV deliberately and provocatively was moving towards Russian territory with transponders turned off,” Antonov said …

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